Business and Finance News - 12.31.24

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Apple announced that Apple TV+ will be free globally from January 3 to January 5, 2025, for anyone with an Apple ID. This move follows increased competition in the streaming market, as platforms like Netflix and Disney+ introduce discounts and exclusive content to attract new subscribers. (Quartz)

Key Insight → Apple's decision to offer Apple TV+ for free globally over the weekend reflects a strategic move to boost user engagement, drive subscriptions, and compete in an increasingly saturated streaming market. By showcasing popular original content like "Ted Lasso" and "The Morning Show" without cost barriers, Apple can attract new audiences and potentially convert them into long-term subscribers. This initiative also highlights the ongoing price wars and promotional tactics among major streaming platforms, underscoring how competitive pressures are shaping the industry's future.

The U.S. Justice Department filed a complaint against fintech company Dave Inc. and CEO Jason Wilk, alleging deceptive practices involving cash advances, hidden fees, and misleading advertising. The government seeks financial penalties and consumer redress, expanding on an earlier FTC complaint filed in November. (Reuters)

Key Insight → The U.S. government's complaint against fintech app Dave and its CEO highlights increasing scrutiny of deceptive practices in the digital finance sector. This case underscores the importance of transparency in advertising and fee structures, aiming to protect consumers from misleading financial products. For the broader market, it signals stricter enforcement and potential regulatory shifts affecting fintech companies.

New 2025 laws will introduce paid prenatal leave in New York, financial protections for child influencers in California, and eliminate rental taxes in Arizona. Other key changes include minimum wage increases in 21 states, restrictions on social media for children under 14, and bans on junk fees in Minnesota. (Axios)

Key Insight → The new 2025 laws reflect a shift toward stronger protections for workers, children, and consumers, addressing issues like paid prenatal leave, child influencer earnings, and AI misuse. These regulations highlight growing concerns about digital rights, family welfare, and economic fairness. For the broader market, they signal increased government intervention in labor rights, technology, and housing, setting precedents that could influence future policies nationwide.

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Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 42,573.73 -418.48 (-0.97%)

• S&P 500: 5,906.94 -63.90 (-1.07%)

• Nasdaq Composite: 19,486.78 -235.25 (-1.19%)

• Russell 2000: 2,227.78 -16.81 (-0.75%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.812T]: 252.20 -3.39 (-1.33%)

• Nvidia (NVDA) [3.367T]: 137.49 +0.48 (+0.35%)

• Microsoft (MSFT) [3.159T]: 424.83 -5.70 (-1.32%)

• Alphabet (GOOGL) [2.341T]: 191.24 -1.52 (-0.79%)

• Amazon (AMZN) [2.327T]: 221.30 -2.45 (-1.09%)

• Meta Platforms (META) [1.493T]: 591.24 -8.57 (-1.43%)

• Tesla (TSLA) [1.34T]: 417.41 -14.25 (-3.30%)

Here’s how Bitcoin and Ethereum did yesterday:

• Bitcoin (BTC): $92,371.43 (7:00PM PST on 12/30/24)

• Ethereum (ETH): $3,336.68(7:00PM PST on 12/30/24)