SAN FRANCISCO (KRON) – On today’s Winners & Losers, financial expert Rob Black discusses stocks and the housing market slowing — and the Great Bruce Springsteen Ticket Debacle.
Loser: Wall Street’s summer rally loses steam
Investors struggled to regain their footing after a five-day winning streak and a recent market rally appeared to simmer.
Here’s some good news that is bad news for the market: some 250,000 Americans filed for first-time unemployment insurance, fewer than the 265,000 that had been anticipated.
Walmart Plus subscribers will get Paramount Plus for free, similar to how Amazon Prime Members get Prime Video.
Amazon appears to be getting the TikTok bug. The e-commerce giant has been testing a feed on its app that enables shoppers to scroll through TikTok-like photos and videos of products posted by other users.
Taco Bell is testing a plant-based meat substitute made from soy and pea protein at its restaurants in Birmingham, Alabama. Despite being a longtime favorite of vegetarians, Taco Bell took a while to embrace plant-based meat alternatives.
Loser: Housing market slides into recession
Sales of previously owned homes fell nearly 6% in July compared with June: the slowest sales pace since Nov. 2015.
Sales fell about 20% from the same month a year ago.
Realtors are in an economic housing recession. However, homeowners are still very comfortable financially.
Prices remain stubbornly high as the median price of a home was $403,800, an increase of 10.8% year over year. Price gains are now moderating.
Sales activity continues to be stronger on the higher end of the market, although that too is fading fast.
First-time buyers represented just 29% of buyers. Historically they usually make up about 40% of sales, but they are clearly struggling the most with affordability.
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Loser: Who’s to blame for $4,000 Springsteen tickets?
You may have heard of the Great Bruce Springsteen Ticket Debacle.
After a six-year tour drought, tickets went on sale, and fans suddenly found themselves staring at $4,000 price tags. Born to sob!
Blame dynamic pricing, the same algorithm-controlled, supply-and-demand phenomenon responsible for your Uber ride across town or plane ticket around the holidays.
It’s not the same thing as Adele’s $40,000 tickets, which resulted from resellers scooping up the best seats.
Back in 2011, Ticketmaster, the industry’s dominant monopoly, announced it would begin adjusting prices based on consumer demand.
The aim was to keep tickets from scalped onto secondary market platforms such as StubHub, providing more of that revenue for the artists, venues and ticket providers.
Twelve percent of tickets were so-called Platinum, dynamic pricing, while 88% of tickets sold at face value were priced at $59.50 to $399, with an average price of $202.