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Market Overview
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Year To Date Performances:

1. Apple is currently on the brink of a potential financial setback as the European Union's highest court reconsiders a pivotal tax ruling. This comes after Advocate General Giovanni Pitruzzella of the EU Court of Justice suggested that a lower court's decision favouring Apple contained significant legal flaws. The case revolves around a staggering €13 billion ($14 billion) tax liability in Ireland, which Apple and Ireland successfully contested in 2020, arguing that the European Commission's initial ruling was fraught with errors. However, with Pitruzzella's recent non-binding opinion, the tech giant finds itself defending its victory. Apple maintains its firm stance, insisting that the lower court's verdict, which found no selective advantage or state aid, should stand. The EU's top court is yet to make a final decision, which often aligns with the Advocate General's opinion, casting a shadow of uncertainty over Apple's financial obligations in the months ahead.

2. Jerome Powell, Chairman of the Federal Reserve, delivered a cautiously optimistic outlook on the U.S. economy, acknowledging a notable slowdown in inflation. In his address at the International Monetary Fund in Washington, D.C., Powell reflected on the Fed's aggressive response to high inflation levels through 11 rate hikes since early 2022, bringing the benchmark rate from near zero to between 5.25% and 5.5%. Despite this, the core personal consumption expenditures price index, a key inflation measure, has fallen to an annual rate of 3.7%, down from 5.3% in February 2022. Powell's remarks highlight the balancing act facing the Fed: ensuring these measures are enough to maintain the downward trend in inflation while being ready to take additional steps if needed.

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4. Headlines

   1. President Biden will be meeting with Chinese President Xi next Wednesday in San Francisco.

   2. Virgin Galactic will be pausing all flights next year.

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   ¹ Count determined as the number of unique email addresses in StartEngine’s database as of 10-6-2023.}

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