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Today in the Market (6/27/2023)

Good Evening! On Tuesday, the stock market experienced a resurgence, breaking a series of consecutive losses, as investors analyzed recent economic data indicating the economy’s durability.

The trading session witnessed a surge in tech stocks, with the Nasdaq Composite experiencing a notable increase of 1.65%. The S&P 500 experienced a 1.15% increase, while the Dow Jones saw a 0.63% rise. 

SLOWDOWN ALL AROUND

Walgreens Boots Alliance (WBA) experienced a decline as the company cautioned that its profits are anticipated to be lower than previously projected due to a decrease in demand for COVID-19 vaccines and a weakening consumer spending climate.

How bad was the slowdown? During the most recent quarter, Walgreens supplied a total of 800,000 COVID-19 vaccinations. This indicates a reduction of 83% in comparison to the corresponding timeframe of the previous year.

It doesn’t stop there… Even though Walgreens experienced a decrease in demand related to COVID-19 that was lower than anticipated. The company also attributed its challenges to broader macroeconomic conditions. According to Rosalind Brewer, the CEO of Walgreens, the typical Walgreens consumer exhibits a greater degree of prudence and prioritizes value in their purchasing decisions.

HOW WILL IT PLAY OUT?

Meta, the parent company of Facebook, has introduced new safety features to safeguard teenagers who use their social media apps and to assist them in managing their time on the platforms.

What can parents expect? Meta has introduced new parental supervision tools for Messenger. Parents and guardians can monitor their teen’s Messenger activity, including time spent on the app, contact list updates, privacy settings, message recipients, and visibility of Messenger stories

What else is coming? Meta is developing Instagram features to restrict direct message senders, in addition to Messenger. The company requires users to send an invitation to another user to obtain their consent to establish a connection on the social media platform before sending direct messages. Will you be using these features?

But, why the big push? Regulators and legislators are scrutinizing the social media industry regarding the use of social media by teenagers. Dr. Vivek Murthy, the US Surgeon General, released a May advisory regarding the impact of social media usage on young individuals.

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