guide investors through the home stretch all the way to the market close, breaking down leading market stories and top trending stocks.That's Josh left in live from our New York City headquarters.
So we've completed that private prior buyback authorization that we have done and pleased to announce that the board has just authorized another $6 billion in share repurchases that will commence beginning in the second half of 2024 one hour to go until the market close.However, the S and P 500 the NASDAQ are higher for now.Any gain for either of these indices or both of these indices will mean another record close, both of them close to record yesterday.
And I think investors will basically be looking at the combination of the CP I report in the morning to also with just the, the, the language that the FED will use into their description of their, their decision. And what that means is that they, you know, at the beginning of this year, you know, the market had priced in six rate cars and not until recent, you know, there was enough discussion about the potential for even a rate hike, which is kind of like confusing in many cases.
I do think that the market reaction may not be as boring and you can actually think that the combination of the CP I in the morning could make the market move and the fed decision could actually make it to go the other way. And you actually see the UK and Europe when you actually look at their multiples, you know, the average stock is actually right at the long term average.
So stay in high quality right now with all the volatility with everything that hosts macro with companies, you know, in the process of generating free cash flow, it is a good way to, you know, invest for the next 12 months. And for us, at least for now, there shouldn't be any catalyst that will potentially, you know, burst that at least not in the next 12 months.You know, those sort of traditional or what is called growth, you know, companies will probably continue to do well.
But then, you know, combine it with early cycle areas including which is a little more controversial small caps, which again, a lot of people are not comfortable, tough call this year. So I mentioned that uh ev business earlier, uh they did get a slight update there and the fact that they want to build around 200 to 250,000 evs by the end of the year, a little bit of a lower upper bound amount than 300,000 they had projected.
Next s in particular is the um owner of Florida Power Light, which is one of the nation's largest power companies obviously based in Florida. So I guess it sounds like if you're checking out online or an app with Apple Pay, uh then you can apply to pay over time with, with Mac Lef company.Um He told his clients, he saw this as a big positive.He says when Apple would kind of announced it was moving in into Max's market, uh says a firm strong brand though sophisticated underwriting technology have a moat that Apple likely could not replicate on its own where rates is buying.
And I felt like a snap CEO talking, like we're gonna target 22 year olds um when their average owner, you know, smartphones in their forties and in the top, you know, 10% of, of incomes globally. So isn't this really gonna be most consumers first real opportunity to be convinced that they need A I functionality?I mean, I, I about half of my companies are using Generative A I today I was on a call and they're gonna do panels.I'm gonna call it people or proxies of people that looks like a Bulls fan.
So, no, no, I think generative A I is, is here to stay and they, a lot of companies are making a point of how they're using generative I today, not tomorrow, not when they launch their next product in September or December. Now, a lot of oil analysts were saying this is the first sort of uh indication we've seen of more production and prices went lower.
There's a lot of moving parts here, but I think probably the most important one, Julie, to be honest is the US R cons have been going down basically since February of 2022.Where do you think we are, Bob?Well, that's a tough question, Josh, and I'll tell you why we've been in a downward sloping channel that you can see on the chart you just put up since about April.
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