Aug 07, 2024

Today’s news covers a range of topics in the financial world. JPMorgan reports that the signs of a stock-market bottom are not yet present and provides guidance on what to watch for. Meanwhile, Axios Pro Rata discusses the impact of recent IPOs and mentions that ProRata.ai raised $25 million in Series A funding. Bloomberg’s Money Stuff newsletter delves into the alleged fraudulent activities of Nader Al-Naji, the founder of BitClout, and the legal implications of the SEC’s enforcement action against him.

In other news, there is a discussion about Google being considered a natural monopoly, with an 89.2% share of the market for general search services. The judge found that Google has a monopoly in internet search and abuses that power with distribution agreements, particularly with Apple Inc. The possibility of a second trial on possible remedies, including the separation of Alphabet’s search business from other products, is also mentioned.

The market experienced volatility with a selloff in technology shares, prompting hedge funds to step in and buy the dip. Citigroup’s trading division faces a toxic-culture claim, asset managers worry about lost gains as investor cash piles up on the sidelines, and Uber posted an earnings beat as rideshare demand remains strong. Saudi Aramco also announced plans to pay out $124 billion and Saudi PIF has invested $750 million in AR firm Magic Leap. The market continues to experience fluctuations and uncertainties as various factors come into play.

Stay Well!