FTC investigating Amazon's pricing

The markets extended its losses during the midday with the Dow dropping 61 points to 21,550. Nasdaq slipped 5 points to 6,384.


The Federal Trade Commission is investigating allegations that Amazon has been misleading consumers about the discounts that they receive when they purchase items. Advocacy group Consumer Watchdog has accused Amazon of inflating reference prices so that customers think that they are getting a better deal. Amazon denied the allegations saying that manufacturer reference prices are validated against actual retailer prices.


The Competition Appeal Tribunal has stopped a class action suit against MasterCard in the United Kingdom from moving forward. The $18 billion suit alleged that the interchange fees charged by MasterCard impacted all consumers in the UK whether they used MasterCard or another payment method. A representative of the suit said that an appeal may be filed.


Lyft announced a new autonomous car unit, Level 5, that will work with engineers from partner companies to develop self-driving systems. Several hundred engineers will be housed in a facility in Palo Alto, California although Lyft does not have a permit to test self-driving cars in the state. Lyft expects to test autonomous cars with technology company Nutonomy in Boston by the end of the year.


In the broad market, declining issues outpaced advancers by a margin of 3 to 2 on the NYSE and by more than 4 to 3 on Nasdaq. The broader S&P 500 lost 3 points to 2,469. Bitcoin rose $6 to $2680.


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