Market News 5/19

Market News

Stocks continued their upward climb for the second consecutive day as progress is being made on a last-minute deal to raise the debt ceiling. Both GOP House Speaker Kevin McCarthy and Democratic Senate Majority Leader Chuck Schumer indicated that their respective chambers may vote on an agreement next week, which would prevent the United States from experiencing its first-ever default.

Politics

Disney scraps a nearly $1 billion project

Guess where? That's right, in Florida, where Disney has faced criticism from Governor Ron DeSantis. Disney parks chair Josh D'Amaro, without explicitly mentioning DeSantis, cited "changing business conditions" as the reason for canceling the new corporate campus in Orlando, which would have brought over 2,000 jobs to the region. Additionally, Disney announced the closure of its luxury hotel, the Star Wars: Galactic Starcruiser, at Walt Disney World. These initiatives were spearheaded by former CEO Bob Chapek.

Crypto

This year's Bitcoin conference has experienced a significant decrease in attendance

The ongoing third annual bitcoin industry conference in Miami has seen a significant drop in attendance compared to last year's 35,000 participants. With fewer people turning up for the three-day event, which features notable speakers like Robert F. Kennedy Jr. and Michael Lewis, the decline in interest can be attributed to the waning enthusiasm for digital coins caused by recent crypto failures, including FTX.

Looking back at the pandemic period, Miami had embraced cryptocurrencies wholeheartedly. It even constructed a Transformers-like sculpture resembling Wall Street's Charging Bull, and its mayor, who receives his salary in bitcoin, proudly proclaimed the city as the "crypto capital of the world." Miami even introduced its own digital currency, MiamiCoin, although it is no longer in use.

Fast-forwarding to 2023, it seems that the crypto frenzy has subsided. Nevertheless, Miami, a city beloved by Will Smith, is demonstrating its resilience and ability to thrive without relying solely on bitcoin.

Despite rising mortgage rates impacting home prices nationwide this year, Miami-Dade County has witnessed a modest increase of approximately 5% in its median home price.

Aritifial Intelligence

OpenAI has introduced a dedicated app for its ChatGPT

OpenAI has launched its chatbot app for iPhone users in the US, with plans to release a version for Android users soon. The ChatGPT app offers a similar experience to the web browser version, being free and ad-free. OpenAI aims to encourage users to rely more on ChatGPT for their information needs and reduce their reliance on Google Search. In another development in the field of AI, Meta (formerly Facebook) has unveiled the extensive infrastructure it has been constructing to support its AI goals, which includes a range of specialized chips.

Looking Ahead

More Americans are high at work

Last year, the incidence of positive marijuana tests among US workers reached the highest level in 25 years, as reported by Quest Diagnostics. The drug-testing lab analyzed over 6 million employees who underwent screening after workplace accidents, and the results showed a positive rate of 4.3%, up from 3.9% in 2021. Quest acknowledges that the increase in positive tests is likely influenced by the ongoing wave of marijuana legalization efforts throughout the country. However, the company also emphasized the potential risks of impaired performance caused by using marijuana on the job, including slower reaction times and impaired memory, which can significantly impact workplace safety.