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Stocks lose momentum…State’s sue to block T-Mobile, Sprint merger…House Judiciary launches big-tech investigation.

NEW YORK (AP) _ Stocks lost their early momentum by midday today as technology stocks turned lower. The Dow Jones industrials slipped after rising as much as 177 points as trading began for the day. Tech stocks, which have helped lead the market’s rally in June, suffered late-morning losses. Advanced Micro Devices fell 3.4% and Adobe dropped 2%. Shares of manufacturers also declined.

NEW YORK (AP) _ A group of state attorneys general plans to sue to stop a $26.5 billion merger of wireless carriers T-Mobile and Sprint, according to published reports. It’s an unusual step ahead of a decision by federal antitrust authorities. The reports cite unidentified people familiar with the matter. The Justice Department has not yet issued a decision regarding the deal. The Republican chairman of the Federal Communications Commission, the nation’s telecom regulator, supports the merger.

WASHINGTON (AP) _ The House Judiciary Committee has launched its investigation into the market dominance of Silicon Valley’s biggest names, including Facebook, Google and Amazon. Today’s hearing on Capitol Hill is looking at the tech giants’ impact on news outlets and local advertisers. News media associations and journalism groups accuse the tech giants of jeopardizing their industry’s economic survival by putting out news content on their platforms without paying for it.

BISMARCK, N.D. (AP) _ Two companies are proposing a $1.6 billion pipeline to move North Dakota crude oil, although the route has not been disclosed. The proposed pipeline would be the biggest such project in the state since the Dakota Access pipeline sparked violent clashes between protesters and law enforcement back in 2016 and 2017. The joint venture called Liberty Pipeline was announced yesterday by Houston-based Phillips 66 and Casper, Wyoming-based Bridger Pipeline.

PHILADELPHIA (AP) _ A lawsuit filed in the United States says faulty building materials helped spread a devastating fire at London’s Grenfell Tower back in 2017. More than 200 relatives of victims and survivors have joined the suit, which targets U.S. companies that made products used at the complex. The suit names refrigerator maker Whirlpool, cladding manufacturer Arconic Inc. and insulation maker Celotex.

Associated Press

Associated Press

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