The Future for Facebook May Not Be What We Thought – Financial News Summary for Wednesday, December 9, 2020

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The market closed down today with the Dow Jones ending down 0.35% at 30,068.81. The NASDAQ closed down 1.94% to finish at 12,338.95 and the S&P 500 closed down 0.79% to finish at 3,672.82. There are questions regarding the potential for a stimulus out of Washington as well as the antitrust lawsuit against Facebook, which likely let to a poor showing. STOXX Europe, on the other hand, managed to turn a profit by coming up 0.38% to close at 395.14.

 

If likely comes as no surprise that DoorDash is making it big and their first official trading day went quite well. In fact, the company went public just today and their stock jumped by nearly 86% over the course of the day. They closed at approximately $189.51 per share. With the pandemic continuing and restaurants closed for indoor dining across many parts of the country, companies like DoorDash are definitely taking off and this was the perfect time for them to launch.

“Right now, the time is really to invest,” DoorDash CEO Tony Xu stated.

 

The FTC is looking at Facebook a little bit closer to determine whether the company is actually guilty of violating anticompetitive rules. In fact, 48 different states and territories, along with the FTC have filed suit against the company. If they are successful it’s possible that they could be forced to sell off both Instagram and WhatsApp.

“This is revisionist history,” Facebook General Counsel Jennifer Newstead said in a statement. “Antitrust laws exist to protect consumers and promote innovation, not to punish successful businesses. Instagram and WhatsApp became the incredible products they are today because Facebook invested billions of dollars, and years of innovation and expertise, to develop new features and better experiences for the millions who enjoy those products. The most important fact in this case, which the Commission does not mention in its 53-page complaint, is that it cleared these acquisitions years ago. The government now wants a do-over, sending a chilling warning to American business that no sale is ever final. People and small businesses don’t choose to use Facebook’s free services and advertising because they have to, they use them because our apps and services deliver the most value. We are going to vigorously defend people’s ability to continue making that choice.”

 

West Texas Intermediate saw crude oil prices rise only slightly today, coming up 0.02% to close at $45.61 a barrel. Gold closed down by 1.63% today to finish at $1839.05 per ounce. The treasury yield was able to bounce back a little today with the 10 year yield coming in at 0.95 and the 30 year yield coming in at 1.69.

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