Author: Money Mechanics

Key Takeaways Apple’s iPhone 17 outsold the prior lineup in the U.S. and China during its first 10 days of availability, according to a report from Counterpoint Research.The base model performed particularly well in China, while many American buyers upgraded to the Pro Max version. Apple shares climbed Monday following a report suggesting strong demand for the company’s new iPhone 17 series in the U.S. and China, which account for the bulk of the company’s phone sales. Apple’s (AAPL) iPhone 17 outsold the iPhone 16 by 14% during the first 10 days of availability in the U.S. and China, according…

Key Takeaways At a DC Fintech Week event last week, Federal Reserve Board Governor Christopher J. Waller suggested that AI is already reshaping the workforce, with some companies replacing customer support and IT roles through attrition. But the transition to AI doesn’t always work out. Klarna attempted to replace customer service agents with AI in 2023 but eventually backtracked, hiring humans. Still, Waller acknowledges that some job losses may occur due to AI. However, he remains optimistic about its long-term economic benefits. While CEOs of major companies like Amazon (AMZN) have warned that artificial intelligence (AI) could result in job losses in…

Key Takeaways An outage at Amazon Web Services early Monday disrupted operations at a wide range of companies.Amazon confirmed the glitch at 3:51 a.m. ET, and said by 6:35 a.m. ET the issues had been addressed. Companies that use Amazon Web Services are recovering after a problem with the cloud service disrupted operations at a wide range of companies Monday. Some of the firms affected included trading platform Coinbase Global (COIN), and Snap’s (SNAP) social media site Snapchat, along with major airlines like Delta Air Lines (DAL) and United Airlines (UAL). Amazon (AMZN) confirmed the glitch at 3:51 a.m. ET,…

Longevity Preparedness: A new script and curriculum for preparing to live longer, better.gettyFor decades, studies, surveys, and near sermons have declared that America is not ‘retirement-ready.’ Financial firms, policymakers, and researchers (including this one) have spent years preaching the same well-intentioned gospel: save, plan, invest—then plan some more. The language has changed. We have evolved from financial literacy to financial wellness and wellbeing, but the results have not.Despite decades of effort and billions spent on education, apps, advice, and advertising, the nation’s report card on retirement readiness has barely improved. If a teacher found that more than half their students…

Big changes might soon be in store for retirement investors.The Trump administration has issued an executive order loosening regulations around company-sponsored retirement plans, which means Americans invested in a 401(k) or other workplace plan might soon be able to diversify into alternative investments such as private equity, private credit and real estate.Is this good for the average investor? While there’s still a lot to learn, the general idea of opening alternative assets to a wider investor base outside of accredited investors is certainly positive. From just $107.88 $24.99 for Kiplinger Personal Finance Be a smarter, better informed investor. CLICK FOR…

Key Takeaways Treasuries faced volatility late last week as concerns about the banking sector drove yields down. If investors get additional hints that economic weakness extends beyond the job market, yields could fall again, analysts said. Long-term interest rates reversed their backslide a bit on Friday, as traders got a bit less gloomy about potential cracks in the banking system forcing the Federal Reserve to cut interest rates a bit more than planned.  The yield on the benchmark 10-year U.S. Treasury rate, which helps drive borrowing costs on mortgages, climbed back above 4% on Friday. It had breached that mark…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The writer is the FT’s deputy editor, and chair of the FT’s Financial Literacy and Inclusion Campaign, which supports financial literacy programmes in the UK and around the worldBack in the spring Isabel Schnabel, a respected executive board member at the European Central Bank, added her voice to the growing chorus of support for financial literacy education — not out of any do-gooding sense of beneficence, but because, she said, monetary policy works better when citizens understand the basics of finance.“Financially literate…

Sixty-two seems like the perfect age to retire. After all, you can start collecting Social Security. Plus, you’re still young enough to enjoy it.It’s no wonder 62 is the average age of retirement in America. But retiring at that age or earlier could be one of the biggest mistakes a person can make. At least according to retirement expert, author and podcaster Dave Ramsey.“People underestimate how long they’ll live and how much money they’ll need,” Ramsey tells Kiplinger.com. “They retire broke or way too early. It’s like jumping out of a plane without checking your parachute.”This applies to the millions…

Stock futures pointed slightly higher after major indexes rose in volatile trading last week, although a widescale Amazon Web Services outage affected websites worldwide.  Futures associated with the tech-heavy Nasdaq, benchmark S&P 500, and blue-chip Dow Jones Industrial Average were up a respective 0.3%, 0.2%, and 0.1%. Last week, the three indexes all closed up roughly 2%. Gold futures, which remain a safe haven amid market volatility and a U.S. government shutdown at 20 days and counting, rose 1.6% to $4,270. They set their latest record high at $4,392 early Friday. The 10-year Treasury yield, which influences borrowing costs of products like mortgages, was…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newslettersGood morning. Marc Rowan of Apollo says that Europe is “at war with itself” over financial regulation. He’s quite right: the EU countries need to overcome their differences and embrace the sort of reforms Mario Draghi and Enrico Letta have suggested, and fast. Any chance? Email us your…