TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why the U.S. is suing to break up the alleged Live Nation/Ticketmaster monopoly.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04NVIDIA was the star on Wall Street Thursday after blockbuster quarterly results for the
00:09AI chipmaker, but stocks struggled with all major indexes finishing in the red.
00:15Investors fear interest rates could stay higher for longer after a drop in jobless claims
00:19and an uptick in factory activity.
00:22In other news, Live Nation is being sued by the DOJ and is accused of operating an illegal
00:28monopoly.
00:29In a press conference, U.S. Attorney General Merrick Garland said, quote, it is time to
00:34break up Live Nation.
00:36The Justice Department, along with 30 states and the District of Columbia, filed the antitrust
00:40lawsuit against Live Nation, parent of Ticketmaster.
00:44The suit alleges the company uses exclusive market power to push through higher ticket
00:49prices and fees.
00:50Quote, Live Nation relies on unlawful, anti-competitive conduct to exercise its monopolistic control
00:57over the live events industry in the United States, Garland told the press.
01:02Live Nation pushed back in a statement, calling this a publicity stunt that, quote, won't
01:07solve the issues fans care about relating to ticket prices, service fees and access
01:12to in-demand shows.
01:14Ticketmaster and Live Nation have been in the eye of the storm since a glitch last year
01:19prevented millions of fans from buying tickets for Taylor Swift's Eros tour.
01:23The company blamed that on bots.
01:26Live Nation, through Ticketmaster, is believed to be responsible for up to 80 percent of
01:31all tickets sold for major concert venues in the U.S.
01:35And that'll do it for your daily briefing from the New York Stock Exchange.
01:38I'm Conway Gittins with the Street.