TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Tuesday, February 6.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin – reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a losing session Monday amid fading hopes of a March rate cut. Investors will be keeping a close watch on the Fed Tuesday – both the Cleveland and Boston Fed Presidents are slated to speak about monetary policy.
Separately, investors are looking ahead to a busy week of earnings with names like Snap, Ford, and Chipotle slated to release results after the bell Tuesday. So far, roughly 50 percent of companies in the S&P 500 have reported earnings.
In other news – the U.S. government and Google are officially headed to court. A federal judge announced the trial between the Department of Justice and the tech giant over its Google’s ads business will begin in September.
The DOJ, along with multiple U.S. states, allege that Google has acquired too many rivals through anticompetitive mergers and has forced advertisers and publishers to use its own ad technology programs.
Google has previously responded to the suit by saying it’s a “flawed argument that would slow innovation, raise advertising fees, and make it harder for thousands of small businesses and publishers to grow.”
Ad revenue is an enormous part of its parent company Alphabet’s business. In its most recent earnings report, Alphabet revealed $66 billion of the $86 billion it reported in revenue came from advertising.
Google currently also has two other lawsuits. One will start in March of 2025 and will also focus on the company’s ad tech operations. The other revolves around the company’s web search dominance. That trial will hear closing arguments in May 2024.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
