Supreme Court Strikes Down Biden's Student Loan Policy

Market Overview
Read time 0.6 minutes (Free) and 1.3 minutes (Premium)

Year To Date Performances:

1. In a 6-3 decision, the Supreme Court rejected President Biden's proposal to cancel student loan debt. The plan, estimated at around $430 billion, would have been one of the costliest executive actions in U.S. history. According to Morgan Stanley, a significant number of Americans, about 29% of the approximately 40 million borrowers with a total student loan debt of $1.8 trillion, lack confidence in their ability to make loan payments without making adjustments in other areas. Additionally, 34% of borrowers indicate they cannot make any loan payments.

2. As we reach the midpoint of 2023, the standout performers and underperformers in various sectors are worth noting. Technology has been a clear winner, boasting an impressive 40% gain, followed closely by Communication Services with a 36% increase and Consumer Discretionary with a solid 32% rise. Utilities have struggled, experiencing a decline of 6%, while Energy faced a 5% decrease, and Healthcare dipped slightly by 2%.

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4. Headlines

   1. Twitter has blocked people without an account from viewing tweets and put a limit on the number of tweets non-verified users can see due to network load issues. (This story is developing, and there are conflicting reports, this is my best understanding based on 10+ secondary sources I’ve consulted).

   2. Apple has already internally reduced the production for the Vision Pro and is anticipating lower-than-expected sales.

5. Preview of Premium Insights

   1. Oil market update

   2. Tesla automotive production

   3. Goldman Sachs major change

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