Stock Market News: Jony Ive Leaves Apple; Savings Accounts See Rate Cuts

The stock market didn’t have any big moves on Friday morning, as investors were content to wait and see what news the weekend’s G-20 meeting of global leaders in Osaka might bring. Market participants anticipate progress on the trade front, and optimism throughout the week has set a high bar for the world’s most prominent politicians to surpass. As of just before 11:30 a.m. EDT, the Dow Jones Industrial Average (DJINDICES:^DJI) was up 33 points to 26,559. The S&P 500 (SNPINDEX:^GSPC) gained 7 points to 2,932, and the Nasdaq Composite (NASDAQINDEX:^IXIC) was higher by 17 points to 7,985.

In corporate news, Apple (NASDAQ:AAPL) faces the loss of one of the most important designers of the company’s modern age, and some worry about what the departure might mean for the iPhone maker and its potential for future innovation. Meanwhile, savers who have had to deal with more than a decade of low rates on bank accounts and other savings vehicles got some bad news, and recent moves from Goldman Sachs (NYSE:GS) and Ally Financial (NYSE:ALLY) could be just the beginning of a trend that will hurt ordinary Americans once again.

A bite out of Apple

Shares of Apple were down almost 1% after a surprise announcement from the mobile device pioneer late Thursday. Jony Ive, Apple’s chief design officer, has decided to terminate his employment with the Cupertino-based tech giant later this year.

Image source: Apple.

Even though Steve Jobs stood squarely in the public spotlight during Apple’s periods of success, shareholders shouldn’t underestimate the important role Ive had in producing blockbuster products. Ive’s influence shows in everything from the earliest iMac desktop computers to the iPod, iPhone, and iPad product lines. The designer also worked on Apple’s iOS operating system and even had a hand in designing layouts for Apple

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