Good morning. The markets were ready to hear Jerome Powell speak on Wednesday. But were they ready for Eddy?
Not far from where the Fed Chairman delivered comments about the economy and interest rates, Apple SVP of Services Eddy Cue spoke in a Washington, D.C. courtroom. And while Powell’s speech contained no big surprises, Cue’s testimony in the DOJ’s antitrust lawsuit against Alphabet (more on that below) quickly made big waves— Alphabet’s stock was down as much as 9.4% at one point, its biggest intraday plunge since 2023 according to Bloomberg.
In a word, ouch. —Alexei Oreskovic
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