Podcast Summary
Google Delays Third-Party Cookie Phase Out, Tesla Defies Q1 Results, and FTC Bans Non-Compete Clauses: Google pushes back the removal of third-party cookies on Chrome, Tesla's investors stay optimistic despite Q1 losses, and the FTC moves to ban non-compete clauses for most workers
Google has delayed the phase out of third-party cookies on Chrome once again, this time expecting the process to begin early next year due to ongoing industry feedback and regulatory challenges. Meanwhile, Tesla saw a double-digit increase in pre-market trading despite reporting a drop in revenue, deliveries, margins, and EPS in Q1, as investors remain optimistic about the company's plans to launch a more affordable model. Elsewhere, the Federal Trade Commission (FTC) voted to ban non-compete clauses for most workers, making them unenforceable after the rule's effective date, which is expected to be 120 days after publication in the federal register. Google's delay in phasing out third-party cookies is a blow for advertisers who were counting on the change to improve consumer privacy and reduce reliance on tracking technologies. Tesla's commitment to launching a more affordable model and Elon Musk's expectations of selling humanoid robots by the end of next year have kept investors interested in the electric vehicle company. The FTC's ban on non-compete clauses is a significant step towards promoting worker mobility and competition in the labor market.
FTC's proposed non-compete ban could boost business growth: The FTC's proposed ban on non-competes could lead to an estimated 2.7% annual increase in business growth and over 85,000 new businesses each year.
The FTC's proposed ban on non-competes could lead to significant business growth, with an estimated 2.7% annual increase and over 85,000 new businesses created each year. However, existing non-competes for senior executives will still be enforced. In other news, JPMorgan CEO Jamie Dimon cautions about fiscal dominance despite a booming US economy. Grayscale filed to register shares of Ethereum Trust and plans for a lower-fee Renmak. The Nasdaq will release its latest report on short interest positions, and Volkswagen will showcase product strategies for China during its China Capital Markets Day. Boeing is set to hold its earnings conference, and Wall Street continues to recover from a rough week. Crude oil and Bitcoin remain relatively stable, and Enphase Energy is a notable mover after reporting lower-than-expected Q1 results and Q2 outlook. The economic calendar features releases on durable goods and EIA Petroleum Inventories. Overall, the markets are showing mixed signs as the week begins.
