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Today in the Market (4/15/2024)

Good Morning! On Monday, U.S. equities saw significant losses due to the increase in bond rates and market concerns about the consequences of Iran’s strike on Israel, as well as the ongoing corporate earnings season.

The market started in the green and flipped halfway, with the NASDAQ falling by 1.79%, the S&P 500 decreasing by 1.20%, and the Dow Jones declining by 0.65%.


Despite a resurgence in the smartphone industry overall, Apple’s (AAPL) iPhone shipments declined by over 10% globally in the first quarter as the firm faces growing competition from Chinese companies like Xiaomi.

So how bad was the decline? Based on data from market intelligence firm IDC, Apple experienced a 9.6% decline in Q1 shipments compared to the previous year. The number of units shipped dropped from 55.4 million in the first quarter of 2023 to 50.1 million in Q1 of the current year

Apple has a lot to worry about… Although Samsung remains the leading smartphone manufacturer globally, Chinese companies such as Xiaomi and Transsion are steadily increasing their presence in the market. In the quarter, Xiaomi experienced a significant increase in shipments, with an increase of 33.8% to reach a total of 40.8 million units. Similarly, Transsion also saw substantial growth in shipments, with an impressive increase of 84.9% to reach 28.5 million units.

What else does Apple need to worry about? The Department of Justice has filed an antitrust case against Apple, alleging the tech company actively seeks to harm competition in the smartphone market, adding to the company’s woes caused by falling sales of the iPad and wearables. On top of that, concerned about antitrust issues surrounding music streaming, the European Commission imposed a $2 billion punishment against the corporation


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A 44-story office skyscraper in St. Louis, which has been empty for years, was sold for $3.6 million. This represents a significant decrease of 98% compared to its previous sale price of $205 million in 2006. The decline in value of the old One AT&T Center is a prime illustration of the detrimental impact of remote work on commercial real estate in the Midwest.

How did this happen? St. Louis, like many other large cities, is confronted with a common difficulty during the pandemic: preventing a “doom loop” where people leave the city due to worsening circumstances, which in turn worsens the conditions more and prompts more people to leave. According to the WSJ, St. Louis could already be stuck in that loop.

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