Stock Market News: Fed decision, EU slaps Google, Tesla’s winning streak

Toyota’s shareholders have rejected demands from some investors that the automaker do a better job on fighting climate change. They also endorsed Akio Toyoda’s reappointment as chairman of the automaker.

The investor proposal was initiated by AkademikerPension, a $20 billion Danish investment fund. It accused Toyota Motor Corp. of lobbying to weaken efforts by governments around the world to phase out gas and diesel-fueled internal combustion engines.

The rejection at the meeting in Toyota city, central Japan, was expressed by applause and was widely expected. The majority of Toyota shares are held by the company and its group companies, retired employees and others sympathetic to the company’s perspective.

The Federal Reserve is expected to pause after 10 straight rate hikes but the move is likely to help consumers struggling with higher borrowing costs.

European Union antitrust regulators are taking aim at Google’s lucrative digital advertising business, saying the tech giant must sell off some of its ad business to address competition concerns.

The European Commission said Wednesday that its preliminary view after an investigation is that “only the mandatory divestment by Google of part of its services” would satisfy the concerns.

The European Union has led the global movement to crack down on Big Tech companies
but rather than splitting up businesses it has previously issued blockbuster fines. That includes three antitrust penalties for Google worth more than 8 billion euros, now $8.6 billion.

There is more encouraging news on the inflation front as producer prices dip for the 11th straight month following the latest on consumer prices.

Bud Light
has lost its title of America’s top selling beer creating more headwinds for parent Anheuser-Busch.

The Federal Reserve is expected to make a dramatic policy shift after 10 straight months of interest rate hikes.