Stock Market Winners & Losers: Stocks Build on Record-Setting Run | February Home Sales Spike 9.5% | DOJ Sues Apple Over iPhone Monopoly
Winner: Stocks builds on record-setting run
The Federal Reserve reaffirmed its anticipation for three interest rate reductions this year. Stocks surged, with technology shares leading the gains. The positive momentum continued from the previous day, where all three major indexes reached record closing highs. Micron Technology saw a significant boost of over 14% following robust earnings, marking its best performance since December 2011.
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Intel got an $8.5b government grant to build chip factories. Intel plans to use it to build and expand facilities in Arizona, Ohio, New Mexico, and Oregon. In swing state Arizona, an $8.5 billion CHIPS grant spells ‘jobs’ more than geopolitics
Neuralink, Elon Musk’s brain implant company, posted a video on X of its first human user showing off the patient playing chess on a computer telekinetically via tracking eye movement.The 29-year-old quadriplegic says brain chip is 'not perfect' but has changed his life
Winner: February home sales spike 9.5%
In February, existing home sales surged by 9.5% to 4.38 million units, defying analyst expectations. Although down 3.3% year over year, it marked the largest monthly gain since February 2023. Sales were particularly strong in the West and South. Despite a 10.3% increase in inventory, representing a 2.9-month supply, the median price rose by 5.7% to $384,500—the eighth consecutive month of annual gains. Competition was intense, with 20% of homes selling above list price. First-time buyers remained subdued at 26%, well below the historical norm of 40%. All-cash sales surged to 33%, driven by buyers from expensive states like California relocating to more affordable markets.
Loser: DOJ sues Apple over iPhone monopoly
The Department of Justice sued Apple, alleging its iPhone ecosystem is a monopoly that has inflated its value at the expense of consumers, developers, and competitors. The lawsuit targets various Apple offerings beyond the iPhone and Apple Watch, citing issues with advertising, browser, FaceTime, and news services. Apple is accused of blocking cross-platform messaging apps, limiting compatibility with third-party wallets and smartwatches, and disrupting non-App Store programs and cloud-streaming services. Despite dominating the U.S. iPhone market with a 64% share, Apple faces criticism for its closed ecosystem. In 2023, iPhone sales exceeded $200 billion, with the Apple Watch contributing to a $40 billion wearables business and services generating $85 billion in revenue. Additionally, Apple was fined $2 billion by the EU over a dispute with Spotify.
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