TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Apple releases new phones.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05A big bounce back on Wall Street to start the week.
00:07Investors are hopeful the Federal Reserve
00:09will come and save the day.
00:11The Fed is expected to start cutting
00:13interest rates in September in order to stave off a recession.
00:17Consumer-sensitive stocks like banks and retailers
00:20rallied on those hopes.
00:21Economic optimism, however, won't come soon enough
00:24to save big lots.
00:25The super discount retailer filed for bankruptcy.
00:29In other business headlines, Apple
00:31took the wraps off a new suite of AI-enhanced products.
00:35There were new versions of the Apple Watch and both types
00:37of AirPods.
00:38The star of the show, however, was the new iPhone 16,
00:42which comes in an array of fresh new colors.
00:45CEO Tim Cook kicked off the product launch
00:48with an eye toward the future.
00:49Quote, the next generation of iPhone
00:52has been designed for Apple Intelligence from the ground
00:55up and marks the beginning of an exciting new era.
00:58The refresh of the iPhone is important,
01:00as it is Apple's biggest moneymaker,
01:02responsible for more than half of company sales.
01:06Apple is hoping AI will convince iPhone users to finally
01:10upgrade.
01:11Sales have been sluggish as competition
01:13heats up at home and abroad.
01:15Many tech companies have already rolled out their AI functions.
01:19Not to be outdone, new iPhone screen sizes
01:22are bigger to accommodate the information AI will produce.
01:26There's also easier access to the camera
01:28for AI image searches.
01:30Other AI bells and whistles include
01:32on-screen email summaries, automated photo sorting,
01:36and the ability to create your own emojis.
01:38Siri, of course, has been tweaked for the AI evolution.
01:42A limited version of Apple Intelligence functions
01:45will begin rolling out in October for English speakers
01:48in the US.
01:49Other English-speaking countries will get their versions
01:52in December, but foreign languages
01:54will have to wait until 2025.
01:57The new phones are shipping out in September.
02:00That'll do it for your daily briefing from the New York
02:02Stock Exchange.
02:03I'm Conway Giddens with The Street.