🚀 DOJ sues Apple

Market Overview
Read time 1.6 minutes

Year To Date Performances:

1. The Justice Department is gearing up to file a lawsuit against Apple for antitrust violations, marking a continuation of the Biden administration's crackdown on major tech firms for anti-competitive practices. This legal action, targeting Apple's restrictions on iPhone features to competitors, represents the third lawsuit against the company in 14 years and underscores the government's focus on preserving market competition. Concurrently, Apple faces regulatory challenges in Europe, including a €1.8 billion fine over competition constraints in the music streaming sector and a potential comprehensive investigation under the EU's Digital Markets Act, which could impose additional fines for non-compliance.

2. The Federal Reserve announced on Wednesday its decision to maintain current interest rates, aligning with market expectations. Furthermore, the Fed outlined plans to reduce rates three times by the end of next year, marking the first rate cuts since the onset of the Covid pandemic in March 2020. This adjustment would bring rates down from their highest point in more than 23 years. The Fed's willingness to implement these cuts hinges on favorable economic data. Market participants largely anticipate the initial reduction to occur in June, as suggested by current market forecasts.

3. Visa and Mastercard agree to historic $5 Billion Settlement! In a groundbreaking move for the payment industry, Visa and Mastercard have come to a historic $5 billion settlement, marking a pivotal moment for small business owners. If you are a small business owner, claim your share today!*

4. Headlines

   1. The Bank of England and Canada are both holding interest rates.

   2. Reddit priced its IPO at $34/share and closed up 48% on its first day of trading.

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