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Today in the Market (6/21/2023)

Good Evening! On Wednesday, the stock market experienced a decline following the testimony of Federal Reserve Chair Jerome Powell before Congress, where he suggested the possibility of additional rate hikes in the current year.

The Nasdaq Composite saw the biggest decline today by 1.21%, while the S&P 500 came in second by falling by 0.52%. Lastly, the Dow Jones had the smallest loss of 0.30%.

YOU CANT FOOL US!

According to a recent lawsuit filed by the Federal Trade Commission, Amazon (AMZN) has been accused of deceiving customers into enrolling as Prime subscription members and hindering their attempts to cancel the service.

So what is the case? Amazon deliberately devised complex sign-up and cancellation procedures for its Prime membership service with the intention of deceiving customers into subscribing to automatically-renewing memberships and impeding their efforts to unsubscribe.

 On top of that… The agency has also brought allegations against Amazon for engaging in unlawful practices that hinder consumers from subscribing exclusively to its more affordable “Prime Video” service. Before June 2022, Amazon leveraged the consumers’ lack of awareness between Prime Video and its flagship “Prime” service.

This is one of many cases… The above-mentioned development is in line with a series of legal and regulatory measures taken by the U.S. aimed at addressing the market dominance of major tech firms such as Google (GOOG) and Microsoft (MSFT), as well as Meta (META) and Apple (APPL).

WE NEED GAMERS!

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Did you know… Schneider National, a trucking company is urging individuals who engage in gaming activities to relocate their gaming sessions to the real thing. The company has strategically utilized in-game billboard advertisements on American Truck Simulator, a widely popular video game that offers players the opportunity to simulate the loading, driving, and parking of 18-wheelers with diligent attention to detail, as a means of recruiting drivers

Why is there such a demand? The advertisements illustrate the urgent need for the trucking sector to attract a fresh workforce. As per the American Trucking Association, the shortage of drivers in US trucking companies has reached an unprecedented level of 80,000 in 2021, and it is projected to escalate to 160,000 by 2030.

This isn’t new, however! The utilization of video games as a means of recruitment is not an unusual idea. The United States military had released a complimentary first-person shooter game, America’s Army, for twenty years to engage with potential future soldiers. However, the game was discontinued in the previous year. According to a study conducted by MIT in 2008, the game was identified as the most effective advertising tool for the Army, with a significant positive impact.

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