Biden forgives $9B in student debt

Market Overview
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Year To Date Performances:

1. In a bold move to tackle America's student debt crisis, President Joe Biden greenlit a whopping $9 billion student loan forgiveness, set to lighten the financial load for 125,000 citizens. Stemming from tweaks to the Public Service Loan Forgiveness Program and income-based repayment plans, this substantial relief allocates over $5 billion to 53,000 long-serving public servants, $2.8 billion to 51,000 individuals on income-adjusted repayment programs, and a dedicated $1.2 billion for 22,000 borrowers with disabilities. Biden's decision marks a significant stride in the national dialogue on educational debt reforms.

2. In an intriguing twist on the intersection of healthcare and consumer behavior, Walmart has observed a shift in shopping patterns, attributing it to the appetite-suppressing diabetes medication, Ozempic, Wegovy, and similar drugs. Analyzing anonymous shopper data, the Arkansas-based retail giant has been comparing purchase habits of those on such medication against those who aren't, drawing the conclusion that the drug might be causing people to buy less food. This revelation underscores the profound ripple effects of pharmaceuticals on consumer trends.

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4. Headlines

   1. Disney’s 2022 amusement parks’ revenue was more than 2.5x as much as Universal, Six Flags, SeaWorld, Busch Garden, and Knotts combined.

   2. Mortgage rates are expected to climb to 7-8% as the Federal Reserve continues to raise interest rates.

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