Wall Street Today | Used Car Prices Are Falling as Sales Soften Amid High Interest Rates
MACRO
Eight Megacap Stocks Make for a Funny Sort of Bull Market
The FANGs and various remixes worked for a while, but 2023 has expanded the market leadership to seven, or perhaps eight, stocks that now dominate the market and seem to move to a different tune to the rest.
S&P 500 Touches Bull-Market Territory, Then Retreats
Stocks came under pressure in Wednesday trading, a day after the S&P 500 and Nasdaq Composite managed new 2023 closing highs.
The S&P 500 this morning touched a level that would have marked a new bull market if it closed there. That was later stymied by the Bank of Canada's decision to raise rates.
Treasury’s $1 Trillion Debt Deluge Threatens Market Calm
Investors are bracing for a flood of more than $1 trillion of Treasury bills in the wake of the debt-ceiling fight, potentially sparking a new bout of volatility in financial markets.
SECTORS
Used Car Prices Are Falling as Sales Soften Amid High Interest Rates
Wholesale used vehicle prices reached their lowest level of the year in May, as sales fell amid high interest rates and inflated retail prices.
Cox Automotive reported Wednesday a 2.7% decline from April to May in its Manheim Used Vehicle Value Index to 224.5. It marks the second consecutive monthly decline and the index’s lowest level since 219.3 in December.
COMPANY
Amazon Plans Ad Tier for Prime Video Streaming Service
$Amazon(AMZN.US$ is planning to launch an advertising-supported tier of its Prime Video streaming service as it looks to further build its ad business and generate more revenue from entertainment, according to people familiar with the situation
Tesla Loses Potential $2 Billion Profit Because Farmers Are a Bigger Deal
$Tesla(TSLA.US$ gained a government incentive, just as it lost another one. The loss is a bigger deal though and says more about government policy than electric vehicles.
GameStop Misses Quarterly Revenue Estimates
$GameStop(GME.US$ reported first-quarter net sales of $1.237 billion, which were down from the $1.378 billion reported in the prior year's first quarter. The company reported a net loss of $50.5 million in the first quarter. Earnings per share were a loss of 14 cents per share in the first quarter, which missed a Street consensus estimate.
Source: Bloomberg, Dow Jones, CNBC, Benzinga
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