Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
A big bounce back on Wall Street to start the week. Investors are hopeful the Federal Reserve will come and save the day. The Fed is expected to start cutting interest rates in September in order to stave off a recession. Consumer sensitive stocks like banks and retailers rallied on those hopes. Economic optimism, however, won’t come soon enough to save Big Lots. The super discount retailer filed for bankruptcy.
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In other business headlines: Apple took the wraps off a new suite of AI-enhanced products. There were new versions of the Apple Watch and both types of Air Pods. The star of the show, however, was the new iPhone 16, which comes in an array of fresh new colors. CEO Tim Cook kicked off the product launch with an eye toward the future. “The next generation of iPhone has been designed for Apple Intelligence from the ground up. It marks the beginning of an exciting new era.”
The refresh of the iPhone is important as it is Apple’s biggest money maker, responsible for more than half of company sales. Apple is hoping AI will convince iPhone uses to finally upgrade. Sales have been sluggish as competition heats up at home and abroad. Many tech companies have already rolled out their AI functions.
Not to be outdone, new iPhone screen sizes are bigger to accommodate the information AI will produce. There’s also easier access to the camera for AI image searches. Other AI bells and whistles include on-screen email summaries, automated photo sorting, and the ability to create your own emojis. Siri, of course, has been tweaked for the AI evolution.
A limited version of Apple Intelligence functions will begin rolling out in October for English speakers in the U.S. Other English speaking countries will get their versions in December but foreign languages will have to wait until 2025.
The new phones are shipping out in September.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
