12:26 PM EDT, 09/10/2024 (MT Newswires) -- The S&P 500 and the Nasdaq Composite were up in late-morning trading Tuesday, while the Dow Jones Industrial Average was down as investors await a new trove of inflation data on Wednesday in the form of the August Consumer Price Index.

In company news, Apple ( AAPL ) and Alphabet (GOOG) were both dealt blows by the European Union's Court of Justice on Tuesday. For Apple ( AAPL ), the EU's highest court confirmed that two of its subsidiaries based in Ireland received illegal tax benefits worth 13 billion euros ($13.4 billion) between 1991 and 2014 and ordered the country to recover the total amount from the company. As a result, Apple ( AAPL ) expects to record a one-time income tax charge of up to $10 billion in its fiscal Q4 ending Sept. 28, according to a filing with the US Securities and Exchange Commission. For Alphabet, the court dismissed the appeal from its unit, Google ( GOOG ), against a 2.4-billion-euro ($2.65 billion) penalty imposed by the European Commission in 2017 for anti-competitive practices. Google ( GOOG ) was fined for allegedly giving its own shopping recommendations an unfair advantage over smaller European rivals in search results, which led to the long-running antitrust case. Shares of Apple ( AAPL ) were down 1.2% near noon, while those of Alphabet were up 0.1%.

The Federal Reserve's top bank regulator said Tuesday he intends to recommend that the central bank re-propose new rules in order to reduce the increase in capital requirements under the plan for the biggest banks to 9% from 19%. The over-50% reduction would apply to global systemically important banks, or G-SIBs, Fed Vice Chair for Supervision Michael Barr said in a speech at the Brookings Institution. For other large banks that are not G-SIBs, the re-proposal of the Basel endgame and G-SIB surcharge rules would result in a capital requirement increase of 3% to 4% over the long term, Barr said, adding that the re-proposal would also increase capital requirements for non-G-SIBs still subject to the rule by 0.5%. Separately, the president of one of those G-SIBs, JPMorgan Chase ( JPM ) , said analysts are too optimist in their expenses and net interest income projections for the bank, according to media reports. The current $89.5 billion NII estimate is "not very reasonable" given interest-rate expectations, JPMorgan ( JPM ) President Daniel Pinto said Tuesday at an industry conference, adding that the figure "will be lower," according to reports. Shares of JPMorgan ( JPM ) , Citibank (C), Wells Fargo (WFC), Bank of America (BAC) and Goldman Sachs ( GS ) were down 7.3%, 4.2%, 1.5%, 2.5% and 5%, respectively.

Oracle (ORCL) reported fiscal Q1 non-GAAP earnings late Monday of $1.39 per diluted share, up from $1.19 a year earlier and above the Capital IQ consensus analyst estimate of $1.33. Fiscal Q1 revenue was $13.31 billion, up from $12.45 billion a year earlier and above the Capital IQ consensus estimate of $13.24 billion. Separately, Oracle and Amazon.com's ( AMZN ) Amazon Web Services said Monday they are launching Oracle Database@AWS, a new product that will allow clients to access the Oracle Autonomous Database on dedicated infrastructure and the Oracle Exadata Database Service inside AWS. Oracle shares were up 12.1%, while those of Amazon ( AMZN ) were up 1.4%.

Southwest Airlines ( LUV ) announced a board shakeup on Tuesday that includes the retirement of Executive Chairman Gary Kelly and a plan to appoint four new independent directors, including nominations from activist shareholder Elliott Investment Management. Kelly will voluntarily retire from the board immediately after the airline's 2025 annual meeting. Shares of Southwest ( LUV ) were down 3.6%.

Boeing ( BA ) is alerting suppliers that it is postponing its production output goal for its 77 MAX by sixth months, Reuters reported Monday, citing three industry sources. The company had previously aimed for suppliers to produce 42 Max jets per month by this month, but it now aims to reach that target by March, according to the report. Shares of Boeing ( BA ) were down 2.8%.

State Street's (STT) unit, State Street Global Advisors, said Tuesday it is collaborating with Apollo Global Management ( APO ) to expand investor access to private market opportunities. Financial terms of the deal were not disclosed. State Street shares were down 1.2%, while those of Apollo were down 3.2%.

UBS (UBS) has built an artificial intelligence tool to help offer potential merger and acquisition deals to its clients, Bloomberg reported Tuesday, citing a company executive. The tool is capable of analyzing a database of over 300,000 companies in less than 30 seconds, developing buy-side ideas, matching possible suitors in sell-side situations, and identifying potential targets of activist investor campaigns, according to the report. Shares of UBS were down 2.2%.

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