Meta facing anther EU investigation

TheStreet’s Caroline Woods brings you the biggest news of the day, including what investors are watching why the EU is again investing Meta.

Transcript

00:00 I'm Caroline Woods reporting from the New York Stock Exchange.

00:03 Here's what we're watching on the street today.

00:06 Wall Street will be closely monitoring the Federal Reserve's two-day policy meeting,

00:10 which kicks off on Tuesday, April 30.

00:12 The CME's FedWatch tool currently predicts a greater than 97 percent chance of interest

00:17 rates remaining unchanged.

00:20 Investors will also be awaiting a host of earnings set to be reported on Tuesday, including

00:24 Amazon, 3M, PayPal and AMD.

00:28 In other news, Meta is once again facing scrutiny in Europe.

00:32 EU officials are investigating the company on concerns it hasn't done enough to combat

00:37 disinformation ahead of upcoming European elections.

00:41 The investigation alleges Meta hasn't fully complied with the EU's Digital Services Act.

00:47 Among other things, the EU is looking into how the company has handled advertising by

00:51 scammers as well as those looking to interfere with elections.

00:56 Officials are also looking into Meta's decision to rank political content lower on users'

01:00 feeds, claiming it may violate transparency rules.

01:04 Meta released a statement addressing the allegations, saying, "We have a well-established process

01:09 for identifying and mitigating risks on our platforms.

01:12 We look forward to continuing our cooperation with the European Commission and providing

01:17 them with further details of this work."

01:20 If the Commission finds Meta to have violated the Digital Services Act, the company could

01:24 be fined up to 6 percent of its entire global revenue.

01:29 That'll do it for your daily briefing from the New York Stock Exchange.

01:31 I'm Caroline Woods with The Street.

01:33 Thanks for watching.

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