Daily Newsletter | September 7, 2023

TLDR

MARKET RECAP → US stocks closed broadly lower Thursday as Apple’s (AAPL) rout deepened. The tech-heavy Nasdaq Composite (QQQ) suffered the biggest losses of the major indexes, falling ~1% for the day, marking its fourth consecutive day in the red.

CHINA MULLS IPHONE BAN → ? China’s iPhone ban expansion rattles Apple’s (AAPL) core ?, sending shares of the $2+ trillion-dollar hardware maker ~3% lower, shedding roughly $90 billion in market value (ouch!).

GM’s BIG OFFER → ? General Motor’s (GM) “generous” wage hike proposal falls flat with UAW, leaving investors watching the clock for potential strike action.

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

CHINA’S APPLE CRUNCH

? China mulled expanding its iPhone ban from sensitive departments to state-backed agencies and companies, signaling hurdles for Apple (AAPL) in its largest foreign market.

? Several agencies started advising employees against bringing iPhones to work. The broader restriction could impact state-owned enterprises and government-controlled organizations, hinting at Beijing’s push for self-reliance and reduced dependency on American tech.

? This move could dent Apple’s market position in China, which accounts for about 20% of its revenue. Apple’s stock felt the pressure, dropping significantly amidst these developments and rising US-China tech tensions.

Source: shutterstock

GM’S BIG OFFER

? General Motors (GM) proposed its most significant four-year wage hike in decades, aiming to prevent another expensive strike by its unionized workforce.

? Despite being the largest wage increase under a UAW contract since 1999, it fell short of the union’s demands. GM’s offer included a 10% wage boost for most of its 46,000 UAW-represented workers, with newer employees eligible for up to a 56% rise over four years.

? UAW President Shawn Fain labeled the offer “insulting,” emphasizing the gap between GM’s proposal and the union’s demands, which included a 40% hourly pay rise and other significant changes. The clock ticked towards a potential strike as negotiations continued.

Source: shutterstock

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Niners’ Nick Bosa ends holdout with record $170m contract extension (The Guardian)

Carl Icahn says new Illumina CEO has his ‘full support’ months after proxy fight (CNBC)

NASA pushes back against those tapping into U.S. lithium reserves (CNBC)

NASA reveals gash on moon left by crashed Russian spacecraft (Mashable)

Cristiano Ronaldo says his long-standing ‘rivalry’ with Lionel Messi is over (CNN)

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

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