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 19th.
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 have been on a tear as the December rally continues. Investors are still cheering the prospect of interest rate cuts despite warnings from Fed officials that it’s quote “premature” to expect that the central bank is done raising interest rates.
Investors are looking ahead to jobless claims Thursday and personal consumption expenditures data on Friday – the Fed’s preferred gauge on inflation.
In other news - if you were planning to buy an Apple Watch, you might want to move quickly. Apple will stop selling its Apple Watch Series 9 and Ultra 2 versions in the U.S. due to a patent controversy. The company is pausing sales of the devices online starting December 21 and in stores after December 24.
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 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, “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.”
Apple also said its other watch models will remain on shelves for now, but watches that are Series 6 and later could be pulled depending on the verdict.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
