🖥️ Where Does Google Go From Here?

Good morning. US stock futures ticked higher in Tuesday morning trading as global markets recovered from the sharpest single-day rout since the pandemic.

🖥️ Google loses antitrust case, ruled to have monopoly power

📝 Our report: A US judge ruled that Google illegally monopolized the search market through exclusive deals, giving the government a big win in its first major antitrust case against a tech giant in over 20 years. Judge Amit Mehta in Washington said that the Alphabet Inc. unit’s $26 billion in payments to make its search engine the default option on smartphones and web browsers effectively blocked any other competitor from succeeding in the market.

 🔑 Key points:

• “Google’s distribution agreements foreclose a substantial portion of the general search services market and impair rivals’ opportunities to compete,” Mehta said in a 286-page ruling.

• Antitrust enforcers alleged that Google has illegally maintained a monopoly over online search and related advertising. The government said that Google has paid Apple, Samsung Electronics Co. and others billions over decades for prime placement on smartphones and web browsers.

• The Justice Department hasn’t yet said what changes it will seek, though it presented evidence that efforts by European regulators to require Google to offer users a choice of search engines led few to switch.

💡 So what: Google losing its antitrust case and being ruled to exert monopoly powers by a US judge could lead to significant changes in its business practices, including potential divestitures or restrictions on its ability to enter exclusive deals. For the tech industry, this case sets a precedent that could result in stricter regulatory oversight and similar antitrust actions against other tech giants, potentially altering competitive dynamics. Overall, this ruling marks a significant shift in antitrust enforcement in the tech sector and signals increased governmental intervention in curbing monopolistic practices.

Tuesday - U.S Trade Deficit

Wednesday - Consumer Credit

Thursday - Richmond Fed President Tom Barkin Speaks

Friday - No Major Economic News

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🚗 US moves to ban Chinese software in self-driving cars

WHAT: The US Department of Commerce is reportedly gearing up to propose a rule banning Chinese software from advanced autonomous and connected vehicles, according to reports from Reuters. Automakers and suppliers would need to assure regulators that they are not using advanced autonomous software from China or another “foreign entity of concern” in their vehicles, according to Reuters.

WHY: The impending rule would bar Chinese companies from testing autonomous vehicles in the U.S., which government officials have recently painted as an increasingly salient security issue.

🧑🏾‍💼 Fed exec: US job market showing signs of weakness

WHAT: Federal Reserve Bank of San Francisco President Mary Daly noted that the labor market is softening and hinted that the US central bank might start cutting interest rates in the coming quarters, but she stopped short of saying the labor market is seriously weakening. “Policy adjustments will be necessary in the coming quarters,” Daly said in a moderated discussion co-hosted by the Hawaii Executive Collaborative. “We have now confirmed that the labor market is slowing, and it is extremely important that we not let it slow so much that it tips itself into a downturn.”

WHY: Her comments follow a worse-than-forecast US jobs report that has spurred recession concerns and helped drive a global stocks rout.

🎵 TikTok fights back in divestiture case

WHAT: TikTok and its parent company ByteDance asked a U.S. appeals court to deny the Justice Department's (DOJ) request to file part of its case in secret. The case defends a law that aims to force TikTok's U.S. assets to be sold by Jan. 19 2025 or face a ban. If they "are unable to review the government’s evidence," TikTok said, "they will be unable to rebut contentions that are factually incorrect -- let alone explain to the court why the government’s arguments and evidence are legally insufficient."

WHY: The DOJ argued TikTok under Chinese ownership poses a serious national security threat because of its access to vast personal data of Americans, asserting China can covertly manipulate information that Americans consume via TikTok.

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