Stock Market Winners & Losers: Nasdaq Falls as Alphabet, Microsoft Slide | Taylor Swift’s Label Pulls Music From TikTok
Loser: Nasdaq falls as Alphabet, Microsoft slide
The Nasdaq Composite experienced a decline due to significant drops in the stock prices of tech giants Microsoft and Alphabet, leading to overall sector pressure. Alphabet's shares fell over 5% due to disappointing ad revenue despite better-than-expected earnings and sales. Microsoft and AMD also saw declines, primarily attributed to lower-than-expected forward guidance following their quarterly results. Additionally, traders are closely monitoring the Federal Reserve's rate decision on Wednesday.
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Super Bowl 2024 ticket prices in Las Vegas may reach a record average of $12,700 due to strong early demand, with 26% of early buyers from California, indicating robust support from 49ers fans. In another development, a Delaware Judge nullified Elon Musk's $56 billion Tesla pay package, deeming it unfair to shareholders. Musk has initiated a poll on X to gauge whether the company should change its state of incorporation to Texas.
Winner: Taylor Swift’s label UMG to pull music from TikTok
Universal Music Group (UMG) is ending its music licensing agreement with TikTok due to disputes over compensation for artists, concerns about AI impact on musicians, and issues related to online safety. UMG alleges that TikTok tried to intimidate them by selectively removing music from emerging artists while keeping content from established stars. Despite the disagreements, TikTok's vast user base remains an essential platform for artist promotion and discovery.
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