Daily Newsletter | September 22, 2023

TLDR

MARKET RECAP → US stocks pulled back on Friday, with the S&P 500 (VOO) and Nasdaq (QQQ) posting their worst weeks since March as investors retreated following the Fed’s signal to keep interest rates higher for longer.

APPLE’S BIG BITE → ? Apple’s (AAPL) CEO Tim Cook dazzled NYC with the iPhone 15 launch, while the world watched for market revival signs.

STRIKE SURGE → ? UAW ramped up strikes at General Motors (GM) and Stellantis (STLA), while Ford (F) dodged the bullet by showing negotiation prowess.

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

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Today’s S&P 500 Heatmap

Source: finviz.com

Today’s Top News

APPLE’S BIG BITE

? Tim Cook inaugurated Apple’s (AAPL) Fifth Avenue store in New York, marking the official launch of the iPhone 15, Apple Watch Series 9, and Apple Watch Ultra 2.

? Eager customers queued up, with some having waited since the previous evening. Cook personally greeted them, capturing the moment with selfies.

? Industry experts and investors are keenly observing if the new iPhone lineup can rekindle the dwindling global smartphone market, which is predicted to reach a ten-year low this year.

Source: shutterstock

STRIKE SURGE

? UAW (United Auto Workers) expanded strikes to 38 parts and distribution locations across 20 states for General Motors (GM) and Stellantis. Ford (F) was spared as they showed commitment to negotiations.

? UAW President Shawn Fain acknowledged Ford’s seriousness in reaching an agreement, highlighting progress on wage tiers, cost-of-living adjustments, and profit-sharing.

? The strikes added approximately 5,600 auto workers to ongoing strikes, intensifying concerns for the Detroit automakers’ profitability, especially given the critical nature of full-size truck plants.

Source: shutterstock

Keep Reading

Two key Fed officials express support for keeping interest rates high (CNBC)

Biden to travel to Michigan to ‘join the picket line’ with UAW workers on strike (CNBC)

Credit card losses are rising at the fastest pace since the Great Financial Crisis (CNBC)

And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. ?

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Written by Sean Horgan Sean Horgan is the Head of Investor Relations at MoneyLion, where he leads communications with investors and stakeholders. Before joining MoneyLion, Sean was an Equity Research Analyst at Rosenblatt Securities and Emerald Asset Management. Sean holds multiple FINRA licenses, including Series 7, 63, 86, and 87, and CFA Level I. Sean also writes MoneyLion's Markets Daily newsletter, delivering the daily TL;DR on market news.