Core Insights - The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite are key stock market indexes that measure the performance of the U.S. stock market, generally moving in tandem but with varying degrees of gains or losses depending on market conditions and economic state [1][2]. Index Characteristics - The S&P 500 includes approximately 500 of the largest U.S. stocks, weighted by market capitalization, providing a broad market performance view [2]. - The Nasdaq consists of over 3,000 stocks, heavily focused on the technology sector, also using market cap weighting, making it a benchmark for technology and growth companies [2]. - The Dow is a smaller index with 30 blue-chip stocks, weighted by stock prices, offering a more conservative representation of the market [2]. Performance Analysis - As of January 2026, the S&P 500 increased by 1.4%, the Dow by 1.7%, and the Nasdaq by 0.9% from December [3]. - When adjusted for inflation, the real month-over-month changes were 1.4% for the S&P 500, 1.7% for the Dow, and 1.0% for the Nasdaq [4]. - Over the last decade, each index has shown significant growth: S&P 500 up 140%, Dow up 120%, and Nasdaq up 146% in real terms [4]. ETF Performance - The SPY ETF, tracking the S&P 500, shows that an investment of $1,000 at its March 2000 peak has a current real purchasing power of $3,770, reflecting a real compounded annual return of 5.26% [5]. - The DIA ETF, tracking the Dow, indicates that a $1,000 investment at its January 2000 peak has a current real purchasing power of $3,791, with a real compounded annual return of 5.25% [6]. - The QQQ ETF, tracking the Nasdaq-100, shows that a $1,000 investment at its March 2000 peak has a current real purchasing power of $3,398, resulting in a real compounded annual return of 4.83% [7].

Core Points - The IRS announced inflation adjustments for the 2026 tax brackets and provisions of the tax code [1] - The standard deduction for individuals will increase to $16,100 and for married couples filing jointly to $32,200 [1] - The additional standard deduction for seniors aged 65 and over is set at $1,650 for each married spouse and $2,050 for single taxpayers [2] Tax Rates and Exemptions - The top marginal tax rate remains at 37% for individual taxpayers with incomes over $640,600 and $768,700 for married couples filing jointly [3] - The exemption amount for the alternative minimum tax is $90,100 for single filers and $140,200 for married couples filing jointly [3] - The estate tax exclusion for 2026 will be $15 million, an increase from $13.99 million [4] Other Provisions - The annual gift tax exclusion remains unchanged at $19,000 per recipient [4] - The maximum contribution to flexible spending accounts will increase to $3,400, up from $3,300 [4] - The tax rates for various income brackets are detailed, with the lowest rate at 10% for incomes of $12,400 or less for single individuals [4]

Financial Performance - Hepsiburada's GMV reached TRY 1886 billion in FY 2024, representing a 121% year-over-year growth[17] - Gross Contribution Margin improved to 113% of GMV in FY 2024, a 21 percentage point increase year-over-year[17] - EBITDA reached 11% of GMV in FY 2024, a 07 percentage point increase year-over-year[17] - Revenue increased by 111% to TRY 570466 million in 2024 compared to TRY 513390 million in 2023[18,49] - The company reported a net loss of TRY 16049 million for 2024, compared to a net income of TRY 1091 million in 2023[18,53] Customer and Merchant Metrics - Hepsiburada had 122 million active customers in 2024, an increase of 235K year-over-year[21] - The platform had 100K active merchants[21] - The number of orders increased by 16% year-over-year to 1314 million[21] - Order frequency increased by 14% year-over-year to 108[21] Strategic Initiatives - Hepsiburada Premium membership reached 37 million members[26] - HepsiJet's platform penetration increased by 52 percentage points year-over-year, with 72% of total parcels delivered by HepsiJet[26] - 33 million orders were placed through affordability solutions[29] - HepsiJet's off-platform volume share reached 346%, up by 97 percentage points year-over-year[32] Cash Flow - Free Cash Flow was TRY 3702 million for FY 2024[60]