(KRON) — In today’s installment of Winners & Losers, financial expert Rob Black discusses a rally in the stock market, an increase in Americans’ credit card balances and the expansion of General Motor’s hands-free driving system.
Winner: Market try to snap two-day slide
Stocks rallied as traders cheered better-than-expected economic data that slowed down the idea that a recession is inevitable.
St. Louis Federal Reserve President James Bullard said that he doesn’t think the U.S. is currently in a recession, and that rate hikes to tame high inflation will continue.
Average premiums for Medicare prescription drug coverage are set to dip to about $31.50 a month in 2023, with deductibles set to rise. Average monthly payments for car leases rose to $595 in July amid an absence of deals or discounts.
CVS says it plans to get into primary care by year end. Other players have made moves in primary care, too, with Amazon recently acquiring health-care company One Medical.
Vin Scully, legendary Los Angeles Dodgers broadcaster, has died at age 94. Scully was the voice of the Los Angeles Dodgers for 67 years.
Shoe Holiday “Yeezy Day” is here, dubbed an unofficial “national holiday” by some shoe fans.
Loser: Americans are racking up credit card balances
Credit card balances have jumped 13%, the highest leap in over 20 years.
Balances remain slightly below their pre-pandemic levels.
Americans are shielding themselves from inflation by forming an alliance with an old enemy: credit card debt.
Although average hourly earnings are up 5.1% from a year ago, prices have been rising much faster.
Total credit card debt has risen to $890 billion.
An additional 233 million new credit accounts were opened in the quarter, the most since 2008.
56% of consumers said they are already seeing their standard of living declining.
69% think their income isn’t keeping up with inflation.
Fewer than half said they feel “financially secure enough” for another recession.
The bill isn’t being split evenly, though: Credit card usage is jumping the most for younger consumers and those who already have low credit scores.
Winner: Tesla’s full self driving gets Super Cruise competition
General Motors is expanding its Super Cruise hands-free driving system, introducing the feature for non-interstate roadways and highways such as Route 66 and the Pacific Coast Highway.
The driver-assistance system will be usable across more than 400,000 miles roads, up from about 200,000 miles of strictly divided highway interstates.
Super Cruise uses a system of sensors and cameras to control steering, braking and acceleration functions of the car without the driver’s input.
It also utilizes high-definition maps while also ensuring drivers remain attentive while Super Cruise is operating.
Despite names like Super Cruise, or Tesla’s Autopilot and “Full Self-Driving” brands, these vehicles are not autonomous or safe to use without a driver behind the wheel.
GM will not charge for the newest update but Super Cruise starts at $2,200 or $2,500, depending on the vehicle.
GM’s Super Cruise hasn’t received as much attention or scrutiny as Tesla’s systems.