Stock Market Winners & Losers: Stocks Fall as September Winds Down | Credit Card Losses are Rapidly Rising | IRS Cracks Down on Concert Ticket Resellers

Loser: Stocks fall as September winds down
-The market kicked off the final week of trading in September with losses. -The S&P 500 has fallen more than 4% in September.
-The tech-heavy Nasdaq Composite is down 6% in September.
-10-year Treasury yield topped 4.5%
-Amazon said it will invest up to $4 billion in artificial intelligence firm Anthropic.
-Congress Has Just a Week to Avoid a Government Shutdown
-Spotify will use AI to replicate podcasters’ voices and translate them to other languages . The tech can create “realistic synthetic voices” from just a few seconds of speech.
-Samsung’s new ploy to get kids off iPhones is a MrBeast sponsorship. 87 percent of teens own an iPhone, leaving precious little market for Android device makers to carve up. The blue bubble peer pressure theory about teens’ iPhone preference would imply Samsung’s efforts are doomed.
-Tinder is offering a new $500-a-month subscription to its most active users. $6000 a year!!!
-Amazon Prime Video viewers are about to see ads pop up on the service starting in 2024, with the option to pay more for an ad-free experience.
-Lego’s Latest Effort to Avoid Oil-Based Plastic Hits Brick Wall. saying the new material from recycled bottles would increase carbon emissions.

Loser: Credit card losses are rapidly rising
-Americans owe more than $1 trillion on credit cards, a record high.
-Credit card companies like Capital One and Discover are racking up losses at the fastest pace in almost 30 years.
-They have been rapidly rising since the first quarter of 2022.
-Losses currently stand at 3.63%, up 1.5 percentage points from the bottom, and analysts see them rising another 1.3 percentage points to 4.93%. T
-What is unusual is that the losses are accelerating outside of an economic downturn.
-Of the past five credit card loss cycles, three were characterized by recessions,

Loser: The IRS Knows if You Sold Taylor Swift ‘Eras’ Tickets
-In a big shift, anyone who took in more than $600 a year from reselling tickets could be in for a tax surprise
-Swifties, soccer buffs and Beyoncé’s BeyHive all paid sky-high prices.
-If you cashed in this summer by reselling tickets brace yourself to pay taxes.
-A new law requires ticketing platforms like Ticketmaster and StubHub to give the IRS information on.
-A fan who paid $500 for tickets and resold them for $1000, with $90 of seller’s fees, would have a gain of $410.
-The transaction would represent taxable event at 10% to 37%. State income taxes also apply.
-eBay. Airbnb and Etsy, and their users, from dog walkers to clothing resellers, are affected too.

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