Money
Netflix’s latest Blockbuster is a mix of nostalgia and reality
Blockbuster once had over 9,000 stores, but streaming services like Netflix led to a rapid decline in business
Do you remember the smell of a video store? The fully-stocked shelves boasting the week’s newest releases, which were a haven for film and TV buffs.
Blockbuster was a stalwart in the video-retail space. However, the chain went from a corporation of 9,024 stores in 2004 to one remaining store.
The last Blockbuster store is located in Oregon, and has become a novelty for passers-by and locals.
Today, the store has become the subject of Netflix’s latest series, Blockbuster.
The show is an office-humour sitcom, which gives viewers a glimpse into the last remaining Blockbuster.
It follows a hardworking manager, who is fighting to keep his video store open and staff happy.
But the store and its employees are facing competition and complicated feelings towards their job.
The shows’ executive producer, Vanessa Ramos said she liked the concept of using the Blockbuster example but also wanted to “build our own little world”.
“There was a Blockbuster by my house and on Fridays, once my dad got home from work, we would go as a family and we would pick three movies,” she said.
Ramos has worked on other successful Netflix series, including Brooklyn Nine-Nine and Superstore.
Does Blockbuster still exist?
There is one remaining Blockbuster store, which is located in Oregon.
The store was opened in 1992 before it rebranded to Blockbuster in 2000. Today, loyal customers and passers-by can rent their favourite movies, shows and video games.
“Before we became the last one, it definitely was more just loyal local customers,” said Sandi Harding, who is the last remaining Blockbuster manager.
“In July, when we became the one store left, everyone started coming here and visiting from all over the world and there was more nostalgia to it,” she told the U.S. Today Show.
The store has also become a popular tourist attraction. Avid film enthusiasts can even use the store as an Airbnb.
The store was decked out with a bed, free snacks and, of course, a large TV.
“It was a challenge to find that chunky TV,” Harding told CNN.
The staycation was a popular choice for people when Covid-19 gripped the U.S. in 2020.
“It’s only $4 for the night, a penny more than what you would spend for a new release.”
“They can just enjoy their evening, enjoy pizza and popcorn and just have a blast,” Harding said.
Money
Wall Street hits record highs on low inflation
Wall Street hits record highs on cool inflation and strong earnings ahead of key Federal Reserve interest rate decision
Wall Street hits record highs on cool inflation and strong earnings ahead of key Federal Reserve interest rate decision
– U.S. stocks rose to record highs on Friday due to lower inflation and strong corporate earnings.
– Key earnings reports from major companies are expected next week, influencing market trends.
The Labor Department reported that the Consumer Price Index was slightly cooler than analysts’ predictions, easing concerns about inflation impacts from tariffs. This development suggests a likely interest rate cut by the Federal Reserve at its upcoming meeting.
Ryan Detrick from Carson Group noted the positive inflation news may facilitate forthcoming Fed rate cuts. Despite the ongoing government shutdown affecting data releases, this CPI report provided much-needed clarity.
Earnings reports are continuing, with 143 S&P 500 companies having reported results. Growth expectations for third-quarter earnings have risen to 10.4%. Detrick indicated a strong opening to the earnings season with a significant percentage of companies exceeding expectations.
This coming week, key earnings will be reported from Meta Platforms, Microsoft, Alphabet, Amazon, and Apple, alongside industrial companies like Caterpillar and Boeing.
The Dow rose 472.51 points to 47,207.12. The S&P 500 increased by 53.25 points to 6,791.69, while the Nasdaq gained 263.07 points, reaching 23,204.87.
Alphabet gained 2.7% following a deal expansion with Anthropic. Coinbase saw a 9.8% increase from a JPMorgan upgrade. In contrast, Deckers Outdoor’s shares fell 15.2% after lowering sales forecasts.
Market Trends
Advancing stocks on the NYSE outnumbered decliners by 2.18 to 1. The S&P 500 had 34 new highs, with the Nasdaq recording 124.
Trading volume was 19.04 billion shares, lower than the average of the past 20 days.
Money
US stocks face tests from Tesla, Netflix earnings
US markets brace for Tesla and Netflix earnings amid rising volatility and delayed inflation data
US markets brace for Tesla and Netflix earnings amid rising volatility and delayed inflation data
– Earnings reports from Tesla and Netflix might affect U.S. stock performance next week amid high inflation concerns.
– Increased market volatility arises from U.S.-China trade tensions and fewer S&P 500 stocks in an uptrend.
The S&P 500 entered its fourth year of growth amidst these fluctuations, having previously experienced a period of calm. Experts suggest market risks are intensifying as valuations reach peak levels.
Market Volatility
Concerns regarding U.S.-China trade relations escalated last week when the U.S. threatened to raise tariffs by November 1 over China’s rare-earth export policies. President Donald Trump is scheduled to meet with President Xi Jinping in two weeks to discuss these issues.
Despite these challenges, major stock indexes gained ground over the week, with the S&P 500 up 13.3% year-to-date. However, a noticeable decline in the number of S&P 500 stocks in an uptrend raises caution among investors about underlying market weaknesses.
The upcoming third-quarter earnings will be closely monitored, especially as the government shutdown halts economic data releases. Companies like Procter & Gamble, Coca-Cola, RTX, and IBM are due to report. The delayed U.S. consumer price index is also expected to provide crucial insights ahead of the Federal Reserve’s monetary policy meeting on October 28-29.
Money
Australia’s unemployment rate rises to 4.5 per cent
Australia’s unemployment rate rises to 4.5 per cent in September, prompting calls for potential Reserve Bank interest rate cut
Australia’s unemployment rate rises to 4.5 per cent in September, prompting calls for potential Reserve Bank interest rate cut
– Australia’s unemployment rate rose to 4.5% in September, the highest since November 2021.
– Economists note a cooling labour market, with fewer job ads and increased participation rate amid rising living costs.
Economists suggest that the Reserve Bank should consider another interest rate cut next month. BetaShares chief economist David Bassanese noted a slowdown in employment demand as the labour market struggles to accommodate job seekers.
The number of officially unemployed rose by 33,900 in September, while the employment count increased by 14,900. The labour force expanded by 48,800 people, resulting in a participation rate rise of 0.1 percentage points to 67 per cent, returning to July levels.
In trend terms, the unemployment rate remained steady at 4.3 per cent.
Labour Market
BDO chief economist Anders Magnusson stated that while the unemployment rate has increased, the labour market is cooling, not collapsing.
He pointed out that the 14,900 jobs added in September were slightly below the average for the past year.
A growing participation rate indicates that rising living costs are prompting more individuals to seek employment. Magnusson said the release confirms a gradual cooling of the labour market that keeps the Reserve Bank on track without necessitating immediate action.
He added that hiring activity is slowing, signalled by a 3.3 per cent drop in job advertisements in September, the largest monthly decrease since February 2024.
Despite this, he does not foresee a rate cut in November.
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