Stock Market Winners & Losers: S&P 500 Rises on Last Day of February | Oprah Winfrey is Leaving Weight Watchers | Taylor Swift Brings Event Tourism to Singapore

Winner: S&P 500 rises on last day of February
The S&P 500 saw a slight increase as investors processed important inflation data that aligned with economist predictions, alongside new housing figures. The core personal consumption expenditures price index rose by 0.4% for the month and 2.8% from a year earlier. This suggests that inflation is not picking up speed. Additionally, personal income surged by 1% month-over-month in January, surpassing the expected 0.3% increase.

Loser: Oprah Winfrey is leaving Weight Watchers
Media magnate Oprah Winfrey is resigning from her position on the board of directors at Weight Watchers. The company is facing pressure from a new class of weight loss drugs known as GLP-1s, including popular brands like Ozempic, Wegovy, and Zepbound, which are projected to become the best-selling drugs of all time. Following this news, Weight Watchers' stock plummeted by 25%. Winfrey has decided to donate all her Weight Watchers shares to the National Museum of African American History and Culture. She disclosed in December that she is using a GLP-1 drug herself. Additionally, Weight Watchers has initiated the offering of prescriptions for these popular medications. The company's net loss has surged by 140% to $88.1 million in the last three months compared to $35.8 million in the same period the previous year.

Winner: Taylor brings Event Tourism to Singapore
Event tourism is becoming a significant factor in reshaping the travel industry post-pandemic, with more people willing to fly to attend concerts or sporting events. Singapore, known for business travel, is leveraging concerts by Coldplay, Bruno Mars, Ed Sheeran, and now Taylor Swift to boost its economy. Coldplay's six shows drew 200,000 fans, and Taylor Swift's upcoming six concerts are expected to generate hundreds of millions in tourism receipts, potentially adding 10% to Singapore's GDP. Swift's previous tour in the U.S. generated $4.6 billion in consumer spending. Singapore has seen a 10% increase in hotel bookings and a 20% surge in demand for flights due to these events.

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