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Today in the Market (7/10/2023)

Good Evening! Stocks were up on Monday, commencing a week that will focus on inflation, interest rates, and the initiation of the second-quarter earnings period. 

The Dow Jones led the way, increasing 0.62%, while the S&P 500 finished the day up 0.24%. The Nasdaq Composite experienced a small gain of 0.18%.

SVB VS. FDIC

SVB Financial Group (SIVBQ) has filed a lawsuit against the FDIC in an attempt to reclaim the $1.9 Billion that was taken away by regulators from the lenders back in March.

A refresher. In March, the FDIC committed to provide coverage for all uninsured deposits held by Silicon Valley Bank. This decision was based on the recognition of a “systemic risk” exception. The bank failure, which is the third-largest in U.S. history, was initially projected to result in a $16 Billion loss for the FDIC’s insurance fund.

The lawsuit. In a filing submitted to the U.S. Bankruptcy Court, SVB stated that the FDIC has not provided any substantiated reasons for withholding the funds in question from being returned to the bank’s parent company. According to SVB, the FDIC’s refusal to provide the debtor with the account funds constitutes a violation of both the bankruptcy code and the “systemic risk” exception. In addition, SVB asserts that this action by the FDIC hinders the estate’s ability to undergo reorganization.

USED CAR PRICES ARE DOWN!

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In June, there was a significant decline of 4.2% in used-car prices in the US, marking the largest monthly decrease since the initial stages of the pandemic. This decline in prices is occurring as a prominent indicator of inflation shows signs of easing.

Things are returning back to normal, sort of. Increasing interest rates and larger discounts on new cars are reducing the demand for used vehicles, resulting in decreased prices at auctions where dealers purchase and sell pre-owned vehicles. Also, pricing is being affected as dealerships have largely restocked their inventory of used cars, which had been depleted due to shutdowns and supply shortages caused by the pandemic.

The importance. The prices of used cars have significantly influenced core inflation, which excludes the prices of food and energy. This year, core inflation has exhibited a persistent tendency to remain stable, despite a decline in the headline inflation rate. According to Cox, consumer expenditure on vehicles, including new, used, and car parts, has increased by 10% compared to the previous year

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