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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, October 14, 2022.

Brendan McDermid | Reuters

Here are the most important news items that investors need to start their trading day:

1. Volatility and earnings

2. Let’s try this again, shall we?

Jeremy Hunt is interviewed for Sophie Raworth’s ‘Sunday Morning’ at BBC Broadcasting House in London.

Tejas Sandhu | Lightrocket | Getty Images

Britain has a new finance minister, Jeremy Hunt, and he unveiled a new economic plan Monday. Hunt replaces Kwasi Kwarteng, who was sacked after just weeks on the job because his tax-cut-heavy economic plan sent UK bonds and the pound spiraling. Hunt on Monday said the new plan will eliminate almost all of the tax cuts proposed under Kwarteng’s budget. Prime Minister Liz Truss’s government, which has only been in office just over a month, is already on thin ice over the market turmoil, but it’s likely she will stay in office for the time being. UK Conservative Party rules say a new leadership election can’t be held for a year.

3. Bank of America beats

Brian Moynihan, CEO of Bank of America, speaking at the WEF in Davos, Switzerland on May 23rd, 2022. 

Adam Galica | CNBC

Bank of America on Monday posted earnings and revenue that topped Wall Street’s expectations. The bank cited better-than-expected gains from fixed-income trading and interest income, which were fed by rising interest rates and market volatility. Bank of America’s results follow last week’s initial wave of big bank earnings. JPMorgan and Wells Fargo exceeded projections due to strong interest income. Citigroup also topped estimates, but Morgan Stanley fell short due to underwhelming investment management results. Goldman Sachs is set to report Tuesday.

4. Drones hammer Kyiv

A soldier is seen sitting on the ground after Russian attacks in Kyiv, Ukraine on October 17, 2022. It was reported that at least four explosions were heard in Ukraineâs capital Kyiv on Monday as authorities reported attacks by Russian kamikaze drones.

Metin Aktas | Anadolu Agency | Getty Images

5. Ye pulls a Trump

Kanye West arrives at the Vanity Fair Oscar Party on Feb. 9, 2020, in Beverly Hills, Calif.

Evan Agostini | Invision | AP

Ye, the artist formerly known as Kanye West, has agreed to buy right-wing-friendly social media app Parler just days after Instagram and Twitter limited his accounts over his recent antisemitic remarks. The billionaire rapper and producer’s move is reminiscent of former President Donald Trump’s creation of Truth Social. He helped found the Twitter-like app after Twitter, Facebook and other platforms barred him for inciting violence on Jan. 6, 2021, when hundreds of his followers invaded the U.S. Capitol. Parler, like Truth Social and other conservative-friendly social networks, touts its dedication to “free speech,” which Ye pointed to in a statement provided by Parler’s parent company: “In a world where conservative opinions are considered to be controversial we have to make sure we have the right to freely express ourselves.” Elon Musk, who has praised Ye and is set to acquire Twitter, albeit reluctantly, has vowed to make Twitter a “free speech” platform, as well. He has also said he would allow Trump back on the app.

– CNBC’s Yun Li, Jenni Reid, Holly Ellyatt, Hugh Son and Ryan Browne contributed to this report.

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Google agrees to pay Texas $1.4 billion data privacy settlement

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Google agrees to pay Texas .4 billion data privacy settlement

A Google corporate logo hangs above the entrance to the company’s office at St. John’s Terminal in New York City on March 11, 2025.

Gary Hershorn | Corbis News | Getty Images

Google agreed to pay nearly $1.4 billion to the state of Texas to settle allegations of violating the data privacy rights of state residents, Texas Attorney General Ken Paxton said Friday.

Paxton sued Google in 2022 for allegedly unlawfully tracking and collecting the private data of users.

The attorney general said the settlement, which covers allegations in two separate lawsuits against the search engine and app giant, dwarfed all past settlements by other states with Google for similar data privacy violations.

Google’s settlement comes nearly 10 months after Paxton obtained a $1.4 billion settlement for Texas from Meta, the parent company of Facebook and Instagram, to resolve claims of unauthorized use of biometric data by users of those popular social media platforms.

“In Texas, Big Tech is not above the law,” Paxton said in a statement on Friday.

“For years, Google secretly tracked people’s movements, private searches, and even their voiceprints and facial geometry through their products and services. I fought back and won,” said Paxton.

“This $1.375 billion settlement is a major win for Texans’ privacy and tells companies that they will pay for abusing our trust.”

Google spokesman Jose Castaneda said the company did not admit any wrongdoing or liability in the settlement, which involves allegations related to the Chrome browser’s incognito setting, disclosures related to location history on the Google Maps app, and biometric claims related to Google Photo.

Castaneda said Google does not have to make any changes to products in connection with the settlement and that all of the policy changes that the company made in connection with the allegations were previously announced or implemented.

