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Top News in Finance for April 18, 2023

by 18. Apr 2023 @ 11:25News, Top Market Insights for Today

KEY POINTS

Welcome to Tuesday!

Stay ahead of the curve with our rapid-fire roundup of today’s most impactful financial news, tailored to keep you informed and ready to seize opportunities.”

  • Johnson & Johnson shares up after strong earnings report
  • Netflix expected to announce 2 million new subscribers
  • Bank deposits fall as customers seek higher returns
  • Apple introduces high-yield savings account
  • Only 10 EVs qualify for full U.S. tax credits

J&J Shares Climb Following Impressive Earnings

Johnson & Johnson (JNJ) shares are gaining nearly 2% in pre-market trading as the company reported better-than-expected earnings and revenue, while also raising its full-year forecast. Other firms releasing financial results today include Netflix, United Airlines, Goldman Sachs, Bank of New York Mellon, Lockheed Martin, and Prologis.

Netflix Anticipates Subscriber Growth

Netflix is predicted to reveal a 2 million subscriber increase in Q1, with investors watching for the impact of recent price cuts and the introduction of its ad-supported plan. After losing 200,000 subscribers last year, Netflix resumed subscriber growth in H2 2022, though at a slower pace.

Customers Pursue Higher Returns, Bank Deposits Decline

State Street and M&T Bank reported a 3% drop in deposits from the previous quarter, while Charles Schwab experienced an 11% decline as U.S. savers flocked to higher-paying money market funds or Treasury bills. Average U.S. bank account savings rates are just 0.37% compared to the Fed’s 4.75-5% benchmark rate.

Apple Introduces High-Yield Savings Account

Apple launched a high-yield savings account offering a 4.15% annual percentage yield (APY). Available alongside Apple’s credit card and in partnership with Goldman Sachs, the accounts aim to attract customers seeking higher returns.

Strict Battery Rules Render Most EVs Ineligible for Full U.S. Tax Credits

Only 10 electric vehicles qualify for the full $7,500 U.S. tax credit after new, stricter battery sourcing regulations take effect. The eligible vehicles include the Cadillac Lyriq, Chevrolet Blazer, Chevrolet Bolt, Chevrolet Bolt and EUV, Chevrolet Equinox, Chevrolet Silverado, Chrysler Pacifica PHEV, Ford F-150 Lightning, Lincoln Aviator Grand Touring, and Tesla Model 3 Performance.

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