"Google dodged a breakup that would have included selling its Chrome browser after a judge ruled against the government's toughest proposals in the biggest antitrust case in three decades. The decision was also a big win for Apple, as Google will still be allowed to pay its partners. Apple gets about $20 billion a year for making Google search the default on iPhones. Alphabet shares rallied 8%, touching a record high; Apple rose 2%."
"The court's remedies were much more favorable for Google than anticipated, JPMorgan Chase & Co. analyst Doug Anmuth said. He also noted that the judge took into account the rapidly evolving and increasingly competitive search landscape spurred by GenAI. Investors await JOLTS job openings at 10 a.m. and will be tracking Salesforce Inc.'s results, due after the close. Shares of the software giant advanced 0.9%; they've tumbled about 24% this year, as investors see the company firmly in the AI loser camp, according to Mizuho Securities."
U.S. stocks rose, ending a two-day losing streak as technology megacaps recovered following a favorable court ruling for Google. The S&P 500 climbed 0.4%, the Nasdaq 100 rose 0.5%, and a Magnificent Seven gauge jumped 1.73%; the Cboe VIX stood around 17 while the 10-year Treasury yield was 4.26%. The judge rejected proposals that would have forced Google to sell Chrome and allowed Google to continue paying partners, preserving about $20 billion a year from Apple. Alphabet surged 8% to a record high and Apple gained 2%. Investors are watching JOLTS job openings, upcoming payrolls, Salesforce earnings, and corporate reports from Broadcom, while Macy's and Dollar Tree showed divergent results.
Read at www.mercurynews.com
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