Big Techs await results as markets start strong week
Wall Street opens higher led by the S&P 500 up 0.8 percent to 4,927.93 and the Nasdaq up 1.1 percent while Dow climbs 0.6 percent to 38,333.45. Magnificent Seven faces quarterly reports from Apple Alphabet Amazon Meta Microsoft. Federal Reserve meets midweek with expectations of no move and possible March rate cut. 10 year yield slips to 4.07 percent as Treasury debt outlook softens. Philips agrees to recall solution with FDA DOJ consent decree, set aside 393 million dollars to address safety and compliance.
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Amazon calls off iRobot deal amid EU antitrust concerns
Amazon terminated its $1.7 billion bid to acquire iRobot after European regulators signaled objections and warned the merger could lessen competition. The companies will pay a $94 million termination fee. iRobot plans layoffs and a CEO departure.
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AI safety test rules expand to federal reporting mandate
The Biden administration will require developers of major AI systems to disclose safety test results to the government as part of an executive order reviewed by the White House AI Council. The standard framework will be developed by NIST, with nine agencies assessing AI risk to national infrastructure and safety.
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