TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Tuesday, June 11.
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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.
A late-day reversal sent the S&P 500 and the Nasdaq to record closing highs for the second day running. The Dow, however, faltered a bit.
Wall Street is bracing for the latest inflation reading from the Consumer Price Index and results from the Federal Reserve. Policymakers wrap up their two-day meeting on June 12 and are likely to provide clues on how many interest rate cuts could be in the pipeline for this year.
Separately, shares of Apple surged 6 percent, touching an all-time high. Investors took a second look at Apple’s AI strategy and decided while it may not be revolutionary, it will likely have wide consumer appeal.
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Sticking with AI, or Apple Intelligence, as Apple likes to call it, Elon Musk is weighing in – with a resounding ‘thanks, but no thanks.’ He went on X Monday to say that he will ban iPhones, iPads, and Macs in the office if Apple integrates ChatGPT into the Apple operating system. The ban would be in effect for all his companies – including SpaceX and X. Even visitors would have to leave their devices at the door.
Musk wrote that the Apple-ChatGPT combo would be “an unacceptable security violation.”
There’s bad blood between Musk and ChatGPT owner OpenAI. Musk was a co-founder back in 2015, but left and now runs a competitor called xAI.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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