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Today in the Market (7/18/2023)

Good Evening! On Tuesday, the stock market experienced a continuation of its recent upward trend, as investors processed a series of quarterly earnings reports. Notably, Bank of America (BAC) and Morgan Stanley (MS) were among the companies that disclosed their financial performance during this period.

There was green across the board for the 3 indexes with the Dow Jones leading the way with a 1.06% increase, the Nasdaq Composite increased by 0.76%, and the S&P 500 rising by 0.71%.

ANOTHER STREAMING PRICE INCREASE

Comcast (CMCSA) recently disclosed its decision to implement price adjustments for its Peacock streaming platform, marking the first instance of such changes.

How much is the price increase? The company has notified its current Peacock subscribers that their monthly charges will witness an increase of $1, resulting in a revised fee of $5.99 for the ad-supported Peacock Premium plan. Similarly, the mostly ad-free Peacock Premium Plus tier will experience a $2 increase, bringing the new monthly cost to $11.99

What is the reasoning? The price adjustments will be implemented on August 17th for current users, while new customers will experience immediate changes in pricing. The increase in hiking rates is occurring in the context of Peacock experiencing significant financial losses in its streaming services, as the expenses associated with content acquisition have risen dramatically due to intensifying competition in the industry. On top of that, According to the company, the implementation of price increases will enable the service to sustain investments in user experience and content.

THE BANKING INDUSTRY

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The financial results of banks were varied today, with the sector experiencing a positive sentiment due to exceeding expectations that were initially pessimistic. Bank of America (BAC) reported increased profits and revenue in the second quarter due to a robust performance from its Wall Street division. The net income experienced a 19% increase in comparison to the corresponding period of the previous year, reaching a total of $7.4 billion. The revenue experienced a growth of 11%, reaching a total of $25.2 billion.

On the other hand… Morgan Stanley (MS) experienced a decline in profits due to a deceleration in dealmaking and trading activities. The company disclosed a net income of $2.2 billion, representing its lowest level in over three years and reflecting a 13% decrease compared to the previous year. The revenue increased by 2% or $13.5 billion. Investors expressed their appreciation for the strong financial performance of the Wall Street giant, resulting in a stock increase of over 6% still.

How was the overall industry? Morgan Stanley, along with Citigroup (C) and JPMorgan Chase (JPM), has recently reported a deceleration in investment banking and trading activities. Bank of America experienced a notable increase in revenues within that particular business, setting it apart from others

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