Temporary relief for student debtors

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Market Overview
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Year To Date Performances:

1. Student loan debt holders received temporary relief as the Biden administration introduced new provisions to increase borrowers’ flexibility. According to the Consumer Financial Protection Bureau, approximately 20% of borrowers may face difficulties once loan payments resume. To address this, borrowers will be granted protection from severe consequences if they struggle to make payments between October 1, 2023, and September 30, 2024. These measures aim to alleviate the financial burden on borrowers and offer support during the transition period.

2. While A.I. remains a popular topic, the attention surrounding ChatGPT has decreased, with a 38% decrease in downloads in June, according to BofA. Additionally, website visits were estimated to have declined by 11% month-on-month. In a separate development, two authors have filed a lawsuit against OpenAI, alleging that their books were used to train ChatGPT without their consent, claiming a violation of copyright law. This lawsuit may set a precedent for future legal actions related to using copyrighted material in A.I. training. I’m crediting this to the seasonality of the education industry. I feel that plenty of students likely stopped using it after exams.

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4. Headlines

   1. Fundstrat’s Tom Lee raised his S&P 500 price target, implying a nearly 10% upside from the current level.

   2. Jet Blue and American Airlines are ending their partnership to share flight booking in the North East of the United States.

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