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Today in the Market (3/8/2024)

Good Morning! On Friday, U.S. equities ended on a negative note as investors retreated after the release of employment data. The Dow Jones only fell by 0.18%, while the S&P 500 decreased by 0.65%. However, the Nasdaq slid down the most by 1.16%.

NEW VEHICLES IN THE WORK!

The shares of Rivian Automotive (RIVN) saw a significant increase after the company’s unveiling of its latest car platform. Shareholders were also delighted when the electric vehicle start-up presented a few more surprises, in addition to the expected automobile.

So what is this new platform? R2 is Rivian’s second vehicle platform, as its name implies. It is an affordable product that will allow the business to expand its potential market by offering reduced pricing. The starting price of the R2 is around $45,000 (compared to $75,000 for the R1 vehicles), and it is scheduled to be available for purchase in 2026.

That’s not all, though! Another car that came as a surprise was the R3, which included a sportier variant known as the R3X. This is another vehicle that will be constructed on the same platform. However, CEO R.J. Scaringe did not include information on the pricing and timeframe of the R3 in his prepared comments

ALL IN ONE

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Netflix (NFLX) announced that on July 20th, they will be broadcasting a live battle between former heavyweight world champion Mike Tyson, and Jake Paul, a YouTube personality who gained popularity via pranks. The match will take place at the AT&T Stadium in Arlington, Texas, which can accommodate up to 80,000 spectators.

In the right corner! The experience discrepancy between the two boxers is astonishing, but even more striking is the 30-year age disparity. Tyson, who will be 58, has not competed in a professional fight since his defeat to Kevin McBride in 2005. In the left corner! Paul, who is now 27 years old, has achieved a remarkable 9-1 record in boxing since he started four years ago. It is worth noting that most of his opponents were not professional fighters.

Why does it matter? The match is a component of Netflix’s strategy to establish itself as the primary streaming platform for live specialized sports entertainment, with a strong focus on providing entertaining content. So far, Netflix organized The Netflix Cup in November, which was a live golf competition including players from its golf series, Full Swing, as well as racers from Formula 1: Drive to Survive. Also, this year, the streaming business entered into a $5 billion agreement with WWE to exclusively broadcast Monday Night Raw on their platform for 10 years, starting in 2025.

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