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How Apple’s stock follows WWDC, according to history
Following Apple’s mixed reality headset debut, CNBC looked at what tends to happen to the tech giant’s stock price following a release.
It turns out that Apple shares have risen the day after the WWDC event every time since 2016.
Boeing slumps on new defect warning
Shares of Boeing fell more than 2% after the aircraft maker warned of a new defect on its 787 Dreamliner model.
“We are inspecting 787s in our inventory for a nonconforming condition related to a fitting on the horizontal stabilizer,” Boeing said in a statement. “Airplanes found to have a nonconforming condition will be reworked prior to ticket and delivery.”
The production flaw could potentially affect deliveries of its wide-body aircraft.
Boeing shares fall on defect warning
— Leslie Josephs, Samantha Subin
World Bank says global growth to decelerate in 2023 amid high inflation and banking stress
Higher rates and overhangs from this year’s banking crisis will drastically slow economic growth for the biggest global economies, the World Bank said Tuesday.
The institution said advanced economies — the U.S., Japan and Euro area countries — are expected to grow by only 0.7% in 2023, down from 2.6% in 2022.
The U.S. is projected to grow 1.1%, while the Euro area and Japan are projected to see GDP growth of less than 1% in 2023. U.S. GDP growth is expected to decelerate in 2024 to 0.8% as high interest rates further weigh on growth.
The bank estimates overall global growth will decelerate to 2.1% in 2023, down from 3.1% in 2022. Emerging and developing economies are forecasted to see a slight uptick in GDP to 4%, up 0.6% from the bank’s projections made in January 2023. However, World Bank chief economist Indermit Gill said excluding China, growth in developing economies would be less than 3%.
Read more about the report here.
— Hakyung Kim
Topgolf Callaway climbs after professional golf leagues strike merger deal
Shares of Topgolf Callaway Brands rose on Tuesday.
While the terms of the merger were not disclosed, CNBC’s David Faber reported Tuesday that the Saudi Public Investment Fund was prepared to invest billions into the combined golf league. That may be leading some investors to bet that growing interest in golf could accelerate in the years ahead.
“The infusion of capital from PIF signifies a strong commitment to the growth and promotion of golf on a global scale. This injection of funds will enable the newly formed company to embark on ambitious initiatives aimed at expanding the reach of golf and cultivating a broader fan base,” Jefferies analyst Randal Konik said in a note to clients.
— Jesse Pound
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