What's Happening

Politics

The Harris Veepstakes: Who Will It Be?

What's going on: Vice President Kamala Harris officially secured the Democratic presidential nomination and is expected to announce her running mate — checks clock — any minute now. Over the past two weeks, the Harris campaign has been looking for “the one” and dwindling a crowded campaign of eligible candidates. In recent days, the list narrowed down to three names: Pennsylvania Gov. Josh Shapiro, Minnesota Gov. Tim Walz, and Sen. Mark Kelly (D-AZ). The wait will soon be over, with Harris expected to reveal her No. 2 ahead of a seven-state tour that starts in Pennsylvania today.

What it means: This morning’s highly-anticipated announcement will mark a new beginning for Harris’ whirlwind campaign. Whoever she picks will have to appeal to moderate and undecided voters at a time when polls show the presidential race is very close. It could also mark a new chapter for a Democratic Party that, up until recently, had been in turmoil over President Biden’s candidacy. Meanwhile, there are some signs the inter-party divisions might be back, with The New York Times reporting donors and progressives turned the VP search into a proxy Democratic primary.

Related: RFK Jr. Admitted He Did What With a Bear Cub? (NPR)

Technology

Google Lost This Round of Monopoly

What's going on: A federal judge ruled yesterday that Google violated federal antitrust laws to hold a monopoly on online search and search advertising. The Justice Department and a number of states sued Google in 2020 over allegations that it pays billions of dollars to companies, like Apple and Samsung, to be the dominant search engine on smartphones. The suit accused Google of stifling competition from Microsoft in the process. Google repeatedly argued that it hasn’t broken any antitrust laws and that people use its search engine because it’s the best.

What it means: This is one of the largest antitrust decisions against Big Tech since the government’s showdown with Microsoft in the 1990s. It marks a major win for the gov, which has been struggling to hold tech companies accountable. Now, this ruling could shape verdicts in similar cases against Apple, Amazon, and Meta — potentially limiting their power. Up next: The judge will decide Google’s punishment, which could see the tech giant split up parts of its business. Google, which makes most of its money via ad revenue from its search engine, plans to appeal the ruling.

Related: Will the Google Case Change How You Search Online? (USA Today)

Economy

Should You Be Panicking About the Global Economy?

What's going on: Global financial markets have investors and economists on edge. Yesterday, all three major US indexes fell by more than 2.5%, with the Dow Jones Industrial Average dropping more than 1,000 points in one day. For context, a drop of 500 points is considered a major shift. Why the meltdown? There are tons of factors at play. For one, many are worried about a possible recession, especially after last week’s jobs report showed a rise in unemployment. Then, changes in the Japanese currency and interest rates had investors scrambling to sell off stocks. On top of that, there are concerns over what some say are overvalued tech stocks and investments in AI.

What it means: News of the global economy faltering can be scary, but some economists maintain that now is not the time to panic. There are always exceptions to this rule, but economists say if you don’t need the money any time soon, maybe ride out the uncertainty. It seems like things are already rebounding in parts of the world. Meanwhile, some experts anticipate that the Federal Reserve will do an emergency rate cut, which could help with the fallout.

Related: Still Worried? Here’s What You Can Do With Your Money, According to Experts (Wall Street Journal)