More than 300 companies are talking to government officials in Washington about how detrimental the trade war is.Marketsread more
Powell stresses the central bank's independence in a speech that comes amid continuous pressure from the White House to cut interest rates.The Fedread more
In a text message, Grisham confirmed to CNBC that she will still be working for the first lady even as she takes on her new roles.Politicsread more
Acting Customs and Border Protection Commissioner John Sanders is resigning amid the furor over the Trump administration's treatment of migrant children.Politicsread more
Stocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue.Market Insiderread more
NBC is taking the office back from Netflix as it seeks to bolster its own streaming service launching in 2020.Technologyread more
Wayfair employees plan to walk out tomorrow, after no action was taken in response to their opposition to the company supplying border detention camps with beds for children.Retailread more
Micron beat analyst estimates on earnings and revenue for its fiscal third quarter of 2019.Technologyread more
Omarosa Manigault Newman, who had been a senior advisor to President Donald Trump before her firing, was sued for allegedly failing to file required financial disclosures.Politicsread more
San Francisco on Tuesday became the first city in the country to ban e-cigarettes after city officials voted in favor of an ordinance that prohibits the sale of any...Health and Scienceread more
See which stocks are posting big moves after the bell on June 25.Market Insiderread more
As Apple reportedly faces the potential for a Justice Department investigation into anti-competitive behavior, CEO Tim Cook says the company's inferior position in the global smartphone market could be its saving grace.
"I think we should be scrutinized. But if you look at our — any kind of measure about is Apple a monopoly or not, I don't think anybody reasonable is going to come to the conclusion that Apple's a monopoly," Cook said in an interview Monday with CBS News. "Our share is much more modest. We don't have a dominant position in any market."
Apple lagged Samsung and Huawei in terms of worldwide market share for smartphones as of the first quarter of 2019, according to the International Data Corporation. While the iPhone appears to be ubiquitous in the U.S., other brands are more prevalent internationally.
Given Apple's relatively small market share in that space, Cook said, "we are not a monopoly."
But the antitrust argument against Apple does not hinge on its iPhone sales. Advocates of breaking up Big Tech including Democratic presidential candidate Sen. Elizabeth Warren of Massachusetts argue that companies like Apple should not be able to run marketplaces and sell their own products on them.
App developers like Spotify have complained Apple uses its App Store to unfairly limit rivals to its own services. And recently, the Supreme Court ruled against Apple, saying consumers could bring a lawsuit that argues the company inflates the price of iPhone software by taking a 30% commission on app sales.
Cook told CBS he "strongly" disagrees with Warren's push to break up parts of Apple's business.
"I think some people would argue, if you are selling a good, then you can't have a product that competes with that good," Cook said. But that argument "takes you down the path that, Walmart shouldn't be stocking alternative or house brand. … And so this is decades of U.S. law here."
The renewed scrutiny of Apple is part of a larger focus on Big Tech among the U.S.' top antitrust authorities. Shares of Apple, Facebook, Amazon and Google parent Alphabet tumbled Monday following reports that the DOJ and Federal Trade Commission were dividing responsibilities for probing those companies over antitrust concerns.
According to the reports from The Washington Post and The Wall Street Journal, the DOJ will take oversight of Apple and Alphabet, while the FTC will focus on Amazon and Facebook. The FTC is already mulling consequences for Facebook related to its investigation into whether it violated a 2011 consent decree over handling user data. Facebook told investors it believes the fine could be as high as $5 billion.
Watch the full interview on CBS News.