AP Business SummaryBrief at 10:17 p.m. EDT

Government sues Ticketmaster owner and asks court to break up company's monopoly on live events

WASHINGTON (AP) — The Justice Department has sued Ticketmaster and its parent company, accusing them of running an illegal monopoly over live events in America. The complaint filed Thursday in Manhattan asks a court to break up the system that squelches competition and drives up prices for fans. The sweeping antitrust lawsuit was brought with 30 state and district attorneys general. It seeks to dismantle the monopoly that they say is squeezing out smaller promoters, hurting artists and drowning ticket buyers in fees. Ticketmaster and its owner, Live Nation Entertainment, said the allegations were baseless and promised to fight the case.

Nvidia's stock market value is nearly $2.6 trillion. How it rose to AI prominence, by the numbers

Nvidia’s stock price has more than doubled this year, increasing the company’s market value by more than $1.3 trillion. The company's market value rose $221 billion on Thursday alone after it reported better-than-expected quarterly results. The chipmaker has seen soaring demand for its semiconductors, which are used to power artificial intelligence, or AI applications. Revenue more than tripled in the latest quarter from the same period a year earlier. It’s the latest sign that the excitement surrounding artificial intelligence likely won’t subside anytime soon.

NBA great Dwyane Wade launches Translatable, an online community supporting transgender youth

MIAMI BEACH, Fla. (AP) — NBA great Dwyane Wade has launched Translatable, a nonprofit online community dedicated to supporting transgender youth. The Hall of Famer made the announcement Thursday at the Make Good Famous Summit after receiving the Elevate Prize Catalyst Award. His return to South Florida, where he spent much of his storied NBA career, was purposeful. He and his family felt they had to move California after his daughter, Zaya, came out as transgender in 2020. Wade says Zaya was inspirational in creating Translatable and share the award with her. He pledged that he would donate the $250,000 prize that comes with The Elevate Prize Catalyst Award for Translatable.

Remember last year's Memorial Day travel jams? Chances are they will be much worse this year

Highways and airports are likely to be jammed in the coming days as Americans head out on and home from Memorial Day weekend getaways. AAA predicts this will be the busiest start-of-summer weekend in nearly 20 years with 43.8 million people expected to travel at least 50 miles from home between Thursday and Monday. The Transportation Security Administration says up to 3 million people may pass through airport checkpoints on Friday alone. That's just a start. U.S. airlines expect to carry a record number of passengers this summer. The national expression of wanderlust is happening at a time when Americans tell pollsters they are worried about the economy and the direction of the country.

Stock market today: Asian shares track Wall Street's slide on worries over interest rates

Asian shares are mostly lower after a retreat on Wall Street following strong economic reports that raised the possibility of interest rates staying painfully high. U.S. futures edged higher and oil prices also rose. On Thursday, the S&P 500 fell 0.7% and pulled further from its record set earlier this week. The Dow Jones Industrial Average tumbled more than 600 points, and the Nasdaq composite slipped 0.4%. Stocks fell as higher Treasury yields cranked up the pressure. Reports showed accelerating growth for U.S. business activity and a resilient job market. Worries about high rates hit dividend-paying stocks in particular.

US applications for jobless benefits fall as labor market continues to thrive

The number of Americans applying for unemployment benefits fell last week as layoffs remained historically low levels. Jobless claims for the week ending May 18 fell by 8,000 to 215,000, down from 223,000 the week before, the Labor Department reported Thursday. Weekly unemployment claims are considered a proxy for the number of U.S. layoffs in a given week. In total, 1.79 million Americans were collecting jobless benefits during the week that ended May 11. That’s from up 8,000 from the previous week and 84,000 more than the same time one year ago.

Long-term mortgage rates ease for third straight week, dipping to just below 7%

LOS ANGELES (AP) — The average rate on a 30-year mortgage dipped this week to just below 7% for the first time since mid April, a modest boost for home shoppers navigating a housing market dampened by rising prices and relatively few available properties. The rate fell to 6.94% from 7.02% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.57%. This is the third straight weekly decline in the average rate. The recent pullbacks follow a five-week string of increases that pushed the average rate to its highest level since November 30. Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing options.

The Justice Department is suing Ticketmaster and Live Nation. What does that mean for concertgoers?

Will the Justice Department’s lawsuit against Ticketmaster and Live Nation give concertgoers, sports fan and theater patrons some relief from surging ticket prices? The lawsuit could potentially lead to a breakup of Live Nation Entertainment. The DOJ accuses the company that resulted from Ticketmaster's 2010 merger with concert promoter Live Nation the company of engaging in anti-competitive practices and acting in a monopolistic manner. Ticketmaster controls 70% of U.S. ticket sales. Attorney General Merrick Garland said the aim is to allow more competition, which might lead to cheaper tickets. But legal experts say lovers of live events shouldn't expect changes any time soon.

White House pushes tech industry to shut down market for sexually abusive AI deepfakes

President Joe Biden’s administration is pushing the tech industry and financial institutions to shut down a growing market of abusive sexual images made with artificial intelligence technology. New generative AI tools have made it easy to transform someone’s likeness into a sexually explicit AI deepfake and share those realistic images across chatrooms or social media. The victims — be they celebrities or children — have little recourse to stop it. The White House is putting out a call Thursday looking for voluntary cooperation from companies in the absence of federal legislation.

Families of Marines killed in 2022 Osprey crash sue aircraft manufacturers Boeing, Bell, Rolls Royce

WASHINGTON (AP) — Families of four of the five Marines killed when their Osprey crashed in California in June of 2022 have filed a federal lawsuit alleging that the aircraft's manufacturers failed to address known mechanical failures that led to the deaths. The crew was killed when their Osprey experienced a mechanical failure known as hard-clutch engagement, a known problem with the tilt-rotor aircraft that has happened more than a dozen times since 2010. In the lawsuit filed Thursday, the families named Bell Textron, The Boeing Co. and Rolls Royce. Bell assembles the Osprey in a partnership with Boeing in its facilities in Amarillo, Texas; Rolls Royce produces the Osprey’s engines.

The Associated Press