Google is being accused of breaking antitrust laws
Caroline Woods brings you the biggest news of the morning, including a preview of the consumer price index report, and why google is in trouble with the U.S. government.
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00:00 I'm Caroline Woods filling in for JD Durkin reporting from the New York Stock Exchange.
00:05 Here's what we're watching on the street today.
00:08 Markets are coming off a winning day on Monday, but investors are feeling a bit skittish today
00:12 as oil prices weigh on broader sentiment.
00:15 U.S. crude prices rose to their highest level since November, raising fears about inflation.
00:22 This comes as investors await a big inflation report due out on Wednesday.
00:27 The Consumer Price Index will give investors a better sense on how much prices have risen
00:32 or declined over the past month.
00:35 Economists expect that inflation rose 0.6 percent in August and 3.6 percent on an annual
00:41 basis.
00:42 The Federal Reserve typically looks to this report when it determines whether or not it
00:46 will raise interest rates.
00:48 Meanwhile, in one of the biggest antitrust cases in decades, the U.S. government is taking
00:53 on Google.
00:54 The search giant is being accused of abusing its power as the largest search engine.
00:59 Regulators are looking to prove that Google rigged the market by making its search engine
01:03 the default when people access their phones or any web browser.
01:07 But this case isn't new.
01:09 The Department of Justice originally filed this suit against Google in 2020, which prompted
01:13 35 states to file a separate complaint.
01:17 Those cases have now been combined.
01:19 Google, which dominates 90 percent of the U.S. search market, claims that people are
01:23 never forced to use its search engine and they can always switch to another.
01:28 According to a Google executive, people don't use Google because they have to, they use
01:32 it because they want to.
01:34 The trial is likely to last 10 weeks and will see top Alphabet executives take the stand,
01:39 including Google CEO Sundar Pichai and a number of members on his antitrust team.
01:46 That'll do it for your daily briefing.
01:47 From the New York Stock Exchange, I'm Caroline Woods with The Street.
01:50 Thanks for watching.
01:51 Have a great day.
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