Prominent fixed-income manager, Jeffrey Gundlach, has suggested that investors should pay more attention to the bond market than the Federal Reserve when trying to understand the current interest-rate situation. In a recent webcast, Gundlach stated that "investors should look at what the market says over what the Fed says," and recommended a portfolio that consists of 60% bonds and 40% equities rather than the more traditional 60/40 mix that allocates a higher percentage to stocks.
In corporate news, Apple (NASDAQ: AAPL) is reported to be planning to begin replacing suppliers for certain parts, including displays for mobile devices, with in-house designs as early as 2024. This move would likely impact technology partners like Samsung and LG, following the company's decision to use in-house designs for chips in Mac computers and wireless components in iPhones, which has already affected LG Display's shares in Seoul.
Data also shows that growth in the App Store has leveled off, according to CNBC.
Coinbase (NASDAQ: COIN), a leading cryptocurrency exchange, has reportedly laid off 20% of its workforce as part of cost-cutting efforts, as reported by the New York Times.
Elsewhere, in the crypto space, Voyager Digital (OTCMKTS: VYGVQ), a bankrupt crypto lender, received preliminary approval from the court for the sale of its assets worth $1 billion to Binance.US. The company also announced its intention to accelerate the national security review process for the deal in the United States.
Bed Bath & Beyond, Inc. (NASDAQ: BBBY), is also undergoing another round of layoffs as part of its turnaround plan, says CNBC.
Finally, major US banks are expected to report lower Q4 profits when earnings reports are released on Friday, according to Reuters. Read our Reasons to Watch Bank Earnings in 2023.