It's Friday, September 20, and these are the stories moving the markets and shaking up the world.
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Trade talks continue. Deputy-level trade talks between the U.S. and China continue Friday with the U.S. Trade Representative announcing more than 400 Chinese products that will be exempt from tariffs. Stock futures are pointing higher ahead of the opening bell.
The Fed is planning to enter money markets for a 4th day. The New York Fed will inject up to $75 billion into the system Friday through a repo operation designed to provide liquidity and keep its fed funds rate within its target range between 1.75 percent and 2 percent. The central bank has injected $203 billion into the overnight funding market after short-term rates spiked as high as 10 percent earlier in the week.
Colt takes the AR-15 assault rifle out of production. “The fact of the matter is that over the last few years, the market for modern sporting rifles has experienced significant excess manufacturing capacity,” Colt CEO Dennis Veilleux said. “Given this level of manufacturing capacity, we believe there is adequate supply for modern sporting rifles for the foreseeable future.”
Apple’s new iPhones are coming. The iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max go on sale at Apple stores around the world Friday, with the least expensive model starting at $699. Apple CEO Tim Cook will be celebrating the occasion by attending the grand reopening of Apple’s flagship store on Fifth Avenue in New York City.
Yankees clinch the division. The New York Yankees clinched the American League East Thursday evening, wrapping up their first division title since 2012. The Yankees will be trying to win their 28th World Series title this postseason.