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## Year-End Market Update: S&P 500 Nearing All-Time Closing High

Friday marks the final trading day of 2023, and the S&P 500 is on the cusp of reaching its all-time closing high, coming within 0.28% of this milestone after a week of chasing. This represents a remarkable year-to-date gain of over 24% with just one trading session remaining. The Dow Jones Industrial Average, which is already at a record high, saw a modest increase of 0.14% on Thursday, accumulating nearly 14% in gains for the year. Meanwhile, the Nasdaq Composite maintained steady performance, boasting a 44% gain year-to-date. Stay updated with live market developments as the year comes to a close.

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## Consumer Spending and Pricing Power Shift

The era of robust consumer spending might be tapering off, as some companies start to lose their pricing power. The Covid-19 pandemic initiated an extended period of heightened consumer spending across various sectors, fueled in part by inflation. However, with prices stabilizing, demand easing, and the supply improving, the era of price-resistant spending appears to be winding down for some businesses. Leading companies such as FedEx, Nike, and Target have revised their sales forecasts, while others like Spirit Airlines and Hasbro are implementing cost-cutting measures to uphold earnings amidst slowing revenue.

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## Startup Investment Landscape and Emerging Trends

The landscape of startup financing experienced a shift this year, as venture investors reined in their record-high funding levels, leading to the high-profile collapse of several startups. WeWork and Bird filed for bankruptcy, while other trends such as Hyperloop One and Clubhouse lost momentum. As cash flow tightens for unsustainable businesses, more startup bubbles are anticipated to burst in 2024. Nevertheless, some venture capitalists assert that funding opportunities still exist for promising ventures.

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## Business Turnarounds and Sector Resilience

Amidst the fluctuations in market dynamics, Affirm has achieved a remarkable turnaround, with its stock surging by 430% year-to-date as of Thursday’s close, outperforming other U.S. tech companies valued at $5 billion or more. Strategic partnerships with Amazon, Walmart, and other retail giants have bolstered investor confidence, propelling Affirm to the forefront of the buy now, pay later trend. While navigating the challenges ahead, Affirm’s resurgence signifies the resilience and adaptability of the financial technology sector.

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## Aviation Quality Issues and Regulatory Compliance

Boeing has urged airlines to conduct inspections on the 737 Max plane to address a potential loose bolt in the rudder control system, adding to the series of quality concerns affecting the aircraft model. Despite these developments, major customers such as Alaska Airlines, American Airlines, and United Airlines do not expect operational disruptions due to the inspections. This underscores the ongoing vigilance in ensuring aviation safety and regulatory compliance within the industry.

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