Happy hump day.
The markets were closed today for a national day of mourning after former President George H.W. Bush passed away last Friday.
However, that doesn't mean that Wall Street took a break.
Here are some of the top stories from Wednesday, Dec. 5.
No Longer the Apple of My Eye
Gaus reports that the iPhone maker has dropped 24% since its Oct. 3. It hit the famed $1 trillion market cap earlier this year, but has since forfeited the title.
Since then, Microsoft (MSFT) briefly surpassed Apple as the most valuable company in the world.
"Despite Apple's best efforts to shift attention to its services business, iPhone sales are still central to Apple's story -- and a subject of intense focus by investors," reported Gaus. "On Tuesday, Apple's stock slumped again following reports that it's considering promotional tactics -- such as discounts and trade-in options -- to boost holiday sales of models such as the new iPhone XR and iPhone XS, which were launched in September."
The trade war truce "positive step forward" for Apple, wrote Wedbush's Dan Ives in a Monday note cited by Gaus.
"While it's an initial reprieve, we would view this news out of the G-20 as a near-term positive catalyst for tech stocks going into year-end given the fear around the 25% tariff hitting on Jan. 1 is now removed (for now), with Apple in the spotlight," Ives said.
The temporary removal of a tariff threat may not be enough to shake what Ives called the "dark clouds" over Apple's stock heading into 2019.
Volkswagen and Ford Sitting in a Tree...
"Such an alliance might entail more U.S. plants, something that suggests a warming relationship with U.S. trade officials after the automaker met with President Trump on Tuesday," wrote Curran.
"All signs are guiding to the right direction at the moment," Peik von Bestenbostel, the chief spokesman for Volkswagen said in a statement, before clarifying "nobody knows what the decision of the president may be."
"So, with the macro argument at least trending in the right direction, according to all sources aside from the "Tariff Man" in the oval office, the stock implications seem worthy of examination, Curran continued. "The situation has been seen as a serious catalyst for the stock after VW mentioned the possible increased partnership in its planning round update in November."
"Whilst a full agreement remains to be signed, we would anticipate a positive reaction from investors if VW could support its targets with further deal-related synergies and cost reductions," Morgan Stanley Harald Hendrikse wrote.
"More than a net reduction in spending we see upside from VW working with Ford and increasing share in what have been some of the highest segments of commercial vehicles including pickups, where the group is structurally under-represented," Jefferies analyst Phillippe Houchois told Curran.