Communications services companies fell amid risk-off trading.
President Biden's Commerce Department published an online-security rule aiming to strengthen its legal hand against foreign-based apps --including TikTok - that could threaten the U.S. The move comes as the U.S. continues to weigh what to do about the popular video-sharing app owned by Beijing-based ByteDance, as well as other Chinese-based apps.
The administration likely still needs new legislation to further strengthen its legal position before taking any dramatic action against TikTok, such as banning it in the U.S., and Congress has been at odds over the issue thus far.
Elon Musk said Twitter is winning back nearly all of the advertisers who left since his takeover of the social-media company last fall, saying his goal for the platform was to "make it a positive force for civilization."
Walt Disney Chief Financial Officer Christine McCarthy, who has been a key executive at the entertainment giant for more than two decades, is stepping down. Disney said McCarthy is taking a family medical leave. McCarthy has an ailing husband, who has been in a healthcare facility since the start of the year.
In deal news, sports-betting company DraftKings made an offer to buy the U.S. business of peer PointsBet Holdings for $195 million, topping an offer from privately owned rival Fanatics Betting and Gaming.
Digital media conglomerate GoDigital is in advanced talks to buy all of Vice Media's assets including its core news business and female-focused Refinery29 at an upcoming bankruptcy auction, The Wall Street Journal reported, citing people familiar with the matter.
Spotify and Archewell Audio, the audio production company started by Meghan Markle and Prince Harry, said they ended their partnership after 2 1/2 years.
Michael Jordan has reached an agreement to sell his majority stake in professional basketball's Charlotte Hornets, the team announced, ending a 13-year run in which the team was controlled by perhaps the NBA's greatest and most famous player.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
06-16-23 1752ET
