Movers & Shakers: July 31, 2019
Tim Cook readies Apple's credit card: The hyped financial product between the tech giant and Goldman Sachs is days away, launching in August. Cook announced the timing of the release after Apple reported better than expected earnings and gave an optimistic outlook, shrugging off the trade war with China. Apple shares popped nearly 4-percent in pre-market trading on Wednesday. Already this year the stock has outperformed the broader market rising 32-percent.
Federal Reserve doing something it hasn't done in a decade: Chair Jerome Powell, under steady pressure from President Trump, is expected to cut interest rates for the first time since December 2018. Trump has been critical of the Fed for hiking interest rates prematurely and stunting U.S. economic growth. The decision, due at 2PM ET, will be followed by a press conference and Q&A with Powell.
No dice. US-China talks end...for now: U.S. Treasury Secretary Steven Mnuchin and USTR Robert Lighthizer are on the way home from China with no deal, according to reports. The latest meetings ended about 40 minutes early and will likely resume in September according to China's state media.
Google's summer camp for billionaires: Who said tech geeks don't know how to have fun? Google's summer camp for billionaires and Hollywood heavy-hitters is underway on the coast of Sicily. Barry Diller mingled with the likes of Katy Perry and One Direction's Harry Styles. The event, which was started back in 2012 by Google co-founders Larry Page and Sergey Brin, was put together to be their version of the World Economic Forum. The event is expected to focus on climate change even though a majority of attendees flew to the event via private jet. Italian media is reporting about 114 jets are expected at the local airport. This year Coldplay’s Chris Martin kicked off the camp with a concert during an exquisite sit-down dinner for a reported 300 people at the Temple of Hera.