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.
Bambu Ventures's Kyle Pretsch dives into Lemonaid’s $10M buyout, down from 23andMe’s $400M price tag, and what’s next after Chrome Co.’s dramatic pivot.
Former Cisco Systems CEO John Chambers learned all about technology’s volatile highs and lows as a veteran of the internet’s early boom days during the late 1990s and the ensuing meltdown that followed the mania. And now he is seeing potential signs of the cycle repeating with another transformative technology in artificial intelligence. Chambers is trying take some of the lessons he learned while riding a wave that turned Cisco into the world's most valuable company in 2000 before a crash hammered its stock price and apply them as an investor in AI startups. He recently discussed AI's promise and perils during an interview with The Associated Press.
Grove Collaborative’s CEO shares how the company is reinventing everyday goods with sustainability at the core and working toward a plastic-free future.
Atlanta Mayor Andre Dickens shares plans for affordable housing, community-led growth, and why private and public grocery stores could be key to food equity.
Tesla reported a surprise increase in sales in the third quarter as the electric car maker likely benefited from a rush by consumers to take advantage of a $7,500 credit before it expired on Sept. 30. The company reported Thursday that sales in the three months through September rose 7% compared to the same period a year ago. The gain follows two quarters of steep declines as people turned off by CEO Elon Musk’s foray into right-wing politics avoided buying his company’s cars and even protested at some dealerships. Sales rose to 497,099 vehicles, compared with 462,890 in the same period last year.
Tom’s Guide Editor-in-Chief Mark Spoonauer breaks down Apple & Amazon's latest product drops—what's hot, what's hype, and what really matters for users.
