MARKET RECAP → On Tuesday, the S&P 500 (VOO) neared its all-time high, buoyed by the Federal Reserve’s recent lenient stance on interest rates. The Nasdaq (QQQ) closed above 15,000 for the first time since January 2022. Energy stocks outperformed, with the S&P 500 energy sector ETF (XLE) climbing 1.2% amid rising oil prices.
TARGET STORE CLOSURES QUESTIONED → ? Target’s (TGT) closure of nine stores, citing theft and crime, faces scrutiny as data reveals lower crime rates at these locations compared to others, sparking debate over the retailer’s true motives. AFFIRM SOARS WITH WALMART → ? Affirm’s (AFRM) stock jumped more than 15% as it announced the expansion of its buy-now-pay-later services to Walmart’s (WMT) self-checkout kiosks.
HOLIDAY SPENDING DEFIES SENTIMENT → ?️ Amidst economic gloom and Biden’s dipping approval, Americans defy expectations with a 31% surge in holiday spending, painting a complex picture of consumer confidence and economic sentiment. |
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| Sean Horgan Head of Investor Relations @ MoneyLion
$shorgan |
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Together With Dun & Bradstreet |
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TARGET STORE CLOSURES QUESTIONED |
? Target (TGT) announced the closure of nine stores in four states, citing theft and organized retail crime as reasons. However, a CNBC investigation revealed that these locations generally experienced fewer reported crimes than other nearby stores that remained open.
? The investigation raised questions about Target’s true motives for the closures, suggesting they might be related to financial performance or legislative agendas. The closed stores were mostly “small-format” locations in urban areas, part of an experiment to expand Target’s footprint.
? Despite Target’s claims, the data showed that stores in busier areas with higher median incomes and better foot traffic, which experienced more theft and violence, remained operational. This discrepancy challenges the narrative that safety concerns were the sole reason for the closures. |
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AFFIRM SOARS WITH WALMART |
? Affirm’s (AFRM) stock surged over 15% after announcing the expansion of its partnership with Walmart (WMT) to include self-checkout kiosks in over 4,500 U.S. stores. This move marks a significant recovery for Affirm, whose shares have soared over 400% this year after a 90% value drop in 2022.
? The expanded partnership builds on the existing collaboration between Walmart and Affirm, which already offers buy-now-pay-later options for online and in-store purchases. Customers can pre-apply for credit and use a barcode at checkout, enhancing the shopping experience.
? Affirm’s growth is also bolstered by partnerships with other major retailers like Amazon (AMZN) and Shopify (SHOP), positioning it as a key player in the buy-now-pay-later sector. This expansion reflects growing consumer demand for flexible payment options at checkout.
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HOLIDAY SPENDING DEFIES SENTIMENT |
? Despite a slump in American views on the economy and President Biden’s approval ratings, the CNBC All-America Economic Survey revealed a significant increase in holiday spending, with intended spending per person soaring to $1,300, a 31% jump from last year.
? The survey highlighted a paradox: while 37% of those spending less cited inflation as the reason, up from 15% last year, 32% of those spending more attributed it to higher incomes or wages. This contrast underscores the complex relationship between consumer behavior and economic perceptions.
? President Biden’s approval ratings hit a new low, with only 35% overall approval and even lower ratings in economic management. This decline in approval is mirrored by a shift in support among key demographics, including younger women, independents, and Latinos, with the latter group now favoring former President Trump in a hypothetical matchup. |
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And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife) |
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