…and new-car sales shift into high gear
| Zucked (Justin Sullivan/Getty Images) | |
|
|
Yesterday's Market Moves | | Dow Jones
34,289 (-0.38%) | S&P 500
4,447 (-0.20%) | Nasdaq
13,792 (-0.18%) | Bitcoin
$30,477 (-0.96%) |
| Dow Jones
34,289 (-0.38%) | S&P 500
4,447 (-0.20%) | Nasdaq
13,792 (-0.18%) | Bitcoin
$30,477 (-0.96%) |
|
|
|
Hey Snackers, Sandwich artists, rejoice. Subway said it's going to install deli-meat slicers at 20K US locations to update its presliced menu. It could be the best thing since sliced bread. Stocks ticked down yesterday following the release of June's Fed minutes, which suggested an inclination toward continued rate hikes. | |
|
|
Meta launches a Twitter rival as the tech titans face off for fresh eyeballs | Musk vs. Zuck… Not talkin' cage matches. Meta announced a new social app yesterday, dubbed Threads, and it's already live in 100+ countries. ICYMI: Like Twitter, Threads lets users share real-time text updates as well as like, comment, and repost. Unlike Twitter, Threads didn't launch with a chronological-based feed, and there is no direct messaging. Meta's hoping its 3B Facebook and 2B Instagram users will add the Twitter dupe to their quiver of apps. Sweetening the deal: IG-friendly: Threads users can sign into the new app with their Insta accounts and use the same handle on both platforms. A-list invites: Meta recruited celebs including Gordon Ramsay and Shakira to start threading (aka: posting). The hope: big names will attract big download #s. And then there's the competition…
Clipped wings… From site malfunctions to controversial content-moderation moves, Twitter's problems have piled up since Elon Musk bought the biz for $44B last year. Musk recently tweeted that unverified tweeters would (at least temporarily) be limited to seeing 1K posts/day, while paying subscribers would get 10K views. Next month, Twitter said it would restrict TweetDeck — a popular tool for following numerous timelines — to subscribers. Now, it's not just Meta trying to pick up Twitter's dropped ball: - New Nests: Bluesky, a decentralized social app, had to temporarily pause sign-ups last weekend after seeing record traffic. Rival Mastodon also reportedly saw a sign-up spike.
|  | THE TAKEAWAY |
| One app's troubles can be another's treasure… Meta wants to spin Twitter's trials and tribulations into biz gold. Some are already calling Threads a "Twitter killer" given Meta's massive reach. But success isn't guaranteed. In February, Meta shut down its Cameo-esque app Super less than two years after launch, and in March it shuttered its live-shopping feature. | |
|
|
New-car sales soar as US shoppers shrug off sticker shock | Joy ride… straight off the lot. New US car sales surged by as much as 14% in the first half of this year, as the auto industry pulled ahead into a post-pandemic comeback. GM, Kia, Nissan, and Honda have all recently reported strong new-vehicle sales in the second quarter, while EV-only peers Tesla and Rivian delivered more vehicles than expected. Hittin' the gas: Research firm Cox Automotive (think: Kelley Blue Book, Autotrader) jacked up its estimate of how many new vehicles will be sold this year to 15M, from just over 14M. Butterfly doors: As people bought more expensive rides, including EVs, average new-car prices hit $46K last month. That's up 3% since the start of the year.
Shiny and new… American consumer confidence jumped to a 17-month high in June, even as some experts continued to anticipate a recession. Consumers' warm-and-fuzzy economic feelings could help drive big-ticket buys like cars, but the open road may hide some speed bumps: Full lots: With pandemic-related supply-chain kinks mostly ironed out, automakers' inventories are growing after three years of being limited. Bumpy road: Some analysts say production may've ramped up too much and that dealers could be left with a glut at the end of the year. Translation: potential discounts.
| | THE TAKEAWAY |
| It's hard to call a race midway… Despite recent rosy #s, Cox Automotive predicts that car buying will cool in the second half of this year (it still hasn't caught up to pre-pandemic levels). Plus, as used-car prices have fallen from their highs, shoppers may opt for pre-owned versus new. And while consumers' plans to buy pricey items (picture: cars, houses) have been in high gear, the latest Consumer Confidence Index suggests they could cool later this year as rates rise. | |
|
|
What else we're Snackin' | ModeRNA: Moderna said it'll develop drugs to be used in China. The deal, said to be valued at $1B, follows a failed effort by the Covid-vax maker to enter the Chinese market and comes amid bubbling US-China tensions. Loaned: The Biden admin said that for one year after student-loan payments resume, missed payments wouldn't be reported and loans wouldn't go into default. Last week the Supreme Court struck down the president's forgiveness plan. Jenny: The wellness biz Wellful said it would purchase the defunct Jenny Craig meal-coaching brand. It comes as the weight-loss industry faces upheaval from a new class of FDA-approved drugs (like: Wegovy). UPStrike: UPS and the Teamsters yesterday failed to reach a contract agreement ahead of a July 31 deadline. Without an agreement, drivers may strike next month, potentially delaying millions of daily deliveries. Round2: BlackRock refiled paperwork for a bitcoin ETF with the SEC after the regulator said the asset-management firm's previous filing was incomplete. BlackRock's initial filing kicked off a crypto market rally.
| 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up here. | |
|
|
Snack Fact Of the Day | Elon Musk's net worth has increased by about $100B this year | | |
|
|
Thursday | Authors of this Snacks own bitcoin | |
|
|
Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more | |
|
|