“This settles a raft of old claims, many of which have already been resolved elsewhere, concerning product policies we have long since changed,” Castaneda said.

“We are pleased to put them behind us, and we will continue to build robust privacy controls into our services.”

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Virtual chronic care company Omada Health files for IPO

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Virtual chronic care company Omada Health files for IPO

Omada Health smart devices in use.

Courtesy: Omada Health

Virtual care company Omada Health filed for an IPO on Friday, the latest digital health company that’s signaled its intent to hit the public markets despite a turbulent economy.

Founded in 2012, Omada offers virtual care programs to support patients with chronic conditions like prediabetes, diabetes and hypertension. The company describes its approach as a “between-visit care model” that is complementary to the broader health-care ecosystem, according to its prospectus.

Revenue increased 57% in the first quarter to $55 million, up from $35.1 million during the same period last year, the filing said. The San Francisco-based company generated $169.8 million in revenue during 2024, up 38% from $122.8 million the previous year.

Omada’s net loss narrowed to $9.4 million during its first quarter from $19 million during the same period last year. It reported a net loss of $47.1 million in 2024, compared to a $67.5 million net loss during 2023.

The IPO market has been largely dormant across the tech sector for the past three years, and within digital health, it’s been almost completely dead. After President Donald Trump announced a sweeping tariff policy that plunged U.S. markets into turmoil last month, taking a company public is an even riskier endeavor. Online lender Klarna delayed its long-anticipated IPO, as did ticket marketplace StubHub.

But Omada Health isn’t the first digital health company to file for its public market debut this year. Virtual physical therapy startup Hinge Health filed its prospectus in March, and provided an update with its first-quarter earnings on Monday, a signal to investors that it’s looking to forge ahead.

Omada contracts with employers, and the company said it works with more than 2,000 customers and supports 679,000 members as of March 31. More than 156 million Americans suffer from at least one chronic condition, so there is a significant market opportunity, according to the company’s filing.

In 2022, Omada announced a $192 million funding round that pushed its valuation above $1 billion. U.S. Venture Partners, Andreessen Horowitz and Fidelity’s FMR LLC are the largest outside shareholders in the company, each owning between 9% and 10% of the stock.

“To our prospective shareholders, thank you for learning more about Omada. I invite you join our journey,” Omada co-founder and CEO Sean Duffy said in the filing. “In front of us is a unique chance to build a promising and successful business while truly changing lives.”

WATCH: The IPO market is likely to pick up near Labor Day, says FirstMark’s Rick Heitzmann

The IPO market is likely to pick up near Labor Day, says FirstMark's Rick Heitzmann

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Google would need to shift up to 2,000 employees for antitrust remedies, search head says

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Google would need to shift up to 2,000 employees for antitrust remedies, search head says

Liz Reid, vice president, search, Google speaks during an event in New Delhi on December 19, 2022.

Sajjad Hussain | AFP | Getty Images

Testimony in Google‘s antitrust search remedies trial that wrapped hearings Friday shows how the company is calculating possible changes proposed by the Department of Justice.

Google head of search Liz Reid testified in court Tuesday that the company would need to divert between 1,000 and 2,000 employees, roughly 20% of Google’s search organization, to carry out some of the proposed remedies, a source with knowledge of the proceedings confirmed.

The testimony comes during the final days of the remedies trial, which will determine what penalties should be taken against Google after a judge last year ruled the company has held an illegal monopoly in its core market of internet search.

The DOJ, which filed the original antitrust suit and proposed remedies, asked the judge to force Google to share its data used for generating search results, such as click data. It also asked for the company to remove the use of “compelled syndication,” which refers to the practice of making certain deals with companies to ensure its search engine remains the default choice in browsers and smartphones. 

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Google pays Apple billions of dollars per year to be the default search engine on iPhones. It’s lucrative for Apple and a valuable way for Google to get more search volume and users.

Apple’s SVP of Services Eddy Cue testified Wednesday that Apple chooses to feature Google because it’s “the best search engine.”

The DOJ also proposed the company divest its Chrome browser but that was not included in Reid’s initial calculation, the source confirmed.

Reid on Tuesday said Google’s proprietary “Knowledge Graph” database, which it uses to surface search results, contains more than 500 billion facts, according to the source, and that Google has invested more than $20 billion in engineering costs and content acquisition over more than a decade.

“People ask Google questions they wouldn’t ask anyone else,” she said, according to the source.

Reid echoed Google’s argument that sharing its data would create privacy risks, the source confirmed.

Closing arguments for the search remedies trial will take place May 29th and 30th, followed by the judge’s decision expected in August.

The company faces a separate remedies trial for its advertising tech business, which is scheduled to begin Sept. 22.

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