TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the market fared and why Apple is ending its credit card deal with Goldman Sachs.
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00:00 I'm JD Durkin reporting from the New York Stock Exchange.
00:03 Stocks were mixed to close out the day's session.
00:04 The Dow closed up 16 points.
00:07 The Nasdaq closed down fractionally, while the S&P 500 also closed fractionally lower.
00:12 This comes after third quarter GDP showed a remarkably strong economy, even as inflation
00:17 continues to come down.
00:19 Markets are on pace to close out the month in the green as traders look ahead to the
00:22 final trading day of November.
00:25 Investors are also looking ahead to a key inflation report Thursday, which is heavily
00:28 and closely watched by the Federal Reserve.
00:31 In other news, Apple has informed Goldman Sachs that it plans to end its credit card
00:35 program.
00:36 The iPhone maker said it will wind down the program in 12 to 15 months, despite Goldman
00:41 saying just a year ago that the deal would continue until at least 2029.
00:45 The end of the partnership also includes closing the savings account program, which rolled
00:50 out earlier in 2023.
00:52 Apple launched the Goldman-backed credit card in 2019, promising credit to almost any
00:58 Apple user.
00:59 But Goldman Sachs has lost $3 billion in its consumer banking division since 2020, and
01:05 the company will refocus efforts to its usually large corporation and wealthy clients.
01:10 Goldman already ended a previous credit card partnership with General Motors earlier this
01:14 month.
01:15 For Apple, it's a small blow to its services business, which it relied on to offset slowing
01:20 iPhone sales.
01:21 However, Apple sales are down less than 1% annually, while its services revenue is up
01:27 about 16%.
01:29 Apple said it plans to look for a new banking partner to continue the credit card deal.
01:33 That will do it for your daily briefing.
01:35 For the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
01:38 Thanks for watching.
01:39 Have a great day.
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