Market Minute: Activision Blizzard Fined, Recession Outlook Brightens & Apple's New iPhone

Here is a rundown of Cheddar News' top trending market stories of the day. 

RECESSION OUTLOOK

After Friday's historic jobs report, which showed the U.S. economy adding half a million new positions despite a slew of recent high-profile tech layoffs, recession blues are waning. Economist Larry Summers, former Treasury secretary under president Bill Clinton, told CNN's Fareed Zakariaha on Sunday that it is now more likely the Federal Reserve will pull off a "soft landing" (i.e. avoid a recession), even as he stressed that the economy is  not "out of the woods" yet. 

APPLE'S NEW IPHONE

Apple tracker Mark Gurman said the tech giant is currently deciding whether it will release a new, more expensive iPhone called "Ultra" in the near future, which could arrive on shelves as part of the iPhone 16 lineup in 2024.  Gurman speculated that this new model would actually be more expensive than the iPhone Pro and Pro Max models, which start at $1,099. 

TWITTER COMPETITOR 

Kevin Systrom and Mike Krieger, co-founders of Instagram, last week revealed details about their latest project: a social media app designed to compete with Twitter. Called Artifact, the entrepreneurs described the app as a "personalized news feed using the latest AI tech." Right now, the app is only accessible via invitation only, but those interested in a Twitter alternative can sign up for a wait list to eventually test out if Artifact is a serious contender. 

ACTIVISION BLIZZARD SETTLEMENT

Activision Blizzard, the company behind Call of Duty and Overwatch, has settled charges over its handling of workplace harassment and discrimination claims with a $35 million fine. The Securities and Exchange Commission released a statement saying the company was aware that it lacked sufficient procedures to address the problem and needed to be more proactive to collect and assess the complaints.  

More In Business

Slower Job Growth Might Actually be a Good Thing

Gregory Daco, chief economist at EY and Jordan Shapiro, senior managing director at Bachrach Group, break down February’s jobs report and what it means for workers.

I Quit My Job to Travel the World—Here’s Where I Lived My Best, Most Affordable Life

Helen Zhao traveled to 18 countries in 18 months, and this is the place she's still dreaming about.

So You're Moving for Tax Reasons? Time to Think About Schools

Here's how to make sure the bang for your buck won't send your family to the school of hard knocks.

Federal Regulations on Privacy and A.I.

Linda Moore, president and CEO of Technet, explains why the U.S. should be a leader in A.I., plus why deepfakes and misinformation could be a concern during the election season.

WorkingNation’s ‘Glory in Overcoming’ Highlights Goodwill’s Career Programs

Steve Preston, president and CEO of Goodwill Industries International, shares how the organization’s programs have helped over 2 million people develop their tech skills.

Ahead of the Oscars, ‘Barbenheimer’ Still Has (Plastic) Legs

Box office analyst Shawn Robbins breaks down how the theater business is faring as two of 2023’s biggest movies are on their way to the Academy Awards.

A Recession Is Not Impossible – But the Economy Is ‘Strong’

Burns McKinney, portfolio manager at NFJ Investment Group, discusses how the Fed is balancing recession risks and interest rate cuts, plus whether the tech rally will broaden.

Buy Now, Pay Later Could be on Your Next Credit Report

Nick Wolny, CNet editor, tells consumers about BNPL being added to credit reports – and why they may want to be more cautious about using it as an option.

A Tequila Company Where Women Are in Charge

Co-founders of 1953 Tequila, Shivam Mallick Shah and Lindsey Davis Stover, share how they broke into the traditionally male-dominated world of tequila production.

Rate Cuts Are Around the Corner — But First, Inflation Needs to be Tamed

C'mon Federal Reserve, help an economy out.

Load More