· Tech stocks fell on Monday, June’s first day of trading, amid reports that the U.S. government is planning to target a host of big companies in the industry with antitrust and business practice probes. Shares of Alphabet, Amazon, Facebook and Apple all weighed on the market during Monday’s session.

The Nasdaq Composite dropped 1.6% to enter correction territory, closing more than 10% below its record high set in late April at 7,333.02. The S&P 500 slid 0.3% to 2,744.45 while the Dow Jones Industrial Average ended the day just above breakeven at 24,819.78.

· The U.S. government is gearing up to investigate whether Amazon, Apple, Facebook and Google misuse their massive market power, sources told Reuters on Monday, setting up what could be an unprecedented, wide-ranging probe of some of the world’s largest companies.

With jurisdiction established, the next step is for the two federal agencies to decide if they want to open formal investigations. Results are not likely to be quick. A previous FTC probe of Google took more than two years.

Technology companies face a backlash in the United States and across the world, fueled by concerns among competitors, lawmakers and consumer groups that the firms have too much power and are harming users and business rivals.

Shares of Facebook Inc fell 7.5% on Monday while Google’s owner Alphabet Inc shed more than 6%. Amazon.com Inc shares fell 4.6% and Apple Inc dipped 1%.

· Stocks in Asia traded cautiously on Tuesday morning amid ongoing global trade tensions. The Reserve Bank of Australia is also set to announce its interest rate decision later today.

Japan’s benchmark Nikkei 225 was largely flat in early trade, with shares of index heavyweight Fanuc rising 1.06%. The Topix index traded flat.

Reference: CNBC