MARKET RECAP → Stocks closed higher on Tuesday as the S&P 500 (VOO) hit its highest level since January of 2022. November inflation data released this morning was in line with expectations and received a warm welcome from the stock market as bets mounted around chances of easing monetary just around the corner.
NOVEMBER CPI REPORT → 📊 November’s CPI report showed a modest 3.1% year-over-year rise, aligning with expectations and signaling a gradual inflation slowdown, as the Fed gears up for potential policy shifts in 2024.
EPIC WINS AGAINST GOOGLE → 🎮 Epic Games triumphs in court over Google (GOOG), spotlighting anti-competitive practices in the app market and potentially reshaping the digital landscape, while Google braces for an appeal.
Head of Investor Relations @ MoneyLion
📉 The consumer price index (CPI) in November increased by 0.1% from the previous month and was up 3.1% from a year ago, aligning with economists’ expectations. The annual rate showed a decline from 3.2% in October, indicating a continued, albeit slow, progress in inflation control.
🏠 Core CPI, excluding volatile food and energy prices, rose 0.3% monthly and 4% annually, also consistent with expectations. Key contributors to inflation included a 2.3% decrease in energy prices and a 0.2% increase in food prices. Shelter prices, a significant component of CPI, rose 0.4% monthly and 6.5% annually.
🏦 The report’s release coincides with the Federal Reserve’s policy meeting set for Weds (12/13), where interest rates are expected to remain steady. Futures markets suggest no further rate hikes, with the first cut likely in May. The Fed is anticipated to signal an end to policy tightening, with potential rate cuts in 2024.
🏆 A federal court jury found that Google’s (GOOG) Android app store, Google Play, engaged in anti-competitive practices, marking a significant victory for Epic Games and CEO Tim Sweeney. The verdict came after revelations that Google allegedly deleted records related to its deals with app makers, contrasting with Epic’s unsuccessful challenge against Apple’s (AAPL) App Store.
📱 The decision could reshape the digital app market, worth about $200 billion annually, potentially offering app makers a larger revenue share. It also opens the door for further antitrust challenges against Google, including a similar case by the Department of Justice. The trial highlighted Google’s deals with handset makers and its efforts to discourage sideloading on Android.
⚖️ U.S. District Judge James Donato will decide in January what changes Google must implement. Epic Games seeks to lower fees, provide alternatives to Google Play, and reduce warnings about installing software from the internet. Google plans to appeal the decision, maintaining its stance on the openness of Android and Google Play.
Together With Dun & Bradstreet
OpenAI’s nonprofit arm showed revenue of $45,000 last year, even though company is worth billions (CNBC)
Stubbornly high rental costs lift US consumer inflation in November (Reuters)
Self-made millionaire who used to work at McDonald’s shares 3 things he ‘refuses’ to tip on (CNBC make it)
Shohei Ohtani just signed a $700 million contract—here’s why he’s only making $2 million next season (CNBC make it)
After years of resisting, Netflix releases viewing statistics for nearly all titles (CNBC)
And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife)
Our Favorite Tools & Resources
The Bull vs. Bear Merchandise Promotion is a limited time campaign that begins on December 1, 2023 at 12:00 AM ET and ends on the date that there are no more Rewards. This Promotion is available to any registered MoneyLion user who is a legal resident of the 50 United States or the District of Columbia and who has reached the age of majority in their state as of the beginning of the Promotional Period. See terms and conditions here.