HMG Strategy Market Update and Tech News Digest

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Global market update and executive summary of tech industry news headlines, brought to you Hunter Muller and the editorial team at HMG Strategy.

Despite Turbulence and Uncertainty, S&P 500 Heads for Winning Week and Goldman Sachs โ€˜Crushesโ€™ Wall Street Expectations

Itโ€™s always a good sign when markets pay attention to the underlying numbers. And when investors looked at the numbers this week, they apparently liked what they saw.

โ€œU.S. stock indexes rose on Friday as better-than-expected third-quarter earnings reports set the S&P 500 on track for a winning week,โ€ write Hannah Miao and Pippa Stevens of CNBC. โ€œThe Dow Jones Industrial Average gained about 310 points, or 0.9%. The S&P 500 added 0.6% and the Nasdaq Composite rose 0.4%.โ€

One of the worldโ€™s leading investment banks also surged in early trading. โ€œGoldman Sachs posted Friday third-quarter results that exceeded analystsโ€™ expectations, as investment banking revenue surged nearly 90%, and the bank reaped record fees from equities financing,โ€ writes Hugh Son of CNBC. โ€œProfit at the bank surged 63% to $5.28 billion, or $14.93 a share, as revenue climbed 26% to $13.61 billion. Shares of the New York-based bank rose 2.4%.โ€


Apple Will Likely Cut Production Targets for iPhone 13 as Chip Shortage Continues

Chip shortages and supply chain woes are forcing major manufacturers to rethink their production goals.

โ€œApple Inc.ย is likely to slash its projected iPhone 13 production targets for 2021 by as many as 10 million units as prolonged chip shortages hit its flagship product, according to people with knowledge of the matter,โ€ writes Debby Wu of Bloomberg News. โ€œThe technology giant is one of the worldโ€™sย largestย chip buyers and sets the annual rhythm for the electronics supply chain. But even with strong buying power, Apple is grappling with the same supply disruptions that have wreaked havoc on industries around the world.โ€


Amazon Shifts Remote Work Policy, Offering Workers Greater Flexibility

Amid uncertainty over the impact of the pandemic, another major firm is modifying its remote work policies.

โ€œAmazon is shifting its approach to remote work again, giving its workers more control over how much time they spend in the office and opening the door for more corporate workers to continue working from home,โ€ writes Rishi Iyengar of CNN Business. โ€œThe company will now allow individual teams to decide which policy works for them, ranging from a full-time return to office life to remaining mostly remote,ย Amazonย CEO Andy Jassy said in aย note to employeesย on Monday.โ€


Boldly Going: Space Tourism Takes Another Leap Forward with โ€˜Captain Kirkโ€™ as a Passenger

The space tourism business took yet another leap forward this week as a celebrity who is closely identified with the idea of interplanetary travel touched the edge of space and returned safely to Earth.

โ€œFamed Star Trek actor William Shatner and a crew of three fellow passengers successfully flew to the edge of space and back (Wednesday) morning on Blue Originโ€™s New Shepard tourist rocket,โ€ writes Loren Grush of The Verge. โ€œFlying alongside Shatner today were two paying customers and a Blue Origin employee. They included Chris Boshuizen, co-founder of small satellite company Planet Labs, and Glen de Vries, co-founder of Medidata, a software company. Audrey Powers, vice president of mission and flight operations at Blue Origin, represented the company on the flight.โ€

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