Stock Market Winners & Losers: Tech Stocks Slide as Earnings Take Center Stage | Car Insurance Prices Soar Even as Inflation Eases | Capital One is Adding Discover to Its Wallet
Loser: Tech stocks slide as earnings take center stage
Stocks experienced a decline, hinting at potential further losses as investors awaited earnings reports from major retailers for clues about consumer behavior. Home Depot's shares dropped after indicating stagnant demand amidst persistent inflation, while Walmart saw a rise due to optimistic sales forecasts and a dividend hike. Wednesday's earnings announcement from Nvidia is anticipated as a significant event that could impact market direction.
Loser: Car insurance prices soar even as inflation eases.
Car insurance costs have spiked nationwide, with the average rising by 26% to $2,543 in 2024. Factors such as increased car crash fatalities, higher vehicle repair costs, extreme weather claims, and the popularity of electric vehicles contribute to this surge. In California, the average is even higher at $2,688, with some policies seeing a 30% increase. Additionally, thefts have soared, exceeding 1 million in 2022 for the first time since 2008.
Winner: Capital One is adding Discover to its wallet
Capital One, with over 100 million customers, is buying Discover Financial Services for $35.3 billion. This makes Capital One the leading US credit card company by loan volume, overtaking JPMorgan and Citigroup. Discover's dual role in credit card issuance and payments networks adds to the appeal of the deal, given Visa and Mastercard's dominance.
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