TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Tuesday, May 7.
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Full Video Transcript Below:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Investors were reluctant to make huge bets on Tuesday following a string of recent rallies. The Dow and the S&P settled with modest gains, while the Nasdaq finished the day with a small loss.
Disney was a big loser of the day. The company beat expectations thanks to financial progress at Disney+ (DIS) , but investors worry the streaming service faces a rough road ahead as it competes with Netflix.
Apple (AAPL) also made big headlines on Tuesday. The tech giant debuted a new lineup of iPads for the first time in two years. The star of the show was an artificial intelligence-ready iPad Pro. The largest model comes with a $1300 price tag.
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Apple, however, is late to the AI game compared to others like Microsoft and Google. Nevertheless, Apple CEO Tim Cook called this “the biggest day for iPad since its introduction.”The other most significant upgrades include more powerful chips, better screens, greater size options, and an upgraded Apple Pencil that costs $129. All this while iPads get thinner and lighter. The smaller iPad Air revealed Tuesday costs $600.
The refresh comes after Apple announced a quarterly drop in iPad sales of 17 percent compared to the same period a year ago. All the new models hit store shelves next week.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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