Stock Market Winners & Losers: Markets Fall to Lows on interest Rate Threat | Las Vegas Sphere Opens Over the Weekend

Loser: Markets fall to lows on interest rate threat
-Stocks fell as traders kept an eye on rising Treasury yields, which hit a 16-year high.
-The 10-year Treasury yield last traded at 4.756%, reaching its highest level since Aug. 15, 2007. The benchmark yield has surged in the past month.
- Job openings increase in August to 9.6 million openings, raising questions of whether the job market is cooling fast enough to appease the Federal Reserve as the central bank considers more interest rate hikes to combat inflation.
- Apple is considering a $2 billion move that could change the streaming landscape for the global broadcasting rights to Formula 1
- MrBeast will advertise his Feastables chocolate bars in a patch on the Charlotte Hornets’ jerseys in the NBA’s first tie-up with an influencer.
- Paris Hilton has made a revenue-sharing deal to create content for X as the platform tries to push video and live shopping content. The news has X CEO Linda Yaccarino using #sliving, the catchphrase Hilton has been trying to make happen for years.

Loser: Americans Are Still Spending Like There’s No Tomorrow
- Concerts, trips and designer handbags are taking priority over saving for a home or rainy day
- Consumers should be spending less by now.
- Interest rates are up. Inflation remains high. Pandemic savings have shrunk. And the labor market is cooling.
- Yet household spending, remains robust as Americans spent 5.8% more in August than a year earlier, well outstripping less than 4% inflation.
- And the experience economy boomed this summer, with Delta Air Lines reporting record revenue in the second quarter and Ticketmaster selling over 295 million event tickets in the first six months of 2023, up nearly 18% year-over-year.
WHY SPEND AND NOT SAVE?
- A tough housing market has more consumers writing off ever owning a house.
- The pandemic showed the instability of any long-term plans. So, they are spending on once-in-a-lifetime experiences.
- Consumers might not be able to keep splurging forever. Labor strikes and student loan repayments could both lead people to pull back. Rising gas prices could also deter travel.

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