Morning Business Report: Ticketmaster monopoly ruling, Fed tensions and AI pivot shake business landscape

A major legal decision is shaking up the live entertainment industry after a jury found Live Nation and Ticketmaster operated as a monopoly.

(LILAMAX)- The verdict came after a lengthy trial in New York federal court, which included testimony from top music and entertainment executives. While fans have long complained about high ticket prices and fees, immediate relief is unlikely. A second trial will determine next steps, which could include breaking up the company.

In Washington, tensions are rising between Donald Trump and Jerome Powell.

Trump has threatened to fire Powell if he does not step down at the end of his term, which is set to expire May 15. However, Trump’s preferred replacement, Kevin Warsh, has not yet been confirmed by the Senate, raising the possibility Powell could remain in the role longer.

The president has repeatedly criticized Powell for not lowering interest rates.

Meanwhile, markets are surging. The S&P 500 and NASDAQ Composite both closed at record highs Wednesday, fueled in part by optimism surrounding a potential U.S.-Iran peace agreement.

The Treasury Department is also preparing to implement new policies. Treasury Secretary Scott Bessent says banks will soon begin collecting citizenship data from customers as part of enforcing an executive order signed earlier this year. Currently, U.S. banks are only required to verify identity—not citizenship—to open accounts.

In the tech and retail space, Allbirds is making a dramatic shift.

The eco-friendly shoe company announced it is transitioning into an artificial intelligence business under the name “Newbird AI,” focusing on AI compute infrastructure and cloud services. The announcement sent the company’s stock soaring, closing up 582%.