In the United States, the monthly cost for Apple Music will rise by $1 to $9.99. Due to this, the subscription is more expensive than Spotify’s competition. Investors now perceive further potential for that Swedish company, and the share price increased by about 7%.
Apple cited increasing costs for getting all licenses for musicians and artists, for instance, as the cause of the price rise. That changed Warner Music’s trajectory. The market worth of the record label increased by more than 8%.
Apple’s stock ended the day up 1.5%. The cost of the TV+ subscription increases by $2 to $6.99. But despite Netflix, a competitor, losing 2.5% on the stock market, Apple is still less expensive in this market.
Optimistic
Following Friday’s robust rebound, which delivered Wall Street its greatest weekly gain since June, the mood on the New York stock floors remained upbeat across the board. Investors are encouraged by comments made by Federal Reserve policymakers that the end of rate hikes may be in sight.
At 31,499.62 points, the Dow Jones Industrial Average finished 1.3 percent higher. The Nasdaq tech index increased 0.9 percent to 10,952.61 points, while the broad S&P 500 advanced 1.2 percent to 3797.34 points.
Tesla and Chinese businesses suffer
One of the losers was Tesla (down 1.5%), and this price movement was also related to a pricing change. Due to more intense competition, the producer of electric vehicles was compelled to decrease its prices in China. One of the most significant markets for Tesla is China. However, the corporation is up against more and more opposition from regional automakers.
In the wake of a precipitous decline on the Hong Kong stock market, Chinese tech businesses with US listings also saw severe declines. Alibaba, JD.com, Baidu, and NetEase all decreased to 13 percent. Due to President Xi Jinping’s continued consolidation of power in China, investors seem to be worried about the country’s business environment.
Euro and crude
Compared to the close of the European financial markets earlier in the day, when the euro was valued $0.9874, its value today is $0.9873. The price of a barrel of US oil was $0.4 less, or $84.75. At $93.40 a barrel, Brent oil is now $0.10 cheaper.