• What was the increase in consumer prices for February?
• How is AI being incorporated into Apple's ad technology?
• What is the stance of House Republicans on banning TikTok?
MARKET MOVEMENTS
Dow Jones
S&P 500
Nasdaq
39,043.32 (+0.10%)
5,165.31 (-0.19%)
16,177.77 (-0.54%)
Opening price as of 03/14/2024 compared to last close
IN THE HEADLINES
Consumer Prices Rose 0.4% in February and 3.2% from a Year Ago
The Consumer Price Index in February marked the largest monthly increase since September. Core inflation, which excludes volatile costs like food and gas, also climbed higher than expected. The Federal Reserve, which has been closely monitoring inflation, is now facing decisions on interest rates. Despite hopes for rate cuts earlier in the year, recent data suggesting sustained inflation may delay such actions. Economists are cautiously observing the situation, acknowledging the potential for continued pressure on prices but also anticipating a gradual easing of inflationary trends. The February CPI report has left expectations for rate cuts in June largely unchanged, but another similar report next month could shift these expectations further into the year, questioning the narrative of a soft economic landing. Read more
Apple Reportedly Testing AI-Powered Ad Technology
Apple is reportedly experimenting with a new AI-powered tool designed to optimize App Store ad campaigns, similar to Google's Performance Max and Meta's Advantage+. This tool automatically places ads within the App Store based on factors such as budget, audience, and acquisition targets. While currently in the testing phase, experts anticipate its official rollout in the near future. There's speculation that Apple may expand this tool to other platforms beyond the App Store. This strategic move aligns with Apple's efforts to bolster its ad business, which is projected to generate $7 billion in revenue this year, primarily from App Store search ads. Apple is also diversifying its revenue streams through initiatives such as sponsorships for Major League Soccer broadcasts and strategic hires in adtech and TV-ad sales. Read more
House Republicans Move Ahead with TikTok Vote Despite Trump's Opposition
House Republicans are pressing forward with a bill that would compel ByteDance to sell TikTok in the US or face a ban, despite resistance from former President Trump. The bill, slated for a Wednesday vote, is aimed at countering China's influence and has received strong backing from Speaker Mike Johnson. Trump, while acknowledging TikTok's security risks, opposes a ban, fearing it would favor Facebook. The legislation mandates ByteDance to divest TikTok within six months and establishes a process for handling other security-threat apps. Lawmakers expect the bill to pass in the House and subsequently gain Senate approval, though challenges in securing support may arise. Read more
TradeUP TIDBITS
‘Take the Emotion out of Investing’ during a Presidential Election Year, Advises Strategist. Here's What to Focus on Instead:
“It’s so important to stay invested, and you have to try to take the emotion out of investing” to keep from doing something “detrimental” to your goals”.
—Kristina Hooper, chief global market strategist at Invesco. Read the Full Article
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