TLDR

MARKET RECAP → The S&P 500 (VOO) broke its three-day losing streak in what was a fairly choppy week of performance across the board. Renewed fears of rate hikes stoked some of the momentum in stocks so far this year. Next week’s August inflation data will likely be the next big event to impact stocks broadly.

RENT REVERSAL → In 2023, the rental market experienced a surge in apartment supply, leading to a significant slowdown in rent growth, with several cities notably feeling the financial squeeze. (P.S. check out our new Mortgage Rates table at the bottom of today’s newsletter 👇).

ROBLOX GOES 3D → Roblox (RBLX), the popular kids gaming platform, announced plans to launch a 3D virtual marketplace as part of a broader plan to boost revenue. Subscribers to the app’s upper-tier premium plans will have the opportunity to sell their 3D goods to other users.

Sean Horgan

Head of Investor Relations @ MoneyLion

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Today’s S&P 500 Heatmap

Source: finviz.com

Today’s Top News

RENT REVERSAL

📉 Rents in August 2023 were a mere 0.28% higher than August 2022, a stark contrast to the previous year’s 11% annual growth.

🏢 A record-breaking supply surge saw over 460,000 new apartment units completed in 2023, marking a 50-year high.

🌆 While national rents haven’t dipped into the negatives, cities like Austin, Phoenix, and Las Vegas witnessed significant drops. Meanwhile, the vast influx of units predicts a potential rent decline through 2025.

Source: shutterstock

ROBLOX GOES 3D

🎮 Roblox (RBLX), aiming to boost its revenue, allowed upper-tier premium subscribers to create and sell 3D virtual goods, expanding from the previously exclusive 2D marketplace.

📉 The company’s revenue growth took a hit, plummeting to 15% YoY in the recent quarter from highs of over 100% in several 2021 periods.

🛠️ New coding tools were introduced for developers, enabling them to craft subscription-based services for in-platform games, aiming to generate consistent revenue streams.

Source: shutterstock

Keep Reading

Paige Announces Collaboration with Microsoft to Build the World’s Largest Image-Based AI Model to Fight Cancer (businesswire)

Goldman Sachs CEO David Solomon sees Wall Street rebound if tech IPOs perform (CNBC)

Apple’s iPhone 15 event kicks off on Tuesday. Here’s what to expect (CNBC)

Former FTX exec Ryan Salame to forfeit $1.5 billion after guilty plea (CNBC)

And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. 👇

MoneyLife

Current Mortgage Rates

Source: Wolfram Alpha. Note: The table above includes rough estimates and the actual monthly payments may vary based on additional factors such as property taxes, homeowner’s insurance, and other fees.