Today in the Market (7/11/2023)

Good Evening! On Tuesday, the stock market experienced an upward trend as investors eagerly awaited the release of inflation reports. These reports have the potential to influence the Fed’s decision regarding the timing of interest rate cut-off. 

The Dow Jones led the way again, increasing 0.93%, while the S&P 500 finished the day up 0.67%. The Nasdaq Composite experienced a gain of 0.55%.

NO MORE APPLE CARPLAY?

GM’s decision to phase out smartphone-like software such as Apple CarPlay in its future electric vehicles has left some dealers baffled. Why? Drivers have a strong preference for utilizing Apple CarPlay while operating a vehicle.

Why is it shocking? During Apple’s WWDC event last year, it was announced that CarPlay was accessible to an impressive 98% of new cars. Additionally, it was revealed that 79% of prospective car buyers expressed a preference for vehicles that are compatible with CarPlay. Furthermore, a recent survey conducted by Consumer Reports revealed that 57% of participants expressed a high level of satisfaction with CarPlay, while only 50% reported being satisfied with the automaker’s integrated system.

What will GM offer? The company has announced its decision to provide a new integrated infotainment system that utilizes Google’s built-in applications designed specifically for automobiles. This system will include popular applications like Maps, Assistant, and PlayStore, as well as other notable apps such as Spotify and Audible.

However… General Motors’ dealers expressed significant concerns. Multiple dealers expressed concerns to the Detroit Free Press regarding the potential preference of new buyers towards automakers committed to providing CarPlay on a long-term basis.

TIME TO PAY UP

Bank of America (BAC) has been ordered to pay a sum of $250 Million as a result of regulatory findings that the company engaged in the practice of “double-dipping” on overdraft fees and initiated the opening of customer accounts without obtaining their consent.

The details… The bank used to charge a fee of $35 on consumers who authorized a transaction from their account despite having insufficient funds. According to the Consumer Financial Protection Bureau (CFPB), BAC engaged in a practice known as “double-dipping” in which the consumers were charged a fee for each instance in which a merchant attempted to reprocess their transaction

It doesn’t stop there… Since at least 2012, the employees of the bank engaged in unlawful practices by submitting applications for credit card accounts and enrolling consumers without their informed consent

Who is getting what? The consumers that were affected will get $100 Million, while an additional $150 Million will be directed towards the CFPB and Comptroller of the Currency (OCC).

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