TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Google is facing an absurd fine.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange, here's what we're watching
00:03on the street today.
00:05There's a negative pull from tech stocks this Thursday.
00:08Microsoft exceeded targets, but the company's outlook left something to be desired.
00:13Meta beat sales and profit forecasts.
00:15Investors, however, are unhappy with the tens of billions of dollars the company is planning
00:20to spend on AI.
00:22In economic news, the inflation numbers continue to moderate in October.
00:26The PCE index, which is the Federal Reserve's preferred measure of inflation, rose 2.1 percent
00:32from a year ago.
00:34In other headlines, $20 decillion or $20 billion trillion, if that number is hard for you to
00:42even imagine, envisioned two with 34 zeros following.
00:46That's the enormous fine Russia is hitting Google with for blocking pro-Russian YouTube
00:51channels.
00:52To put that in context, that number is more than the value of the entire global economy.
00:59The two sides are locked in a fight after Google blocked Russian YouTube channels back
01:03in 2022 after the invasion of Ukraine.
01:07Russia seized control of bank accounts for Google's Russian subsidiary, forcing it to
01:11file for bankruptcy.
01:13Google services are still running in Russia, but at a severely limited capacity.
01:18As for the eye-popping fine, a Kremlin spokesperson said the number "...is filled with symbolism."
01:24Indeed, it is.
01:26Google's parent alphabet is only worth just over $2 trillion.
01:30Google has downplayed the Russian threat, the company recently told investors.
01:35As for earnings, "...we do not believe these ongoing legal matters will have a material
01:40adverse effect."
01:42While the Russian fine may be considered a bit of a joke, Google's legal troubles are
01:46far from a laughing matter.
01:48Google lost a bid in October to get a $2.7 billion EU fine thrown out, and it is still
01:53facing at least two more multi-billion EU fines.
01:57Meanwhile, it is facing an antitrust investigation by the Department of Justice, which threatens
02:03to break Google's dominance of the search market.
02:07That will do it for your daily briefing.
02:08From the New York Stock Exchange, I'm Conway Gittins with the Street.