The move is expected to have huge tax implications for Disney and further sour the relationship between the Republican-led government and a major political player whose theme parks have transformed Orlando.

Biden administration officials have heard from tobacco lobbyists, anti-smoking advocates, civil rights groups, small-business owners and conservative think tanks.

Several disappointing profit reports from companies also shook what’s been the market’s main pillar of support.

Officials were negotiating late Friday over the final details of the Digital Services Act, which would overhaul the 27-nation bloc’s digital rulebook and cement its position as the global leader in reining in the power of social media companies such as Facebook, Google and Amazon.