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

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Today’s S&P 500 Heatmap

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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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