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Google Seeks to Undo Epic Games Antitrust Win Over App Store

(Bloomberg) -- Alphabet Inc.’s Google is asking a federal appeals court to throw out a ruling in an antitrust case brought by Fortnite-maker Epic Games that would force the search giant to overhaul its Play mobile app store. Most Read from BloombergNew York City’s ‘Living Breakwaters’ Brace for Stormier SeasIn Italy’s Motor City, Car-Free Options Are GrowingIn Traffic-Weary Toronto, a Battle Breaks Out Over Bike LanesIn Kansas City, a First-Ever Stadium Designed for Women’s Sports Takes the Fiel

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How Trump's tariffs might warp two crucial readings on the health of the US economy

In carrying out campaign promises on trade and the border, Trump risks worsening the inflation dilemma that catapulted him to power.

05:13

How Trump's tariff rhetoric is affecting global market ETFs

As President-elect Donald Trump's second term in the White House approaches, some investors are using exchange-traded funds (ETFs) to play the Trump trade, the post-election market rally. CFRA Research head of ETF data and analytics Aniket Ullal joins Wealth! Host Brad Smith to check in on the ETF market before Trump's inauguration. "We've seen financials react very positively after the election of President-elect Trump. In particular, we've seen regional banks do very well" with ETFs like the SPDR S&P Regional Banking ETF (KRE), "which holds a bunch of regional banks, those have actually reacted very positively to the election. That's partly driven by expectations of looser regulation, expectations of the new administration being less hawkish on antitrust," Ullal tells the Wealth! team. He adds, "[The] expectation of more M&A activity that's also driven ETFs that are focused on exchanges [and are] more capital markets related" like the iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) and Invesco KBW Bank ETF (KBWB) On the overall ETF ecosystem, Ullal says, "This year, for the first time, we may expect in a calendar year to see flows into ETFs in the US exceed $1 trillion. We're already past the record," which was set in 2021 at $911 billion. "We're already at $950 [billion], so we're already past the record [and] we now could pass a trillion," given ETF flows are seasonally strong in the final month of the year as investors and funds. rebalance their portfolios. Ullal notes there has been some reaction in the ETF space to Trump's tariff rhetoric. Trump has said he would instate a 60% tariff on imports from China, which the strategist says has led to investors "trying to diversify away and look at ETFs that hold emerging markets like India, Taiwan, [Vietnam], and so on, that could benefit from some move away from China." The former president has also indicated he plans to impose larger tariffs on Canada and Mexico, though Ullal says, "We've actually not seen as strong a reaction" to this rhetoric. To watch more expert insights and analysis on the latest market action, check out more Wealth here. This post was written by Naomi Buchanan.

05:13

Musk is 'on point' about the CFPB: Frmr. Trump CFPB acting director

Elon Musk calls to eliminate the Consumer Financial Protection Bureau (CFPB), making the agency the latest target of the proposed Department of Government Efficiency (DOGE), which President-elect Donald Trump has named Musk and Vivek Ramaswamy to co-lead. Actum Strategic Advisors co-chair Mick Mulvaney, who was part of President-elect Donald Trump's first administration, serving as the Office of Management and Budget director, CFPB acting director, and the White House chief of staff, joins Catalysts Hosts Seana Smith and Madison Mills to discuss his thoughts on the proposed agency and its plans. Mulvaney tells Yahoo Finance he agrees with Musk's idea to shut down the CFPB, saying, "In fact, we examined the possibility of whether or not I had the authority to shut down the agency [as acting director], the lawyers that I had hired actually told me that I could not, and I respected that decision." He adds, "Elon's comments are right on point," the CFPB is "a duplicative layer of additional regulatory oversight into the consumer financial protection relationship." On how effective he expects the DOGE to be, Mulvaney says, "One of the weaknesses of this department is that it isn't real. It doesn't exist. It's not statutory. It's essentially a PR campaign. Right now. It has zero statutory authority." He notes, "That being said, it's going to have a tremendous amount of visibility. We tried to restructure the government back in 2018 and failed, in large part because we weren't able to sort of build public interest in fixing a bureaucracy that has pretty much grown stale over the last 100 years since the modern bureaucracy was created during the New Deal. If Elon Musk and Vivek Ramaswamy can shed new light on it and get people interested in fixing the bureaucracy, that will be great. It won't have the authority ... So, it's going to be an all of government effort." Musk has seemingly become a part of Trump's inner circle on the campaign trail, but there have been some concerns about the relationship. Mulvaney says he doesn't know how long Musk will last in Trump's administration, adding, "I don't care how long somebody is there. I care what they do while they are there. If he can succeed in this, that would be a huge benefit." He adds the "over-under on how long Elon stays is two years" given Republicans have secured control of Congress during the first two years of Trump's second term. To watch more expert insights and analysis on the latest market action, check out more Catalysts here. This post was written by Naomi Buchanan.

Musk Calls for Abolishing Consumer Agency GOP Has Long Targeted

(Bloomberg) -- Billionaire Elon Musk called for eliminating the Consumer Financial Protection Bureau, highlighting the renewed threat under President-elect Donald Trump to a regulatory agency that has long been a target of Republicans and business advocacy groups.Most Read from BloombergNew York City’s ‘Living Breakwaters’ Brace for Stormier SeasIn Italy’s Motor City, Car-Free Options Are GrowingIn Traffic-Weary Toronto, a Battle Breaks Out Over Bike LanesIn Kansas City, a First-Ever Stadium Des

Mortgage rates edge lower after Trump picks Bessent to lead Treasury

Mortgage rates were little changed this week as financial markets reacted to President-elect Donald Trump’s slate of Cabinet picks.

The US labor market has become 'low-hire, low-fire'

Fewer Americans are filing for unemployment benefits. But that doesn't mean companies are hiring.

Key Fed inflation gauge shows PCE 'going sideways'

October's Personal Consumption Expenditures report is the latest data the Fed will consider in its next interest rate decision.

Stock market today: S&P 500, Nasdaq slide after key Fed inflation gauge shows faltering progress

Investors are looking to a reading on the Fed's preferred inflation gauge to provide clues to rate cuts.

Dell stock sinks after company warns AI spending 'will not be linear'

Dell Technologies stock sank Wednesday as the company took a cautionary approach to its fourth quarter guidance, warning that AI growth "will not be linear."

02:56

The Fed has 'got to get it right' to preserve state of US economy

Amid concerns that some of President-elect Donald Trump's proposed policies, like tariffs and immigration reform, could be inflationary, the market waits for the Federal Reserve's next move in its ongoing rate easing cycle as the central bank grapples with uncertainty around the economic impact of the new administration's policies. Moody’s Analytics chief economist Mark Zandi joins Seana Smith and Brad Smith on Morning Brief to discuss his expectations for the Fed. Zandi says 2025 is "going to be about economic policy coming out of the new administration, everything from the tariffs to immigration policy, deportations and of course tax and spending policy ... Big fiscal policy changes dead ahead and so, I think, that's front and center and the Fed's going to just have to react to that." The economist notes, "The Fed's going to be kind of a bit player, but it's got to it's got to get it right, otherwise this really good economy that we're experiencing now will be significantly diminished." "I expect the Fed to continue to normalize rates. They're going to probably cut rates in December [and] at least once in the first quarter of next year. But, having said that, if we do see big changes on the tariff front and immigration front and tax spending policies are very uncertain, I think the reaction of the Fed may be to pause rate cuts because they don't know how is this all going to play out." To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. This post was written by Naomi Buchanan.