TheStreet’s JD Durkin brings the latest business headlines from the New York Stock Exchange as markets close for trading on Wednesday, November 29.
Full video transcript below:
JD DURKIN: I’m JD Durkin, reporting from the New York Stock Exchange.
stocks closed mixed to close out today’s session. The Dow Jones closed up 16 points, the Nasdaq closed slightly lower and the S&P also closed slightly lower. This comes after third quarter GDP showed a remarkably strong economy even as inflation continues to decline. Markets are on track to close the month in the green as traders look ahead to the final trading day of November.
Investors await Thursday’s key inflation report, closely watched by the Federal Reserve.
In other news, Apple has informed Goldman Sachs that it plans to end its credit card program. The iPhone maker said it will end the program in 12 to 15 months, even though Goldman said just a year ago that the deal would continue at least until 2029. The end of the partnership also includes closing the savings account program, which was implemented previously. in 2023.
Apple launched the Goldman-backed credit card in 2019, promising credit to almost any Apple user. But Goldman Sachs has lost $3 billion in its consumer banking division since 2020, and the company will refocus its efforts on its usual large corporations and wealthy clients. Goldman already ended a previous credit card partnership with General Motors earlier this month.
For Apple, it’s a small blow to its services business, which it was relying on to offset slowing iPhone sales. However, Apple’s sales are down less than one percent annually, while its services revenue has increased about 16 percent. Apple said it plans to look for a new banking partner to continue the credit card deal.
That will be enough for your daily report. From the New York Stock Exchange, I’m JD Durkin of TheStreet.
