Today in the Market (3/31/2023)

Good Evening! As investors shrugged off a bank crisis and additional interest rate rises from the Fed, the stock market soared on Friday to complete a first-quarter rally that saw the Nasdaq gain more than 16% while the S&P 500 jumped 7%.

As the market closed on Friday, the Nasdaq Composite rose by 1.74%, S&P 500 gained 1.44%, and the Dow Jones increased by 1.26%.

EXPLOSIVE GROWTH?

Shares of the charging firm EVgo (EVGO) skyrocketed as the company reported revenue that increased by more than 280% year over year

However… Although 2023 is off to a good start, EVgo is not yet profitable, and investors who are depending on the firm are searching for any hint that EVgo, and charging networks in general, are on the verge of experiencing explosive growth. 

So what will help to get explosive growth? Money from the government may be a driving force behind the expansion, especially when it comes to infrastructure. Which is exactly what is happening… A portion of this expansion is attributable to the resources made available by the government, including the White House’s $7.5 billion electric vehicle charger buildout that is targeted at the national highway system and rural regions.

BETTER NOW THAN NEVER... RIGHT?

Social Security Cards

A recent study suggests that Social Security’s reserves will be depleted by 2033, resulting in a shortfall of 23% for payments to seniors from the program’s trust fund. The decline in birth rates and the increased life expectancy of individuals have been identified as factors contributing to the issue, as the proportion of workers to beneficiaries is decreasing.

According to the annual report that was made public on Friday by the trustees of the program, this projection comes in one year earlier than what was mentioned in the report for the Old-Age and Survivors Insurance (OASI) Trust Fund that was made in 2022.

However, there is some good news! A prediction for a major trust fund for Medicare is better. As a result of new statistics that projected decreased healthcare expenditure, it is anticipated that its reserves would be depleted by the year 2031, which is three years later than what was stated the previous year.

Better now than never…. right? Both Social Security and Medicare risk long-term shortages under presently planned benefits and finance, topics that legislators are now beginning to consider.

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