Yahoo Finance Apple's headset, SEC sues Coinbase, stock melt-up: Top stories
The Yahoo Finance Live team breaks down Tuesday's top stories including: Apple's new mixed reality headset isn't doing much for the stock, the SEC is suing Coinbase, and the stock market melt-up.
Video transcript
JULIE HYMAN: This is Yahoo Finance Live. I'm Julie Hyman. That's Brad Smith. And here are three things you need to know this morning. Apple's biggest product launch since 2014 receiving a lukewarm response from investors. The long awaited Vision Pro headset is the tech giant's so-called spatial computer. That's what they're calling it. It offers users a fully 3D interface and integration with everything you do on your phone from messaging to FaceTiming to gaming.
CEO Tim Cook called it the first Apple product you can see through. Investors decided to look beyond the hype themselves, and it was the $3,499 price tag that did it. That announcement saved right for the end of the presentation sent shares lower just hours after hitting an all time high. The people who used it though from the event, they loved it Dan Howley is one of them. We're going to talk to him in a bit.
The SEC is suing Coinbase, alleging the crypto exchange operator evaded regulations by trading unregistered securities. Those shares are plummeting in pre-market trading. It's been under investigation by the regulator since last summer. And yesterday, the SEC took legal action against rival Binance and its CEO CZ for what it called multiple securities violations. Berenberg analyst Mark Palmer was quick on the draw. He thought some action against Coin was likely in the aftermath. It turns out he was right. We speak with him this hour.
And the market so-called melt-up is taking a slight breather this morning thanks in part to Apple. It's a reminder to investors just how much the recent rally is predicated on a handful of big name stocks. Wall Street's top strategists are trying to make sense of it all. Yesterday, Morgan Stanley warned a shock profit dip would derail the S&P from its highs. This after Citi said you shouldn't lose sight of a potential pain trade from AI enthusiasm or a Fed pivot. The latter certainly top of mind for investors ahead of next week's CPI report and rate decision.
