Friday’s Headlines: Apple to Enter the Metaverse?
With markets being closed yesterday for Thanksgiving, we have no daily movers today. Markets will reopen today at 9:30 a.m. EST, but close early at 1 p.m. EST for Black Friday.
1. Reports have emerged that Apple (AAPL) plans to unveil its first augmented reality (AR) headset in late 2022. If this is true, it would mark the arrival of Apple into the AR space. The headset is touted to have two internal processors, with the main one having “the same computing power as M1,” Apple’s latest series of high-powered chips. Reports have been mixed as to whether the headset will operate independently or if it will be tethered to the iPhone. An independent AR headset with its own ecosystem would single out the Apple offering within the industry. This could be an enormous step towards achieving success in a market that’s set to become more competitive as we move further into the virtual world. Read more here.
2. The discovery of a new COVID-19 variant in South Africa has sent shockwaves across global markets this morning. Stock futures for the Dow Jones Industrial Average fell by 2%, while futures for the NASDAQ 100 and the S&P 500 (VOO) also tumbled. As countries scramble to impose travel restrictions on the afflicted African nation, with the UK temporarily suspending flights last night, travel stocks across the globe began to dip in reaction. Investors are selling out of travel and hospitality stocks amid fears the industry could tank once again. With U.S. markets closed for Thanksgiving, we’ve been unable to see the true reaction to the news, but further dips are expected across a range of sectors. Read more here.
3. Uber (UBER) is set to cease offering its ride-sharing service across most of Belgium today following a controversial court ruling on Wednesday. The ruling upholds and extends a 2015 order that already banned Uber’s UberPop offering to also cover professional drivers. UberPop is the company's on-demand ride-sharing service that encourages fare splitting. Uber has called the ruling “outdated” and has reignited the calls for reform in the Belgian taxi sector. Following much outcry and disruptive public protests by private hire vehicle drivers, the government announced that they had come to an agreement on taxi reform and will work with drivers to find a solution. Uber welcomed the statement, adding that it was “an important first step for the 2,000 drivers who have been waiting for reform for seven years.” Read more here.