đ Monday market madness
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Hereâs what you need to know
The stock market âfear indexâ reached its highest point since the 2020 market crash. Yesterdayâs global rout was driven by investor concerns over a slowing U.S. economy. Meanwhile, traders also grappled with technical issues with several major online trading platforms.
Nvidiaâs stock nosedived after reports of a design flaw in its highly anticipated Blackwell AI chips. The snag could force the tech giant to push back deliveries by three months or longer.
Tropical Storm Debby disrupted travel in Florida and forced hundreds of flights to be canceled. About a fifth of scheduled departures out of Orlando, Tampa, and Miami International Airports were scrapped.
CrowdStrike clapped back on Deltaâs cyber meltdown claims. The cybersecurity firm said in a letter that it offered Delta on-site help and argued that if the duo ended up in court, Delta would need to take some responsibility, too.
Eli Lillyâs Zepbound is available again, but the shortage isnât resolved. The U.S. Food and Drug Administration said thereâs still work remaining for other drugs, like Mounjaro, to be removed from the short supply lists, including addressing backorders.
Nearly half of Fortune 500 companies are in just five states
Fortune 500 companies are huge players in the U.S. economy (itâs partially why when they tank on the stock market, everyone starts getting jittery).
They make roughly $18.8 trillion in revenue, collectively represent $43 trillion in market value, and employ an estimated 31 million people worldwide.
But even so, that wealth and job creation isnât spread evenly across the U.S. Quartzâs Rocio Fabbro has more on which five states account for 220 of these companies.
What Googleâs massive antitrust loss means for Big Tech
Google was handed down a ruling yesterday that said it had been running a monopoly on search and advertising markets, using exclusive deals to jack up ad prices without any pushback for over a decade.
With almost 90% of search traffic in 2020, Googleâs dominance has led to big revenue and profits, and with it, broken U.S. antitrust laws, at least in the eyes of the U.S. Department of Justice. Quartzâs Laura Bratton has more on why the ruling is a pivotal moment for the tech industry.
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Surprising discoveries
Mountain bikes worthy of an Olympic win are really pricey. The high-end bikes range anywhere from $12,500 to $17,000.
U.S. sprinter Noah Lyles won the menâs 100 meters by 0.005 seconds. Thatâs one of the smallest margins in the eventâs history.
Chocolate muffins are getting an Olympic boost. Norwegian swimmer Henrik Christiansen set off a craze for the sweet treats after he shared his muffin obsession on TikTok.
A big olâ iceberg is spinning in circles just north of Antarctica. Scientists say itâs stuck on a giant rotating water current instead of moving with the usual ocean tides.
Warren Buffettâs Berkshire Hathaway owns more U.S. Treasury bills than the Federal Reserve. Berkshire Hathaway has invested $234.6 billion in government securities.
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Our best wishes on a safe start to the day. Send any news, comments, mountain bikes, and big olâ icebergs to [email protected]. Todayâs Daily Brief was brought to you by Francisco Velasquez and Morgan Haefner.