Business and Tech News - 3.22.24

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Skool Projekt Staff
March 22, 2024

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Apple Sued by Biden Administration For Maintaining Monopoly

The U.S. Justice Department, alongside over a dozen state attorneys general, has launched a civil antitrust lawsuit against Apple. Filed in New Jersey, the case accuses Apple of unlawfully maintaining its monopoly in the smartphone sector, contravening Section 2 of the Sherman Antitrust Act. This marks a significant step in the Biden administration's broader campaign to curb the influence of major tech companies, building on actions already taken against Google, Meta, and Amazon. Attorney General Merrick Garland criticized Apple for stifling competition and innovation by degrading rival products and services. The lawsuit, the third against Apple since 2009, covers various allegations, including restricting third-party app functionalities and hindering the development of competing devices and services. 

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Biden Cancels Nearly $6 Billion in Student Loan Debt

President Joe Biden has announced the White House's approval of a $6 billion federal student debt cancellation for 78,000 public service workers, including teachers, nurses, and firefighters. This move aims to correct past administrative oversights and fulfill Biden's commitment to making higher education more accessible and not a barrier to the middle class. This cancellation is part of the Public Service Loan Forgiveness programs, continuing efforts despite the Supreme Court's invalidation of a broader debt relief plan last year. The administration has now forgiven nearly $144 billion for about 4 million borrowers and plans to notify 380,000 more borrowers of upcoming cancellations.

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February Home Sales Surge in the U.S.

In February, existing home sales experienced a notable increase of 9.5% from January to 4.38 million units on a seasonally adjusted annualized basis, defying analysts' expectations of a decline. This surge, the most significant monthly gain since February 2023, was especially pronounced in the West and South of the U.S. Inventory levels also rose to 1.07 million homes, a 10.3% year-over-year increase, though this still represents a low 2.9-month supply. The median home price climbed by 5.7% from the previous year to $384,500, marking the eighth consecutive month of annual gains amid strong competition, with 20% of homes selling above the listing price.

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Congress Unveils $1.2 Trillion Funding Package

Congressional leaders have introduced a comprehensive funding package for various government sectors to prevent a shutdown before the impending Friday deadline. The deal, addressing half of the annual government spending bills, seeks to allocate more than a trillion dollars to agencies including the Department of Homeland Security (DHS), Defense, and Health and Human Services, among others. The tight timeline challenges lawmakers to expedite the process, with the House aiming for a Friday vote, though the Senate's procedures may extend deliberations into the weekend. The package reflects bipartisan negotiations, with Republicans highlighting spending cuts and Democrats emphasizing investments in childcare, health research, and climate initiatives. 

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Reddit Shares Open Higher Than IPO Price

Reddit's shares soared by 48% on their NYSE debut, reflecting a revived investor interest in promising, yet unprofitable companies. Despite not earning an annual profit since its 2005 inception, Reddit attracted investors with its AI potential, underscored by a significant data licensing agreement with Google. The IPO, valuing Reddit at $6.4 billion, highlighted the platform's growth ambitions, despite its primary reliance on advertising revenue and ongoing FTC scrutiny of its AI data deals. Reddit shares were initially priced at $34 in the IPO, they opened at $47, and closed at $50.44.

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Here’s how the markets closed yesterday:

 

 

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Disclaimer: This content is not intended as financial guidance. The purpose of this newsletter is purely educational, and it should not be interpreted as an encouragement to engage in buying, selling, or making any financial decisions regarding assets. Exercise caution and conduct your own research before making any investment choices.