Alphabet shares fell 6% after the DOJ proposed that Google divest its Chrome browser to address its search monopoly. This move aims to eliminate Google's control over a key access point for users, allowing rival search engines better access. The antitrust case, ongoing for years, found Google in violation of the Sherman Act, with potential remedies lasting a decade.
Reddit celebrated its IPO on the NYSE, marking a profitable third quarter with a net income of $29.9 million, a significant turnaround from a loss last year. Alphabet also exceeded expectations, driven by a 35% revenue increase in its cloud division. Meanwhile, European banks reported strong profits, and markets showed mixed results amid concerns over Chinese EV stocks following new EU tariffs.
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