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Today in the Market (5/16/2024)

Good Morning! On Thursday, the US stock market failed to achieve new all-time highs, even though the Dow Jones briefly reached the milestone of 40,000 for the first time. The NASDAQ fell by 0.26%, while the S&P 500 slid by 0.21%, and the Dow Jones decreased by 0.10%.

NO TIME TO SLOW DOWN!

As part of its second Upfront presentation, Netflix (NFLX) informed advertisers that its ad tier had reached 40 million worldwide monthly active users. This represents a considerable rise from the 15 million users that the company disclosed back in November, as well as a 35 million increase in comparison to the same period in the previous year. It is working so well that the ad tier is currently responsible for more than 40% of all Netflix sign-ups in regions where it is available.

Netflix didn’t stop there! Along with the user upgrades, the firm also announced the launch of a new in-house advertising technology platform. This platform will provide advertisers with different methods to purchase advertisements and evaluate their effectiveness. On top of that, Netflix said that it had been awarded the streaming rights to two National Football League games that were scheduled to show on Christmas Day as part of a three-season arrangement. According to Bloomberg, the business is expected to pay a sum that is lower than $150 million for each game.

I'LL JUST STICK TO GAS

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A recent analysis from the automotive research company J.D. Power found that the interest of American customers in EVs is decreasing making this the very first time since J.D. Power launched its Electric Vehicle Consideration Study in 2021.

So how much did it decrease? According to the most recent edition of the survey, 24% of participants indicated a strong inclination to buy an EV, which is a decrease from 26% reported last year. Furthermore, the proportion of consumers who express a general desire to consider buying an EV has declined from 61% to 58% compared to the previous year

So what is causing this and what could be done to help? According to the findings of the survey, concerns about EVs include the following: generally higher pricing for EVs; restricted driving distance (range anxiety); lengthy charging times; and the difficulty of charging at both home and work. According to J.D. Power, increasing the amount of knowledge that is provided regarding incentives such as tax credits would help improve sales. However, there is still a significant amount of work that has to be done on the part of manufacturers and maybe the federal government, which has placed a significant amount of bets on the adoption of electric vehicles in the nation.

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