With no end in sight to the United Auto Workers’ strikes against the Detroit automakers. Therefore, things are about to get a lot more political. President Joe Biden is planning to head to Michigan on Tuesday to join workers on a picket line. UAW President Shawn Fain is expected to join Biden, who has said automakers should pay up after making big profits. The UAW has yet to endorse Biden, however. Former President Donald Trump, likewise, has sought to exploit divisions within the union’s ranks. Trump, who is on track to challenge Biden next year, is headed to Michigan on Wednesday for his own rally. The White House, meanwhile, said Trump’s plans didn’t force the stocks. “This decision to visit the picket line was based on his own desire. This is what the president wanted — to stand with autoworkers,” press secretary Karine Jean-Pierre said.
New Leadership at Blue Origin as Departing Amazon Executive Steps In
Jeff Bezos’ Blue Origin will have a new CEO by the end of the year. On Monday, the Amazon founder’s space company told employees that Bob Smith would be stepping down come December. By that time, the departing Amazon executive, Dave Limp, will replace him. Bezos, when he was CEO of Amazon, worked closely with Limp on several key projects, including Alexa and the company’s Project Kuiper internet satellite initiative. The shakeup comes as Blue Origin tries to play catchup with Elon Musk’s SpaceX, which has become the dominant player in the launch market.
Best Day Trading Stocks: Apple’s Eddie Cue Takes Stand in Google Antitrust Trial
One of Apple’s most influential executives is heading toward the stand Tuesday. Meanwhile, the Justice Department is trying to nail Alphabet’s Google for using licensing deals to monopolize online search. Eddie Cue, Apple’s senior VP of services, is expected to testify that his company uses Google search as the default option on its iPhones because it is the best option. Cue negotiated the deal for Apple. Google pays Apple billions of dollars for that right. This year alone, analysts say it could amount to $19 billion. It’s one of the most prominent agreements in the tech industry, and much of its details are otherwise shrouded in mystery, even as the government puts it on trial.
Government Shutdown Looms as Washington Negotiations Intensify
As October 1st approaches, the threat of a government shutdown grows. House Republicans are locked in discussions, striving for an agreement on a spending bill. This impending fiscal cliff adds further uncertainty to an already complex economic landscape.
Market Performance: September’s Rollercoaster Ride Continues
While Monday saw a temporary reprieve with green market finishes, September remains bearish. The Dow Jones, S&P 500, and Nasdaq all face losses. JPMorgan Chase CEO Jamie Dimon’s warning on interest rates adds to the subdued sentiment, influencing banking the stocks negatively.
