Morning Money Memo…

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Apple has told manufacturers of the iPhone 5C that it will reduce orders for the new smartphone for this quarter. The decision is a sign that orders for the 5C have been disappointing. USA Today reports: "Data from Consumer Intelligence Research Partners (CIRP) shows that the newest flagship iPhone 5S is outselling the cheaper one by more than two to one."

The 5S is a more expensive phone, and Apple's decision this week to appoint Burberry CEO Angela Ahrendts to be its retail chief "serves to cement Apple's decade-long transition from technology company to high-end lifestyle brand," says Forbes Magazine. Ahrendts looked to Apple for inspiration as she successfully turned around Burberry, once a staid British brand. "On its face, Burberry has learned more from Apple in recent years than the other way around," says an analysis at qz.com.

Sure, there's plenty of volatility. But Wall Street is not panicking yet about the threat of a U.S. government debt default. Stocks dropped Tuesday after four straight days of gains. The Dow Jones index fell 133 points, but futures rose this morning. As of tomorrow the U.S. Treasury Department says it will no longer be able to borrow money and will have to rely on cash reserves of about $30 billion to pay its debt obligations.

But Nov. 1, not Oct. 17, may be the real default date. That's when $67 billion in payments to Social Security recipients, members of the military, retirees, and Medicare providers come due. "November 1 is really the doomsday date," says former trader and economist Stephen Guilfoyle, echoing the view of many money managers. "But just the shock to the faith and credit of the U.S. government, I think the damage to the reputation will be done if it goes past Thursday."

The New York Stock Exchange is edging out the NASDAQ, its tech-heavy rival for the biggest stock debut of the year. Twitter says it will list its shares on the NYSE. Shares could begin trading next month.

Faced with continued economic uncertainty and used to doing more with less, consumers will take a conservative approach to spending this holiday season. According to the consumer spending survey from the National Retail Federation, the average holiday shopper will spend $737.95 on gifts, décor, greeting cards and other items - 2 percent less than the $752.24 they spent last year

Richard Davies Business Correspondent ABC News Radio abcnews.com Twitter: daviesnow