Student Loan Payments Arriving Soon

Market Overview
Read time 1.2 minutes

Year To Date Performances:

1. Defying U.S. sanctions, Huawei's latest Mate 60 Pro smartphone might just have pulled off the impossible with its 5G capabilities. This unexpected twist could put Apple on the defensive in China, a pivotal market for the tech giant. Huawei has been, under the U.S. microscope, labeled a potential security risk due to its deep ties with the Chinese government and military apparatus. Back in 2019, U.S. sanctions threatened to decimate Huawei by cutting off access to essential 5G chips and Google services. However, Huawei appears to be rallying. Reviews suggest the Mate 60 Pro is hitting 5G speeds, powered by a chip from China's premier chipmaker, SMIC. This comes as a surprise to many U.S. analysts who believed such advancements were unattainable without specific equipment from Dutch powerhouse ASML, which is off-limits for sales to China.

2. Come October 1st, the financial holiday for millions of student loan borrowers is over, as they face monthly bills averaging $200 to $300 after a hiatus that started in March 2020. During this break, many splurged on luxury items, fine dining, vacations, and homes, giving a much-needed boost to an economy facing rising interest rates. But here's the problem: resuming these payments is expected to remove a staggering $100 billion from consumer spending over the next year. This spending pinch has not just borrowers, but retail behemoths like Target, Walmart, and Macy's bracing for a potential spending slump. This could even be the catalyst for an economic downturn.

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4. Headlines

   1. Real Wages (aka inflation-adjusted wages) for automotive workers are down 30% since 2003—the most of any major sector of the US economy.

   2. US farmland is increasing in value, with the average farm’s worth increasing 7.4% in the last year.

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