Here are the most important news items that investors need to start their trading day:
Traders work on the floor of the New York Stock Exchange during morning trading on August 31, 2023 in New York City.
Michael M. Santiago | Getty Images
Stock futures were slightly lower Friday morning as Wall Street heads for a losing week. Going into the day’s session, the Dow Jones Industrial Average and S&P 500 were down nearly 1% and 1.4%, respectively, for the week. The Nasdaq Composite has lost 2% in that time. Investors are concerned about the potential of more rate hikes from the Federal Reserve. Although the vast majority of Fed watchers expect rates to stay the same at the coming September meeting, they’re now placing roughly 1-to-2 odds that policymakers opt for a hike in November. Follow live market updates.
Photo taken on Aug. 14, 2023 shows iPhones at an Apple store in Hangzhou, East China’s Zhejiang province. On the same day, data released by TechInsights showed that Apple’s iPhone sales in China surpassed the United States for the first time in the second quarter of 2023, becoming the largest single market for iPhone shipments.
Costfoto | Nurphoto | Getty Images
Apple shares fell for a second day after several reports suggested that Chinese government workers could be banned from using iPhones. The stock closed more than 3% lower Thursday after a 4% drop on Wednesday. The Chinese government has not verified the Wall Street Journal and Bloomberg reports, but investors are concerned that Apple’s products could be part of the growing tensions between China and the United States. Greater China, including Hong Kong and Taiwan, is Apple’s third-largest market. It accounts for 18% of total revenue and is where the vast majority of Apple products are assembled.
United Auto Workers president Shawn Fain speaks with and does “members’ handshakes” with General Motors workers at GM Factory Zero on July 12, 2023 in Detroit, Michigan.
Bill Pugliano | Getty Images
General Motors on Thursday proposed a new contract for employees represented by the United Auto Workers that would offer 10% wage increases for the majority of workers. Newer employees would be eligible for up to a 56% wage increase over the four years of the deal. The contract would be the largest four-year wage increase in decades. However, UAW President Shawn Fain said the offer was “insulting.” The proposal comes a week after the UAW filed unfair labor practice charges against GM and Stellantis, alleging the companies did not bargain in good faith or a timely manner. Detroit automakers hope to avoid a potentially costly strike before the union workers’ contracts expire on Sept. 14.
The FTX logo on a laptop screen.
Andrey Rudakov | Bloomberg via Getty Images
Former FTX executive Ryan Salame pleaded guilty Thursday in New York federal court to campaign finance and money-transmitting crimes. He also agreed to forfeit more than $1.5 billion — which will be paid to the U.S. government — and pay $5 million to debtors of FTX. Salame admitted that he made political contributions totaling tens of millions of dollars in his own name using money that came from Alameda Research, FTX’s hedge fund arm.