Morning Report: Used car prices keep dropping

There are only ten car models priced below 25 thousand. Meanwhile, used car prices have dropped for four straight months. According to a new report by Cox Auto Group, the new car market in the U.S. is becoming a luxury market, whereas new vehicles are available only for wealthier buyers.

Some Americans are finding a surprise tax form in the mail. Its Form 1099-K, the document sent by third-party network providers including Ebay, PayPal and Venmo to report transactions made with debit, credit, or stored-value cards. President Biden’s American Rescue Plan lowered the dollar threshold under which a payment network had to send a 1099-k from $20,000 to $600. The plan also lowered the minimum number of transactions from 200 to 1.

The FDA says two more eyedrop brands are being recalled due to risks. The eyedrops are distributed by Pharmedica and Apotex. The drops have contamination risks that could lead to vision problems and serious injury.

A survey of 2,000 Americans 64 and older dispelled the idea that elderly people have all of the answers. On behalf of ClearMatch Medicare, OnePoll conducted a survey to find out how confident older people feel when making large purchases and financial decision. The survey found that seniors used to feel confident about making large financial purchases and investing on their own, but would now consult others about those decisions beforehand. The average American ages 64 and older admitted they make the same mistake twice before they learn from it. This even lead them to experience “buyer’s remorse” three times within the past year.

The DOW is now negative for the year. Stocks were sold off as Federal Reserve Chairman Jerome Powell’s said interest rates may need to go higher for longer.