Alphabet Stock Rises Toward Record Amid Report China Has Ended Google Inquiry

Alphabet shares were rising after China said it will drop an antitrust inquiry into the search giant. (Justin Sullivan/Getty Images)

Key Points

About This Summary

• Alphabet’s stock rose 1.5% to $253.20 in premarket trading after a report said China would drop an antitrust inquiry.
• The antitrust inquiry centered on the dominance of the Android operating system, according to the Financial Times.
• Alphabet and PayPal said Wednesday that they had formed a multiyear partnership to develop AI-based shopping experiences.

Shares in Google parent Alphabet were rising on Thursday as investors weighed a report saying China will drop an antitrust inquiry into the search giant.

The stock climbed 1% to $252.11 in early trading, putting it on course to surpass Monday’s record closing high. The S&P 500 climbed 0.4%, rallying after the Federal Reserve lowered interest rates on Wednesday for the first time since December.

China’s State Administration for Market Regulation has opted to end its investigation into Google, the Financial Times reported on Wednesday, citing two people briefed on the decision. The inquiry centered on the dominance of the Android operating system.

Google didn’t immediately respond to a request for comment from Barron’s.

It could be another bargaining chip in the continuing negotiations between Beijing and Washington, as the two sides try to thrash out a trade deal.

In other news, Alphabet and PayPal said Wednesday that they had formed a multiyear partnership to develop artificial-intelligence-based shopping experiences.

Alphabet and other Big Tech names such as Nvidia and Microsoft were also probably getting a boost Thursday from the Fed’s rate cut.

Write to George Glover at george.glover@dowjones.com