🚀 Robinhood launches Credit Card

Market Overview
Read time 1.6 minutes

Year To Date Performances:

1. Robinhood saw its stock climb 7% after unveiling its first credit card, the Robinhood Gold Card, which targets its subscription service members with no annual fees and 3% cash back on purchases. CEO Vlad Tenev highlighted the card's aim to democratize financial benefits, offering 5% back on travel bookings via a new portal, with points redeemable for travel, gift cards, or shopping with top brands. This move follows Robinhood's acquisition of X1 for $95 million, expanding beyond its trading app origins. Over the past year, Robinhood's stock surged by 124%, significantly beating the S&P 500's 31% increase.

2. Amazon has expanded its Amazon Pharmacy service to offer same-day prescription drug delivery in New York City and Los Angeles, enhancing the service it launched in 2020 following the acquisition of PillPack in 2018. Utilizing specialized facilities for quick processing, Amazon initially targets areas like San Bernardino, Riverside, and Anaheim, with plans to cover all of LA by April and further expand to additional cities throughout the year. This development follows the introduction of same-day medication delivery in other cities and drone delivery tests in Texas. In New York, Amazon is incorporating e-bike deliveries to lower emissions.

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4. Headlines

   1. Automakers are struggling to make alternative plans as key shipments are prevented from reaching the port of Baltimore.

   2. Ford is doubling down on the Mustang as competitors leave the market in favour of EV alternatives.

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