The rules would have treated internet companies as utilities companies, which would have led to more regulation in the industry.
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00:00I'm Conway Gittens reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05Wall Street is in the throes of a major sell-off,
00:08with the Nasdaq and S&P 500 down for the third week in a row.
00:12The Nasdaq is off 10% from its all-time high,
00:16which means it is in what Wall Street calls a market correction.
00:20Recession worries hit investors in the gut
00:22after unemployment spiked in July to 4.3%,
00:26near a three-year high.
00:28Amazon didn't help the mood, especially for tech stocks.
00:31Its quarterly results renewed concerns
00:33that big tech might be spending too much on AI.
00:37Amazon's stock had its biggest drop in more than two years.
00:41Next week, investors will have a key services index to digest,
00:45as well as earnings from Disney and Uber.
00:48Looking at other headlines making the news,
00:50net neutrality rules were dealt another blow.
00:53This time, a U.S. appeals court
00:55temporarily blocked federal regulations
00:57that would govern access to websites and paid-priority fast lanes.
01:01The Federal Communications Commission, under President Biden,
01:04was seeking to restart the regulations
01:07after they were dumped under President Trump.
01:10In the ruling, the court said,
01:20It then said,
01:26requiring clear congressional authorization.
01:29Oral arguments to decide the fate of net neutrality
01:31have been set for some time between October and November.
01:34The head of the FCC said the court's decision is
01:41That'll do it for your daily briefing from the New York Stock Exchange.
01:44I'm Conway Giddens with The Street.