Apple shares rise as Musk drops OpenAI lawsuit | Wilnesh News

This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

More records broken
this S&P 500 Index and Nasdaq Index closed at record highwhich is obviously favored by investors. Nvidia arrive apple The stock price has pushed the iPhone maker to new peaks. at the same time, Dow Jones Industrial Average The index fell 120 points ahead of key inflation data and the end of Wednesday’s Fed meeting. 10 years Ministry of Finance Yields fell in anticipation of the Federal Reserve’s economic forecasts. US oil prices keep it steady As OPEC maintained its demand and economic growth forecasts.

apple soda
appleshare price rose to record high One day ago, the company announced its entry into the field of artificial intelligence. Siri will be upgraded through Apple Intelligence, and the company will work with OpenAI to provide users with access to ChatGPT. Morgan Stanley said Apple’s artificial intelligence capabilities make the company “the most differentiated consumer digital agent.” These features will prompt consumers to upgrade their iPhones, which should “speed up device replacement cycles.”

Musk drops lawsuit against OpenAI
Musk abandon litigation OpenAI is being sued by CEO Sam Altman and President Greg Brockman for breach of contract and fiduciary duties. The lawsuit, centered on a scheduled hearing in San Francisco, centers on Musk’s claim that OpenAI has strayed from its original nonprofit mission of Microsoftcontrol. Legal experts question the basis of the case because the underlying contract was not a formal written agreement.

General Motors cuts electric vehicle sales

General Motors Cutting electric vehicle sales and production forecast Due to weak demand across the industry. GM Chief Financial Officer Paul Jacobson said the company now expects to produce 200,000 to 250,000 electric vehicles this year, down from the previously announced range of 200,000 to 300,000 vehicles. The company’s shares rose 1.3% after the automaker announced its plans repurchase $6 billion worth of stock.

Cars drive down Hong Kong housing prices
Asian markets were mixed as investors awaited a Federal Reserve interest rate decision and U.S. inflation data. Hong Kong’s Hang Seng Auto stocks fell 1.45% ahead of EU decision Electric vehicle tariffs. Mainland China’s CSI 300 index fell 0.2% Inflation rises For the fourth month in a row. this Taiwan Weighted Index Hits all-time highs as tech heavyweight British Semiconductor and Hon Hai Precision Industry Foxconn (Foxconn) shares rose more than 3%. And Korean Cospi Japanese stocks rose 0.44% Nikkei 225 Index and Australian S&P/ASX 200 Index Transactions are lower.

(PRO) Lingering Doubts
appleThe company’s stock has outperformed other major technology companies this year, a lag that some analysts attribute to the company’s lack of a publicly articulated artificial intelligence strategy. While many analysts expect Apple’s new AI products to drive consumers to buy new iPhones, not all analysts think Apple’s new AI products will drive consumers to buy new iPhones Analysts are convinced.

As Goldman Sachs rises, Fed faces new inflation headaches predict Brent crude oil prices may soar to $86 per barrel in the third quarter. The investment bank pointed to a summer demand surge and severe supply shortages that could drive up gasoline costs and complicate policy decisions by the Federal Reserve at its upcoming meeting.

Former World Bank President David Malpass Criticize the Fed’s past mistakesHe also took aim at the Biden administration’s fiscal policy on CNBC’s “Squawk Box,” saying “the Fed made a big mistake by leaving interest rates at zero for so long. It’s going to take years to fix that. Real interest rates are high.” “Enough is enough, we need to recognize that inflation comes from what other parts of the government are doing on the regulatory side, and we need to recognize that the government depleted the strategic oil reserve at the wrong time.

Malpas refers to the government’s Release 1 million barrels of gasoline Reserves ahead of the July 4th holiday.

He also highlighted the excessive spending of the U.S. government, saying: “The U.S. government is absorbing money from all over the world for the spending it wants… This leads to reduced business investment, ultimately leading to slow economic growth and large deficits in the future.”

While consumer price inflation data is set to be released before the bell, former Atlanta Fed President Dennis Lockhart told “Squawk Box” it’s unlikely Significant impact The outcome of the Fed meeting. “In my experience, when people are kind of locked into their positions, it would take a pretty shocking CPI report to change the underlying momentum of the meeting… All in all, it’s going to be a boring meeting,” he said.

It may be boring, but it’s inevitable that Wall Street will scrutinize the Fed’s decision and the guidance it provides to determine when a rate cut could be considered. at the moment, CME’s FedWatch Tool It shows a 50/50 chance of a rate cut in September and a 66% chance of a November rate cut.

CNBC’s Jeff Cox explains that for more information, there may be big influence From the CPI and Fed meetings.

— CNBC’s Lim Hui Jie, Jeff Cox, Lisa Kailai Han, Alex Harring, Spencer Kimball, Hayden Field, Samantha Subin, Ashley Capoot and Michael Wayland contributed to this report.