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Today in the Market (5/31/2024)

Good Morning! On Friday, the U.S. market concluded the last trading day of the month on a good note, achieving the sixth month of gains out of the previous seven for all three main indexes. The Dow Jones surged and finished the day up by 1.51%, while the S&P 500 followed with a gain of 0.80%. The NASDAQ almost came back but came up short by 0.01%.

THE PROGRESS IS SHOWING!

Gap’s (GPS) stock had a significant surge of over 28% on Friday after the company announced an upward revision to its full-year sales goals. This indicates that Gap’s strategy to rejuvenate its business by introducing more contemporary fashion choices is beginning to yield positive results

So what helped? Dickson, renowned for rejuvenating the Barbie business for Mattel Inc., was recruited by Gap in August of last year to revive the retailer’s image. In order to do this, he has employed the services of fashion designer Zac Posen as the creative director for its mass-market Old Navy shops, partnered with an independent label, and embraced celebrity marketing.

That wasn’t the only thing that helped! There was a 15% decrease in its inventory compared to the previous year. As part of what the CEO and President of the Gap Brand, Mark Breitbard, referred to as “a huge cleanup effort,” the company shut down locations that were not fruitful and tried to enhance the quality of their products.

TIME FOR A MAKEOVER

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Meta (META) aims to rejuvenate its Facebook app by making a renewed effort to attract the attention of Generation Z users. Tom Alison, the head of Facebook, is promoting the social network as a platform for young adults aged 18 to 29 to engage, make purchases, and stay updated on current trends.

Are younger generations not really using it? Meta, the 20-year-old social network that transformed into a dominant force in the digital industry, is not as widely favored by teenagers compared to its sibling application, Instagram. Based to Piper Sandler’s most recent Taking Stock with Teens poll, just 32% of teenagers use Facebook on a monthly basis, whereas 80% use Instagram and 72% access TikTok.

So what has Facebook done and is it working? The platform has been working to improve its video efforts via the use of its short-form video platform, Reels, as well as its search function in order to entice creators to join the platform. Alison states that Facebook has shown consistent growth in the U.S. over several quarters and has shown year-on-year growth specifically among young individuals. In addition, individuals allocate 60% of their time on Facebook for video content.

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