Daily Newsletter 9/3/25

Yesterday saw a continued sell-off in the bond market, driven by heightened uncertainty regarding the Federal Reserve’s independence and persistent concerns over the U.S. government's fiscal challenges. As a result, bond yields rose, with the yield on the 30-year Treasury surpassing 5%.

In the landmark antitrust ruling issued yesterday, a federal judge ruled in the major antitrust case against Google that the company is not required to sell its Chrome browser or Android operating system, which marks a significant win for Google.

In today’s premarket trading, Google’s parent company Alphabet experienced a substantial increase in its stock price following the ruling. Investors welcomed the easing of regulatory uncertainty, which had weighed on the stock for years.

Apple’s shares also rose, benefiting from the ruling that permitted Google to continue its lucrative payments for default search placement on Apple devices. This outcome reinforces the partnership between the two tech giants and supports Apple’s stable revenue stream.