Alphabet shares fell nearly 1% in premarket trading

Alphabet shares fell nearly 1% in premarket trading.

Europe's second top court on Wednesday upheld an EU antitrust ruling and 2.42 billion euros ($2.8 billion) fine against Alphabet unit Google, the first of a trio of cases that mark competition chief Margrethe Vestager's tough line against U.S. tech giants.

"The General Court largely dismisses Google's action against the decision of the Commission finding that Google abused its dominant position by favouring its own comparison shopping service over competing comparison shopping services," the Court said.