🚀 Amazon Offering Gas Discounts

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Amazon is offering Prime members a 10 cents per gallon discount at about 7,000 BP, Amoco, and AM/PM gas stations in the U.S. through the BP loyalty program, Earnify. This initiative, aimed at countering high gas prices, mirrors Walmart+’s existing fuel savings perk. The discount could save members roughly $70 annually. Amazon also plans to introduce savings for electric vehicle charging at BP Pulse stations next year, expanding the Prime membership’s benefits beyond delivery services and streaming content.

2. Tesla’s Cybertruck ranked as the third best-selling electric vehicle in the U.S. during Q3, selling over 16,000 units despite only offering its most expensive trim. It trailed behind Tesla's Model 3 and Model Y, outperforming Ford's F-150 Lightning and GM's EV models. Tesla shares surged 19% on Thursday, marking their best day over three years. This jump followed a better-than-expected Q3 earnings report, with Tesla beating earnings per share estimates and reporting $739 million in regulatory credit revenue. CEO Elon Musk projected 20-30% vehicle growth for 2025, surpassing analysts’ 15% expectations. Tesla's success is attributed to its cost-cutting strategies, growth in lower-cost vehicles, and the potential of autonomous driving, though some analysts remain cautious about long-term credit revenue sustainability.

3. The global art market faces a supply-demand mismatch, with more sellers than buyers, especially for high-priced Impressionist and Abstract works. Auction sales dropped 26% in the first half of 2024 compared to the previous year. Wealthy collectors are reducing art investments, with younger generations buying lower-priced, modern pieces. Gen X collectors are now the most active buyers, while many Boomers are downsizing. Despite challenges, 91% of wealthy collectors remain optimistic about the market’s short-term future, and inheritance plays a key role in art collections.

4. Headlines

   1. While art falls, sports rise, numerous auction records have been set recently for sports memorabilia; earlier this week, Shohei Ohtani’s 50-50 ball sold for $4.39M.

   2. The Bank of Canada announced a 0.5% rate cut on Wednesday, bringing interest rates in Canada to 3.75%. This has prompted rumours that the US, EU, and UK could take similar actions to help encourage spending in their respective economies.

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