TLDR

MARKET RECAP → Stocks dropped on Tuesday as robust economic data cast doubt on potential Federal Reserve rate cuts this year, driving Treasury yields higher. Weakness in major tech stocks further pulled the market down.

GETTY IMAGES AND SHUTTERSTOCK MERGE → 💼 Getty Images and Shutterstock announced a $3.7 billion merger, consolidating their leadership in visual content as they tackle rising AI competition and investor enthusiasm.

META ELIMINATES THIRD-PARTY FACT-CHECKING → 🛑 Meta (META) announced it will replace third-party fact-checking with Community Notes, ease restrictions on sensitive topics, and relocate its trust and safety teams to revamp moderation practices.

ONLINE HOLIDAY SPENDING RISES → 🛒 Online holiday spending hit a record $282 billion in 2024, aided by discounts and AI-driven personalization, according to Adobe (ADBE) analytics data.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Getty Images And Shutterstock Merge

Strategic Merger Announced: 💼 Getty Images and Shutterstock announced a $3.7 billion merger to create a dominant visual content platform to compete with rising AI-generated content.

Ownership and Leadership: Getty shareholders will own 54.7% of the combined company, while Shutterstock investors will hold 45.3%. Craig Peters, Getty’s CEO, will lead the merged entity, which will trade under the ticker “GETY.”

Market Reaction And Synergies: 📈 The merger is expected to deliver $150-$200 million in annual cost savings within three years. Following the news, Getty's shares surged 42%, while Shutterstock's stock rose 26.5%.

TODAY’S TOP NEWS

Meta Eliminates Third-Party Fact-Checking

Fact-Checking Replaced: 🛑 Meta (META) is replacing third-party fact-checking in the U.S. with Community Notes, modeled after X (formerly Twitter). This system allows users to flag and contextualize potentially misleading content.

Policy Changes Implemented: 🔄 Meta plans to ease restrictions on sensitive topics like immigration and gender, focusing moderation on severe violations such as terrorism and child exploitation.

Relocation of Teams: 📍 Trust and safety teams will be relocated from California to Texas and other states as part of Meta's broader overhaul of content moderation strategies.

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TODAY’S TOP NEWS

Online Holiday Spending Rises

Record-Breaking Sales: 🛒 U.S. online holiday spending reached $282 billion between November 1 and December 31, 2024, reflecting a 4% year-over-year increase driven by heavy discounts and mobile shopping, according to data from Adobe (ADBE) analytics.

AI Chatbot Impact: 🤖 Retailers leveraged AI-powered chatbots for personalized customer interactions, boosting user engagement and driving sales up by 42% compared to the previous year.

Challenges with Returns: 🔄 Return rates climbed to 28% from 20% in 2023, creating challenges for retailers as they faced increased costs and logistical hurdles.

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