Good morning it is 8 00 a. M. At tesla headquarters in palo alto, california it its 11 00 a. M. On wall street squawk alley is live good Tuesday Morning im jon fortt with Carl Quintanilla back again it is a busy day on wall street with the dow hitting an all time high making another run at 30 k. That comes as president elect joe biden is reporting tapping former fed chair janet yellen to run the treasury department. Tesla is continuing the record run now topping half a trillion dollars in market cap. Making elon musk the worlds second richest person on paper and apple making another concession, carl on App Store Fees a lot going on yeah. We talked about that early moving being the small crack that starts to widen as for tesla, i mean, whether its some of the reports about a hatch back in europe or longer range vehicles or just enthusiasm over the ev space as we gheet into a Biden Administration on top of the gm news yesterday, jon. So there is a lot happening in the ev space and then m
Good wednesday morning welcome to squawk alley. Im john for the with caro quintanilla and Julia Borstin well start with apple, a cost cut for Small Developers josh lipton breaks down the news for us. Here is how the new program is going to work its called the App Store Small Business Program it launches on january 1st and it does represent a big change here. Developers earning up to 1 million during the Previous Year will now be eligible for a commission of 15 on paid apps and inapp purchases, and that is half of apples Standard Commission apple says the new program will impact what it says is the vast majority of developers selling Digital Goods and services on the store. Tim cook saying in a statement the app store has been an engine of Economic Growth like none other, creating millions of new jobs and a pathway to entrepreneurship accessible to anyone with a great idea for investors this change is also important remember, the app store is critical for apple it accounts for an estima
Can you see. T the Housing Market continues to thrive in the u. S. , Manufacturing Activity is recovering it jumped to a 19month high comparable data out of the eurozone and japan. Familiar names leading us up apple is up 5 market cap just hit 2 trillion earlier in the week. Its more than onetenth of the way to three trillion already. Incredible move for that stock with 59 minutes left in the trading day. S p 500 as we just showed you, up 0. 4 on pace for a record closing high speaking of apple, by the way, we have breaking news this hour on the companys fight with epic games. Josh so apple just responding with a legal filing the two epics charges. They alleged exactly the same things will all of the legal theories apple is saying here will fail as a matter of competition the motion will fail because they need to show the balance of equities and Public Interest are in its favor in fact, the factors favor apple. Apple goes on to say that epic knew full well that in circumventing the pro
The vote 11 40 eastern, a final vote around 1 30 this afternoon. Now, live coverage of the u. S. Senate here on cspan2. The chaplain lord god, in these difficult and challenging times, remind us that the earth belongs to you, and you have not abandoned it unite us with the understanding that you are our father, and we are all members of the human family. We pray for all who have been impacted by the pain of this us to crisis season. Use our senators to make the weak strong, the sick healthy, and the broken whole. Lord, surround those who have been shaken by anguish with your divine presence and peace. We pray in your loving name. Amen. The presiding officer please join me in reciting the pledge of allegiance. I pledge allegiance to the flag of the United States of america, and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. The presiding officer the clerk will read a communication to the senate. The clerk washington, d. C. , jun
Tour takes you to amarillo, texas. The treasury secretary Steven Mnuchin testified to congress. Theielded questions about 4. 8 trillion proposal and Economic Growth and the impact of the jobs act signed into law december, 2017. [camera shutters] sen. Grassley we are pleased to have treasury secretary mnuchin, here today testifying about the president s fiscal year 20202021 budget, the president s budget includes proposals to confront a number of important issues, i want to work with the president , the secretary, and others in congress, to address these and other pressing issues, within our committees jurisdiction. Drug pricing, and employer pension crisis are two such issues that must be dealt with, this Budget Proposal comes at a time when the economy is very strong, especially for working families. Better trade deals, less regulations, lower taxes from tax reform, we have translated into wage increases. Especially for lower wage earners. And historically tight labor market. Over six