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Today in the Market (10/24/2022)

Good Evening. Wall Street is awaiting earnings from some of the market’s largest participants, and U.S. equities gained on Monday to begin a pivotal week.

The S&P 500 increased by 1.19%, while the Dow Jones increased by 1.34%. The  Nasdaq Composite Index gained 0.86% after opening in the red.


Apple (AAPL), the corporate giant, has increased the prices of its different services, including Apple TV+, Apple Music, and the Apple One Bundle. This is the first time Apple has increased the subscription prices of these products in the United States, and overseas markets will also experience comparable price increases.

So how much will be the price increase?

  • Apple Music: $10.99 vs. $9.99 previously 
  • Apple TV+: $6.99 vs. $4.99 previously
  • Apple One: $16.95 vs. $14.95 previously

Apple stated that the price increase in Apple Music is a result of rising licensing fees. As a result, musicians and songwriters will earn more when their music is streamed.

Apple is not the only one. The price rise follows previous pricing increases by competitors such as Netflix (NFLX), which raised monthly prices in January, and Disney (DIS), which announced price increases for its numerous streaming services in August.


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Monday morning, Tesla (TSLA) shares dropped as high as 7.4%, reaching their lowest level in nearly 18 months, and closed down by 1.49%. The move was motivated by two related factors.

The first reason for today’s pessimism was likely a pricing change disclosed in The Wall Street Journal. Tesla is reducing the cost of its Model 3 and Model Y automobiles for Chinese customers. The other item affecting Tesla stock today is likewise related to China.

Investors are concerned that the price decrease may indicate a decline in demand in the crucial Chinese market. It occurs just after Chinese President Xi Jinping gained a third term and packed his government with supporters viewed as less business-friendly.

This was backed by Musk stating that China is undergoing “a recession of sorts” connected primarily to the property markets. Following recent price reductions of 5% and 9% for the Model 3 and Model Y, respectively, investors are questioning whether this crucial market is indeed performing worse than Musk suggested.




Earnings season: Amazon, Microsoft, Apple, Alphabet, and Meta are among the 150 S&P companies that will release quarterly earnings reports this week.

Economic Data: In the first two quarters of the year, the US economy contracted. On Thursday, we will find out if the economy increased again in the third quarter. In addition, the Fed’s preferred inflation gauge will be announced on Friday.

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