5 things to know before the Monday open: Chipmakers and China 'Loud luxury'
Apple investors had a good week. Shares of the company rallied more than 13% for the technology stock's best weekly performance in just over half a decade. Traders seemed pleased with Apple CEO Tim Cook's trip to the White House on Wednesday, where he announced plans for expanded domestic investment. However, shares of the iPhone maker slid before the bell on Monday as investors wondered if the rally can continue.
Electric vehicle sales are surging as consumers rush to take advantage of soon-to-expire tax credits. The tax break, worth as much as $7,500, was initially expected to last through 2032 as part of the Inflation Reduction Act. But Trump's "big beautiful bill," signed into law last month, ends the benefit in late September, leading to a frenzy for qualifying cars, CNBC's Greg Iacurci reports. As one might expect, Trump's changing EV policies have been a common talking point on automakers' earnings calls this quarter. Here's a rundown of what Tesla, General Motors, Ford and Rivian had to say.
Bed Bath & Beyond is back — well, sort of. CNBC's Gabrielle Fonrouge reported that the bankrupted home goods chain is being revived by its intellectual property owners under a new name: Bed Bath & Beyond Home. The brand's first new store opened in Nashville on Friday, with the company saying dozens more could be on the horizon. Since you're probably thinking it: Yes, the business will accept those iconic 20% off coupons — even if they're expired.
It appears that wealth isn't whispering these days. Industry analysts told CNBC's Karen Gilchrist that fashion's so-called "quiet luxury" trend — defined by expensive yet understated pieces — is falling out of favor as the pendulum swings instead to "loud luxury." That means big logos and in-your-face branding could be getting more space on runways and store mannequins. Look no further than brands like Burberry and Gucci — the latter of which you may remember from a prior edition of this newsletter has been grappling with plunging sales.
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