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September 13, 2021

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IN THE NEWS TODAY

Apple (AAPL) is holding its annual iPhone event Tuesday, the company's seventh straight virtual launch due to the pandemic. The tech giant is expected to introduce new iPhones and updates to its AirPods and Apple Watch, according to analysts. New iPads and MacBooks Pro laptops are due for an update, too, though it's unclear whether Apple will pack all of its fall launches into one or spread them out. (CNBC) Apple has issued a patch to iOS, its mobile operating system, to fix a vulnerability related to the iPhone's iMessage function. An Israeli firm had been exploiting the weakness since February, according to research group Citizen Lab. The company, NSO Group, did not confirm or deny responsibility. The FBI and Israeli officials have been investigating NSO.

Ark Invest's Cathie Wood, the popular investor who focuses on disruptive innovation, made bullish calls Monday evening on Tesla (TSLA) and cryptocurrencies at the annual SALT conference. Asked about her recent trimming of her Tesla stake, Wood said it was a technical move and the electric vehicle maker still accounts for more than 10% of Ark's flagship fund. Wood has grown increasingly bullish on ether, saying her crypto portfolio now consists of 40% in the world's second largest digital coin and 60% bitcoin. (CNBC Pro)

SEC Chairman Gary Gensler wants private funds to disclose more information to investors about potential conflicts of interest and the fees they charge. That's according to testimony submitted to the Senate Banking Committee for Tuesday's hearing. During the Q&A, Gensler is expected to face questions about the agency's plan to regulate cryptocurrencies. (CNBC) In a Wall Street Journal op-ed Monday, the top U.S. securities regulator urged Chinese companies to open up their books to Securities and Exchange Commission scrutiny or risk being kicked off U.S. stock exchanges.

House Democrats outlined tax increases they aim to use to offset up to $3.5 trillion in spending on the social safety net and climate policy. The proposal includes top corporate and individual tax rates of 26.5% and 39.6%, respectively. The tax plans could change as Democrats try to craft and pass a final bill in coming weeks. The proposal also includes a 3% surcharge on individual income above $5 million and a capital gains tax of 25%. (CNBC)

Despite the pandemic wiping out two years of growth for the commercial airplane market, Boeing (BA) expects demand for the industry to soar over the next 20 years. The company's annual market outlook predicts the global fleet of commercial airplanes will climb from 25,900 in 2019 to 49,405 planes by 2040, with almost 90% those planes being new models that will enter service over the period. (CNBC)

Amazon (AMZN) has increased its average starting wage in the U.S. to more than $18 an hour and plans to hire another 125,000 warehouse and transportation workers, an executive told Reuters. In some locations, the company is giving signing bonuses of $3,000. Amazon did not give exact figures, but a $1 raise on a $17-per-hour wage would amount to about a 6% hike. (Reuters) * Kroger partners with Instacart, aiming for 30-Minute grocery delivery (WSJ)

Democrat Gavin Newsom is the second California governor to ever face a recall election, and he's likely to be the first to survive one. Tuesday is the deadline for registered voters in California to vote by mail or in person. Newsom campaigned with Biden in Long Beach late Monday. (CNBC) * Biden turns to Colorado to pitch investments in clean energy (AP) * Nicholas, now tropical storm, dumps rain along Gulf Coast (AP)

A global study has found young people are suffering "profound psychological distress" due to climate change and government inaction on the crisis. Some 45% of the 10,000 young people surveyed across 10 countries for the study, published Tuesday, said anxiety and distress over the climate crisis was affecting their daily life and ability to function. (CNBC)