TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Tuesday, December 26th.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a long weekend to kick off the final trading week of 2023. Markets are looking to end the year on a high note as investors cheer cooling inflation and potential rate cuts on the horizon.
This week is a lighter one on Wall Street as investors look ahead to jobless claims out Thursday.
In other news - Apple’s newest watches are officially off the shelves in the U.S. President Joe Biden declined to overturn a Federal Trade Commission ruling that now prevents Apple from selling its Series 9 and Ultra 2 watches.
Apple is in an ongoing dispute with medical device maker Masimo over the watches' blood oxygen feature. The U.S. International Trade Commission ruled in October 2023 that Apple was in violation of Masimo’s patent for technology used in its pulse oximeter.
While Masimo’s CEO has said Apple’s use of the technology is a quote “deliberate infringement” of its patent, Apple has fired back - saying in a statement last week that “Apple strongly disagrees with the order and is pursuing a range of legal and technical options to ensure that Apple Watch is available to customers.”
The ban affects all Apple Watch models Series 6 and later, as well as all models in its Ultra line. Apple’s cheaper watch model, the SE, was not included in the ruling. Other retailers will be allowed to sell their remaining stock of Apple Watches.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
