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-- 349.510 Wall Street Today | Apple wins reprieve in deadline to revamp App Store rules
Asia stocks to open steady; Treasury yields climb
Asian stocks are poised to open steady Thursday after U.S. equities extended a rally as investors weigh the impact of the new virus variant on the economy. Treasuries declined.
Futures were little changed in Japan and rose in Hong Kong. Australia and U.S. contracts were stable in early Asia trading. The $S&P 500 Index (.SPX.US)$ and the technology-heavy $NASDAQ 100 Index (.NDX.US)$ advanced for a third day. The Nasdaq Golden Dragon China Index of companies with most of their businesses in China also gained for a third day.
Apple wins delay in monopoly case, allowing app store rules to stay for now
The stay means that the App Store will effectively remain under the status quo prohibiting external links before a change was ordered by Yvonne Gonzales Rogers, a federal judge in Oakland, earlier this year.
Wednesday's stay temporarily protects $Apple (AAPL.US)$'s control over its App Store and the fees it generates, which can range up to 30% of digital transactions.
Apple's car project loses three more key engineers to startups
Eric Rogers, billed as Apple's chief engineer for radar systems on the project, left for flying-taxi startup Joby Aviation Inc. in recent weeks. Alex Clarabut, an engineering manager for the team's battery systems group, joined , another company working to develop air taxis. Stephen Spiteri, an Apple hardware engineering manager, left to join Archer as well.
Apple's car project loses three more key engineers to startups
Eric Rogers, billed as Apple's chief engineer for radar systems on the project, left for flying-taxi startup Joby Aviation Inc. in recent weeks. Alex Clarabut, an engineering manager for the team's battery systems group, joined , another company working to develop air taxis. Stephen Spiteri, an Apple hardware engineering manager, left to join Archer as well.
GameStop shares fall as video game retailer reports widening losses in third quarter
$GameStop (GME.US)$'s shares fell 4% after the company reported that losses widened in the fiscal third quarter. The video game retailer's net loss grew to $105.4 million, or $1.39 per share, from a loss of $18.8 million, or 29 cents per share, a year earlier. Total revenue grew to $1.30 billion from $1.00 billion a year earlier.
Inventories grew in the latest quarter as GameStop looked to get ahead of supply chain challenges and be well-stocked for the holidays.
Powell's fourth major shift raises questions about the Fed's policy credibility
The Fed is expected to say next week it will double the pace of its bond purchase taper, while also likely hinting at more aggressive rate hikes in 2022. If it meets those expectations, it will mark at least the fourth significant policy change under Chairman Jerome Powell's leadership.
With policy so unpredictable and forecasts proving often unreliable, the Fed could be facing a substantial credibility challenge.
There are 11 million open jobs as the quitting spree continues: 'It's still a very tight labor market'
There were 11 million job openings while hiring remained steady and quitting cooled slightly in October, according to the Labor Department's latest Job Openings and Labor Turnover report.
Despite the small drop in quits, turnover remains historically high as 4.2 million people quit their job in October, down from a record-high 4.4 million people, or 3% of workers, who quit in September.
Despite the small drop in quits, turnover remains historically high as 4.2 million people quit their job in October, down from a record-high 4.4 million people, or 3% of workers, who quit in September.
BofA says S&P 500 real earnings yield is lowest since Harry Truman was president
The S&P 500 Index currently has a real earnings yield of -2.9%, meaning that without continued growth in company results, investors would lose 2.9% when adjusted for inflation, the strategists led by Savita Subramanian wrote in a note on Wednesday. "Last time the real earnings yield was this negative was 1947."
Bill Ford acquires 2 million shares of automaker with stock near 20-year high
$Ford Motor (F.US)$ Chair Bill Ford , the great-grandson of founder Henry Ford, acquired almost 2 million shares of his company for about $20.5 million through the exercise of stock options.
"The decision to exercise these options to purchase almost 2 million shares of common stock reflects Bill's confidence in the future of the company and our plan to create tremendous value for all of our stakeholders," Ford Motor said in an emailed statement.
Source: Bloomberg, WSJ, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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