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Today in the Market (10/4/2023)

Good Evening! On Wednesday, U.S. stocks rebounded after significant losses in the previous session. This recovery occurred as the rapid increase in bond yields temporarily paused, and investors prepared themselves for the potential consequences resulting from the unprecedented removal of the US House Speaker.

The three indexes were green as grass with the Nasdaq Composite leading the way by 1.35%. The S&P 500 gained momentum in the second half and finished up 0.81%, while the Dow Jones went on a roller coaster ride, but still increased by 0.39%.

LISTEN UP!

Spotify (SPOT) announced that its premium service subscribers in the UK and Australia would now be granted 15 hours of free access to audiobooks every month (Will be available later this year for the U.S.). Subscribers will have the opportunity to choose from a comprehensive collection of more than 150,000 audiobooks with their current subscriptions. Additionally, customers will have the choice to purchase extra 10-hour allocations as additional credits.

Why are they doing this? The prominent music streaming platform is seeking to enhance its financial gains via the incorporation of other forms that generate cash, such as podcasts and audiobooks. On top of that, the introduction of its audiobook service in the U.S. in the previous year posed a threat to Audible, a division of Amazon.

What is Spotify’s end goal? Spotify announced its strategic objective of attaining a user base of one billion individuals by the year 2030, with the ambitious goal of generating annual income amounting to $100 billion. Additionally, the corporation had previously made assurances about its achievement of high-margin profits resulting from its substantial investment in podcasts and audiobooks.

LARGEST U.S. HEALTHCARE STRIKE TO DATE

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Over 75,000 employees, who are employed by Kaiser Permanente, a nonprofit healthcare organization in the U.S., have organized a planned work strike for three days. This strike, commencing today, is anticipated to be the largest in the history of healthcare labor disputes in the U.S.

Why are employees going on strike? The healthcare workforce is now facing several difficulties, as stated by Kaiser in reaction to the imminent walkout. Based on a corporate statement, it has been reported that up to two-thirds, of healthcare personnel experience burnout.

Not just about the employees! The issue of understaffed facilities is an ongoing concern within the healthcare sector. However, representatives of labor unions argue that this problem has been worsened by the combination of the pandemic and the Great Resignation. Consequently, the burnout and understaffed situation poses a significant risk to patient safety as well.

What do employees want? The labor union is seeking a competitive compensation package, taking into consideration the rising cost of living. This includes establishing a minimum pay of $25 per hour and implementing progressive salary increments ranging from 6.25% to 7% over the course of the subsequent four years.

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