MARKET MOVERS

  • Apple unveils iPhone 14, Apple Watch Ultra, and new AirPods Pro. The iPhone 14 will start at $799 and the Plus will cost $899. U.S. iPhone 14 models will no longer use physical SIM cards and will use digital eSIM. The new AirPods Pro will cost $249. They have a better sound quality and clarity due to the H2 chip. The high-end Apple Watch Ultra, starting at $799 is aimed at outdoor athletes like divers. Preorders start on Sept 9. Read more here.

  • Tesla is cutting wait times for Chinese EVs. Reuters reported that Tesla had cut its wait times for new-vehicle orders in China to a maximum of 14 weeks. Tesla didn’t immediately respond to a request for comment, but it’s relatively easy to check wait times on Tesla’s website. Chinese wait times now range from one to 14 weeks.  

  • The British pound falls to its lowest level against the dollar since 1985. Sterling fell to $1.14 in afternoon trade — a level not seen in 37 years — as investors responded to the U.K.’s darkening economic landscape with a new prime minister at the helm. The pound dropped to $1.1444 in the hours following her victory Monday, but it has since slipped lower as traders comprehend the fallout from her appointment.

  • Netflix was told by the Gulf States to drop videos violating Islam. Six Gulf Arab states have told streaming service company Netflix Inc. to stop broadcasting material that they said violates the region’s Islamic values, and threatened legal action if the firm didn’t act. The countries said some Netflix content “contradicts Islamic and societal values and principles". They didn’t specify which content had caused the issue. Read more here.

  • The trade deficit decreased to $70.6 billion in July. The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $70.6 billion in July, down $10.2 billion from $80.9 billion in June, revised. July exports were $259.3 billion, $0.5 billion more than June exports. July imports were $329.9 billion, $9.7 billion less than June imports.

  • The housing market is on a strong footing to weather a correction. Most homeowners have a significant amount of equity and will not be “underwater” if house prices decline, Black Knight notes. Overall, the market is on a strong footing to weather a correction; total market leverage as of Q2 – including both first and second liens – was just 42% of mortgaged homes’ values, the lowest on record. Read more here.
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WHAT TO WATCH

  • Michael Burry hints we are in the middle of a market bubble popping akin to ’08 and ’00. “The Big Short” investor tweeted a checklist for signs of a major market downturn, which included the crashes of cryptocurrencies, meme stocks, and SPACs. The investor said the stock market has not yet hit a bottom, signaling that the recent comeback could just be a bear-market bounce. Burry urged investors to look for signs of “failures” before a trough can be reached. Read more here.

  • Musk was allowed to amend Twitter countersuit with whistleblower claims. The Tesla CEO can bring a Twitter Inc. whistle-blower’s complaint about spam and bots on the social media platform into his defense against the company’s lawsuit. Musk’s legal team was permitted by Delaware Chancery Judge Kathaleen St. J. McCormick in a five-page ruling on Wednesday.

  • Putin threatens to abandon the grain deal and further squeeze energy supplies. The Russian President threatened to curtail the export of grain from Ukraine and said Moscow was ready to extend its rationing of natural-gas exports and cut off oil and refined products if the West went ahead with a price-cap plan for Russian crude. The comments represented some of the Russian leader’s threats over his country’s prodigious commodities exports. Read more here.

  • Samsung expects a sharp downturn in chip sales to extend into next year. Earlier this year, industry executives widely believed that the second half of 2022 would be stronger than the first. But by late spring, it became apparent that demand levels had “drastically changed” and would instead be softening significantly. It's the latest note of pessimism for a semiconductor industry reeling from a dramatic pullback in sales.
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