Netflix Loses Nearly 1 Million Subscribers

• 3 min read
Netflix Loses Nearly 1 Million Subscribers

MARKET MOVERS

  • Netflix loses fewer subscribers than expected and a cheaper ad tier is coming in 2023. Netflix only lost around 970,000 subscribers during the second quarter, a smaller loss than the 2 million it had projected last quarter. The company aims to unveil its lower-cost, ad-supported tier in early 2023. The streaming giant provided guidance for the third quarter, saying it expects to add around 1 million net new subscribers. Read more here.

  • YouTube partners with Shopify to add live shopping features. The feature will let viewers purchase products without leaving its website. The whole transaction occurs while someone is watching a video, which might help YouTube retain viewers who would have otherwise left the site to buy a product somewhere else. The company said it’s planning to expand shopping features to its Live, Shorts, and long-form video, too.

  • US gasoline prices fall to a two-month low with pump pain easing. US retail gasoline prices fell below $4.50 a gallon for the first time since mid-May, starting to ease pressure at the pump for millions of Americans. The nationwide average was at $4.495 a gallon, according to data released on Tuesday by the American Automobile Association. Prices have fallen more than 10% since hitting a record last month and are on a 35-day slide.

  • Strong dollar fuels pullback in commodity markets. Prices of oil, metals, and agricultural products have tumbled since early June. In part, the recent fall reflects investors’ fears that a demand-busting recession is around the corner. But it is also because most commodities are priced in dollars. That means a rallying dollar makes them more expensive for buyers around the world and drags on demand. Read more here.

  • Housing starts and permits fell in June. The metric, which gauges the start of construction on new homes, was at a seasonally adjusted annual rate of about 1.56 million in June, down from a revised May rate of 1.59 million. Consensus had anticipated a seasonally adjusted annual rate of 1.59 million. Permits, a measure of new unit authorizations, were about 1.69 million.

  • Homebuilder sentiment plunges in July as buyers pull back. Builder sentiment dropped 12 points to 55, according to a monthly survey from the National Association of Home Builders. That marks the largest single-month drop in the survey’s 37-year history with the exception of April 2020. Sentiment about current sales conditions saw the largest drop, while buyer traffic fell firmly into negative territory. Read more here.

WHAT TO WATCH

  • Twitter-Musk trial set in October after Musk loses effort to delay. Twitter won its motion for an expedited trial in its lawsuit against Elon Musk on Tuesday. Delaware Court of Chancery chancellor Kathaleen McCormick ruled in favor of an expedited 5-day trial, to take place in October, after a hearing conducted via teleconference.

  • A market in full panic mode is setting up a buying opportunity, a Bank of America survey shows. The survey indicated pessimism about corporate profits and a belief that while inflation is likely to come down, stagflation isn’t going anywhere. Amid all that bad news comes one bit of hope — that sentiment is so dire it could be setting up a short-lived relief rally in the days ahead. Read more here.

  • Dubai targets 40,000 virtual jobs in the metaverse in five years. The plan, launched by Dubai Crown Prince Sheikh Hamdan bin Mohammed, aims to support the government’s goal of increasing the number of blockchain companies by five times in five years. The strategy is to provide the necessary support in metaverse education aimed at developers, content creators, and users of digital platforms in the metaverse community. Read more here.

  • Federal Reserve might buy foreign debt. Arthur Hayes speculates that the Fed may want to tighten domestic credit conditions to control inflation while loosening global conditions by purchasing foreign government debt. With more fiat liquidity sloshing through the system, risk assets will find their bottom and quickly begin to recover as investors discover the central bank financial asset market put has been activated.
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