Tesla is recalling 362,000 vehicles to update its Full Self-Driving (FSD) Beta software after US regulators said the system does not adhere
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2023-02-17 | Sign Up | View Online
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Business & Stocks 🏢
Tesla recalls 362,000 U.S. vehicles over Full Self-Driving software (4 min read)

Tesla is recalling 362,000 vehicles to update its Full Self-Driving (FSD) Beta software after US regulators said the system does not adhere to traffic safety laws and could cause crashes. The company said it is not aware of any injuries or deaths that may be related to the recall issues. Full Self-Driving technology is one of Tesla’s main AI initiatives and Elon Musk has long touted it as a potential cash cow upon success. Shares of Tesla slipped about 5% after the news.
DoorDash stock pops after revenue beat, rosy guidance (1 min read)

DoorDash shares jumped nearly 10% in the after-market on Thursday after reporting Q4 earnings beat and an upbeat guidance for the current quarter. The company posted a bigger than expected Q4 loss, but attributed it to the acquisition of another food delivery company, and expenses related to the layoffs last November. The total number of orders delivered went up by 27% last quarter and the company expects it to maintain strong in Q1, at a gross volume higher than analysts’ estimates. DoorDash also approved a buyback up to $750 million of its shares.
Markets & Economy 📈
Household debt hit record $16.9 trillion last quarter, as consumers loaded up their credit cards (4 min read)

Total US household debt rose 2.4% in Q4, reaching a record $16.9 trillion. Most of the debt is attributed to mortgages, but swelling credit card balances and delinquencies are on the rise as well. Credit card balances had the highest quarterly growth ever recorded at 6.6%. Debts becoming delinquent have also increased across all debt types, but still below pre-pandemic levels. The fact that debts and delinquency are on the rise amid a strong labor market is worrisome as deterioration might cause it to spike further.
Wholesale prices rose 0.7% in January, more than expected, fueling inflation increase (3 min read)

The Producer Price Index (PPI), which measures wholesale prices, rose 0.7% last month. Economists were expecting a 0.4% increase after declining by 0.2% in December. PPI is not the most followed inflation metric, but remains a leading indicator as it looks at selling prices before entering the market. Along with January’s CPI this week, the metrics show that while inflation appeared to be subsiding as 2022 came to a close, it started the year off with a pop. US stocks fell following the news as it raised rate hike fears.
Funds & ETFs 📊
Tidal to Launch ETF Covering Fickle Music Industry (2 min read)

Tidal ETF Trust plans on launching the Clouty Tune ETF (TUNE) in the second quarter this year. TUNE will be among the few funds in the US that provides exposure to the fickle music industry. According to a filing with the SEC, this ETF will track the Solactive AG’s Clouty Tune index, which includes 50 companies in music and entertainment. These companies will be in music industry subsets like radio broadcasting, tickets and events, cable and broadcast.
State Street and Invesco eye listing of Japan active ETFs (3 min read)

The Tokyo Stock Exchange is set to allow the listing of active ETFs from June. Global asset managers, including BlackRock, State Street, and Invesco, are showing initial interest, but experts are skeptical about the demand from retail investors. The Tokyo Stock Exchange plans to release guidelines for the products in March or April. The market for ETFs in Japan is less mature than in other developed markets, with 280 ETFs on the Tokyo Stock Exchange and combined assets of $466 billion as of early August.
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