TLDR

MARKET RECAP →The S&P 500 (VOO) and the Nasdaq (QQQ) hit new closing records on Tuesday, driven by Apple's (AAPL) surge to an all-time high as the iPhone maker led the market's gains.

TREASURY YIELDS EDGE UP AHEAD OF FED DECISION → 📊 Treasury yields rose as investors braced for the Fed's interest rate decision, driven by concerns over persistent inflation and rising labor costs.

GM ANNOUNCES $6 BILLION SHARE BUYBACK→ 📈 GM approved a $6 billion share buyback and a 33% dividend hike for 2024 to boost shareholder value and confidence amid strong financials and strategic adjustments.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Treasury Yields Edge Up Ahead of Fed Decision

📊 Yields Rose Pre-Fed: U.S. Treasury yields increased as investors anticipated the Federal Reserve's upcoming interest rate decision. The 10-year yield hit a three-week high, reflecting market caution and expectations of continued monetary tightening.

💸 Inflation and Labor Costs: Data showing higher-than-expected labor costs fueled concerns about persistent inflation, reinforcing the belief that the Fed might delay easing its monetary policy. This data contributed to the upward pressure on yields as investors adjusted their expectations.

📅 Market Sentiment: The overall market sentiment remained cautious, with the upcoming Fed meeting being a key focus. Investors closely monitored the Fed's stance on interest rates and economic outlook, impacting both bond and equity markets.

TODAY’S TOP NEWS

GM Announces $6 Billion Share Buyback

📈 GM's Big Buyback Move: GM's board approved a $6 billion share buyback, signaling strong confidence in the company's future. The move aimed to boost shareholder value by reducing the number of outstanding shares, effectively increasing earnings per share​​​​.

💰 Dividend Hike: Alongside the buyback, GM planned to increase its quarterly dividend by 33%, from 9 cents to 12 cents per share, starting in 2024. This dividend hike demonstrated GM's commitment to returning capital to shareholders amidst robust financial performance​​.

🚗 Strategic Financial Adjustments: GM also reinstated its 2023 earnings guidance, projecting net income between $9.1 billion and $9.7 billion. The company adjusted its capital spending plans and continued focusing on efficient product development to offset costs from recent labor agreements​​.

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