Market Minute: Activision Blizzard Fined, Recession Outlook Brightens & Apple's New iPhone

Here is a rundown of Cheddar News' top trending market stories of the day. 

RECESSION OUTLOOK

After Friday's historic jobs report, which showed the U.S. economy adding half a million new positions despite a slew of recent high-profile tech layoffs, recession blues are waning. Economist Larry Summers, former Treasury secretary under president Bill Clinton, told CNN's Fareed Zakariaha on Sunday that it is now more likely the Federal Reserve will pull off a "soft landing" (i.e. avoid a recession), even as he stressed that the economy is  not "out of the woods" yet. 

APPLE'S NEW IPHONE

Apple tracker Mark Gurman said the tech giant is currently deciding whether it will release a new, more expensive iPhone called "Ultra" in the near future, which could arrive on shelves as part of the iPhone 16 lineup in 2024.  Gurman speculated that this new model would actually be more expensive than the iPhone Pro and Pro Max models, which start at $1,099. 

TWITTER COMPETITOR 

Kevin Systrom and Mike Krieger, co-founders of Instagram, last week revealed details about their latest project: a social media app designed to compete with Twitter. Called Artifact, the entrepreneurs described the app as a "personalized news feed using the latest AI tech." Right now, the app is only accessible via invitation only, but those interested in a Twitter alternative can sign up for a wait list to eventually test out if Artifact is a serious contender. 

ACTIVISION BLIZZARD SETTLEMENT

Activision Blizzard, the company behind Call of Duty and Overwatch, has settled charges over its handling of workplace harassment and discrimination claims with a $35 million fine. The Securities and Exchange Commission released a statement saying the company was aware that it lacked sufficient procedures to address the problem and needed to be more proactive to collect and assess the complaints.  

More In Business

The Nasdaq IPO Pulse Index Will Keep You Updated on the IPO Market

Karen Snow, Global Head of Listings at Nasdaq breaks down the new leading indicator for IPO market activity.

The Economy Grew Again — With Recession in the Rearview

The U.S. economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and frustrating price levels.

Why Investors Should 'Stay the Course' in Today's Market

Alan Becker, CEO and Investment Adviser Representative at Retirement Solutions Group and RSG Investments, shares his thoughts on the latest GDP data plus why he's not sold cryptocurrency as a long-term asset.

Biden Regulators Propose Ban on Transaction Declined Fees

The Biden administration wants to ban another type of bank “junk fee," targeting fees that are typically charged by banks when a transaction is declined in real time.

What to Expect From Tesla’s Earnings Report

Al Root, senior writer at Barron’s, breaks down everything expected from Tesla’s earnings report, from Elon Musk’s demands from the board to why the market has been looking for affordable EV options.

Netflix Unwraps Biggest Holiday Season Subscriber Growth Ever

Netflix boosted their viewer count by 13 million this quarter — even with higher subscription prices.

A Look at the Some of the Big Tech Companies Announcing Layoffs

Online retailer eBay Inc. will cut about 1,000 jobs, or an estimated 9% of its full-time workforce. The announcement follows similar moves by other tech companies that ramped up hiring during the pandemic while people spent more time and money online.

U.S. Economy Seems Headed for a Soft Landing

Tony Drake, CFP at Drake and Associates, LLC shares thoughts on whether the record gains in technology will broaden to other sectors, the risks of the Fed keeping interest rates higher for too long, and the health of the U.S. consumer.

$50M+ Improperly Spent on Defense Department Credit Cards During COVID Pandemic

In one instance, funds were spent to investigate a sinkhole, according to a recent Defense Department Inspector General report.

How To Tackle Overdue Taxes This Year

1. If you get a notice, read it.

Load More