BIDEN CANCELS $9 BILLION IN STUDENT DEBT

On Wednesday, President Joe Biden declared that he has approved a $9 billion student loan forgiveness for 125,000 Americans. This relief stems from the adjustments his administration made to several plans, such as the income-based repayment plans and the Public Service Loan Forgiveness Program. Out of the total aid, over $5 billion is allocated to 53,000 individuals who have been in public service roles for over ten years. $2.8 billion is dedicated to 51,000 individuals enrolled in income-adjusted repayment plans, and an additional $1.2 billion is reversed for 22,000 borrowers with disabilities.

OIL EXTENDS DECLINE

Oil continued its steep drop due to fears that a decrease in worldwide growth might reduce consumption. For the first time since late August, the global Brent benchmark dropped under $85, and West Texas Intermediate fell under $84, marking its steepest descent since last September. This descent in crude prices was accompanied by a sharp fall in gasoline prices after US reports indicated a surge in stockpiles and a decrease in demand. On Wednesday, both Brent and WTI prices fell below their 50-day moving average, a trend not seen since July. The market saw heightened fluctuations during this downturn, leading to an increase in options trading.

GRIT TAKE: With a recession looming, the oil markets are fearing the demand will drop significantly. OPEC+ remained steady and did not cut the supply of oil at their meeting yesterday. With that being said, they have expressed multiple times that they are not afraid to make even more oil supply cuts. If they were to make more supply cuts this would cause the price of oil to spike back up. This is a development that we are monitoring daily.

WALMART MAKES BOLD CLAIM

Walmart has reported a noticeable change in shopping behavior due to individuals using the diabetes medication Ozempic, Wegovy, and other drugs that suppress appetite. The Arkansas based retailer is analyzing shifts in sales trends using anonymous data from its shoppers. They are examining the purchasing habits of those on the medication and contrasting these patterns with individuals not using the injections. Walmart believes that the drug is ultimately making people buy less food.

Headlines You Need To Know:

• Toyota, LG Energy sign $3 billion battery deal

• Only an equity crash can ran rescue the bond market

• Is your next mortgage rate at 7% or 8%?

• A $4 Trillion Market is stuck in a rut

• Top Republicans jump into speaker race

• Tax moves to consider before 2017 cuts expire

• A wartime election in Ukraine?

• Surgery and other medical procedures are delayed by strikes

Just for fun…

This Product Has Made How Much?

No Shark Tank product has ever beaten the success of this one, and it’s so simple that YOU are going to kick yourself for not thinking of it. Back in 2012, inventor Aaron Krause stepped onto the ‘Shark Tank’ stage with a simple smiley-faced sponge named the Scrub Daddy. This sponge changes texture based on water temperature—soft in warm water for gentle scrubbing and hard in cold water for tough stains. Genius, right? Well, a majority of the sharks did not think so and they were out on the product. However, Lori Greiner saw the potential and snagged the deal at $200,000 for 20% equity. And boy, did it pay off! Fast forward, and Scrub Daddy does over $100 million in sales per year making the brand worth well over a quarter of a billion dollars. Lori invested in a product that she believed in and understood. This is very similar to investing advice that Warren Buffett gives which is to invest in stocks that you know and understand.

Chart Of The Day

Disney Park Attendance vs. Top Theme Parks

Disney dominates the rest of the market.

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