5 Keys on Wall Street By Investing.com

© Reuters

Por Geoffrey Smith

Investing.com – Epic Games’ antitrust lawsuit against Apple (NASDAQ 🙂 reaches a California district court. The European Union will allow the entry of fully vaccinated tourists. Shares will open the month on a positive note, and the Tesla (NASDAQ 🙂 factory in Germany faces another six months of delay. Here we have the five main issues to be aware of this Monday, May 2, in the financial markets.

1. Epic vs. Apple goes to court

One of the most important corporate legal actions in recent years is heading to a United States district court in Oakland, California, this Monday; Epic Games, designer of the wildly popular game Fortnite, is trying to show that the way Apple runs its App Store is discriminatory and anti-competitive.

The case is a milestone in defining and limiting the market power of platform companies that increasingly act as gatekeepers of the Internet for thousands of aspiring smaller companies. The disparity in market power between the former and the latter was underscored last week by the huge revenue and profit increases reported by Apple and Amazon (NASDAQ 🙂 in the first quarter.

The case begins less than a week after EU antitrust authorities ruled that Apple had abused its position as the operator of the app store to the detriment of other streaming companies such as Spotify (NYSE :).

On the other hand, it has reported that Apple plans to reduce the production of Air Pods between 25% and 30% this year in response to the loss of market share in the face of cheaper competition.

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2. The EU ends the travel ban

The European Union will end the one-year ban on non-essential travel to the bloc it imposed to stop the spread of Covid-19.

The European Commission has proposed allowing travel from countries with low infection rates, as well as allowing visits by fully vaccinated people. The measures will serve in some way to rescue a summer tourism season that has enormous economic importance for southern Europe in particular.

The move also reflects a broader increase in confidence that the bloc is bringing its epidemic under control as the pace of vaccines picks up. Germany, the bloc’s largest economy, vaccinated more than a million people both on Thursday and today. The EU now expects at least 70% of its population to be immune to the disease by the end of August, a month earlier than expected.

3. Stocks point to a higher open

Stock markets in the United States will start the month on a positive note, as participants buy into the dip that marked the end of April trading.

At 12:30 pm (CET), the {{8873 | Jones futures}} are up 152 points or 0.5%, while the {{8839 | 500} futures are up 0.3% and advance them 0.1%.

Estee Lauder Companies Inc (NYSE 🙂 tops the list of earnings presentations for the day, anticipating an improvement in forecasts as the cosmetics industry prepares to benefit from the revival of social and business life.

Loews (NYSE :), Wynn Resorts (NASDAQ :), shale oil producer Diamondback, pipeline and power operator Williams will also release their results.

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4. The German Tesla factory faces delays

Other stocks likely to make headlines will be Tesla, after German motorsport publication Automobilwoche reported that its factory outside Berlin is facing further delays in starting production.

Automobile week said CEO Elon Musk had given the team building the plant another six months to start operations, postponing the start of mass production until January 2022. The company is still awaiting final permits for build parts of the gigantic factory.

Separately, Reuters has reported that Tesla is expanding its China government relations team to deal with increasing regulatory scrutiny in this country.

5. Oil relaxes while buyers take a vacation

Crude prices are declining, but prices of other commodities remain relatively stable as holidays across much of the world push shoppers away from their desks.

At 12:30 pm (CET), futures fell 0.2% to $ 63.47 per barrel, while oil fell 0.4% to $ 66.46 per barrel.

Data from the Commodity Futures Trading Commission on Friday showed net speculative long positions in crude oil were at their lowest level since November, although overall positioning remained bullish with net gains to long positions in refined products. , in particular diesel. However, the greatest increases in individual position were observed in the, the, the and the.

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