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Today in the Market (4/19/2024)

Good Morning! On Friday, Wall Street declined due to diminishing expectations of an upcoming interest rate reduction and increased geopolitical uncertainty, which led to a significant sell-off in the big tech sector.

The NASDAQ fell hard by 2.05%, while the S&P 500 decreased by 0.88%, while the Dow Jones was the outlier and increased by 0.56%.

AMAZON GOT CAUGHT

The allegation of espionage was documented in The Wall Street Journal, which stated that Amazon (AMZN) established a covert operation in 2015, originally referred to as “Project Curiosity” and subsequently renamed “Small Business Insights”. The goal was to collect intelligence on its competitors in the online retail and logistics sectors.

The purpose? According to the WSJ, Amazon established a subsidiary called Big River Services International to sell items on its marketplace as well as on the platforms of its competitors, such as Overstock, Etsy, Alibaba, Wish, Rakuten, Best Buy, eBay, and Walmart, both in the U.S. and internationally.

How did Amazon keep it a secret? According to the WSJ, team members were explicitly told not to disclose their affiliation with Amazon to other firms and to avoid using Amazon email addresses when talking with them, although they continued to use Amazon emails internally. In addition, they were instructed to maintain confidentiality in their work with colleagues at Amazon who were not participating in the initiative

BANNED FOR LIFE

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App developer Riley Testut’s long-ago creation, Delta, is an emulator—software that, in this instance, allows users to play old games on contemporary hardware by simulating its controllers and other input methods.

But why does this matter? The US Department of Justice filed an antitrust complaint accusing Apple (AAPL) of monopolizing the app industry earlier this month, which likely prompted the tech giant to secretly lift the App Store’s long-standing restriction on emulation applications. This change might be an attempt by Apple to regain downloads lost to third-party shops when the company caved to EU authorities and unblocked non-Apple app stores.

Why are people happy about this? You have the ability to stream content to a large display via AirPlay, engage in multiplayer gaming with friends, and connect a controller. However, the only downside is that the emulator does not include any pre-installed games; you are responsible for uploading the game files yourself.

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