US stock futures moved lower on Thursday, retreating from all-time highs as investors braced for another labor data update and grappled with President Trump's salvos on defense and Venezuela. Nasdaq 100 futures (NQ=F) dropped 0.3%, setting the tech-heavy index up for its first loss this week. S&P 500 futures (ES=F) shed 0.2%, signaling a further pullback from record territory, while those on the Dow Jones Industrial Average (YM=F) fell 0.4% on the heels of a rocky session. Defense stocks are rebounding ...

Core Insights - JPMorgan Chase is set to become the new issuer of the Apple credit card, with an announcement expected soon following over a year of negotiations [2][5] - Goldman Sachs will offload the credit card program, which has $20 billion in outstanding balances, at a discount exceeding $1 billion due to high exposure to subprime borrowers and a delinquency rate above the industry average [2][3] - JPMorgan Chase plans to issue Apple credit cards for both new and existing customers and will introduce a new Apple savings account alongside existing accounts at Goldman Sachs [4] Company Developments - The transition from Goldman Sachs to JPMorgan Chase comes after Apple decided to end its partnership with Goldman Sachs, which began in March 2019 [5] - Goldman Sachs has faced significant losses in its consumer operation efforts, prompting the decision to offload the partnership [6] - The Consumer Financial Protection Bureau announced a fine of over $89 million against Apple and Goldman Sachs for alleged customer service violations affecting numerous Apple Card users [6]

Core Insights - A deal to take over Goldman Sachs's role in the Apple program is anticipated to be announced soon after more than a year of negotiations [1] Company Summary - Goldman Sachs is expected to relinquish its role in the Apple program, indicating a significant shift in the partnership dynamics between the two companies [1] Industry Summary - The anticipated announcement reflects ongoing changes in the financial services landscape, particularly in how major tech companies like Apple engage with banking institutions [1]

Core Insights - Visa has reportedly offered Apple approximately $100 million to acquire the credit card business currently held by Mastercard [1] - The competition for Apple's credit card business is intensifying as Goldman Sachs, the bank behind the Apple card, is exiting the consumer lending sector [2] - Apple is seeking a new banking partner and plans to select a payment network before finalizing a new bank [2] - The Apple card program is significant, with around $20 billion in balances, making it one of the largest co-branded credit card programs [3] - Apple launched its credit card in 2019 in partnership with Goldman Sachs and Mastercard, featuring no fees and daily cash-back rewards [4] - Reports from July 2023 indicated that Goldman Sachs' partnership with Apple might be ending, with discussions ongoing with American Express for a potential takeover [5] - In January, it was reported that Apple was in talks with Barclays and Synchrony Financial to replace Goldman Sachs, despite Goldman having a contract with Apple until 2030 [6]