Qualcomm lost its bid to get a European Union antitrust penalty thrown out after a top court largely rebuffed the technology company’s arguments in the case involving cellphone chipsets.

Asian stocks markets are mixed after Wall Street sank for a third day following an interest rate hike in Britain.

The S&P 500 is heading for its second record-setting day this week. The Dow Jones Industrial Average and the Nasdaq are on pace for their third day of record highs. The sector is prone to swings in trade relations as many of those companies rely on China for sales and supply chains. KEEPING SCORE: The S&P 500 index rose 0.6% as of 10 a.m. Eastern time. More than 85% of companies within the S&P 500 have reported so far.

(CNN) - Europe has hit Qualcomm with a 242 million ($271 million) fine, saying the U.S. chipmaker used "predatory pricing" to drive a competitor out of the market for 3G phone hardware. This isn't the first time Europe has fined Qualcomm. In 2018, the European Union levied a 997 million ($1.1 billion) fine against Qualcomm, alleging it paid key customers to sign exclusivity agreements. China's anti-monopoly bureau also fined Qualcomm $975 million in 2015 for violating its antitrust laws. Google has been fined 8.2 billion ($9.2 billion) in total by Europe since 2017.