Today in the Market (2/2/2024)

Good Morning! On Friday, U.S. stocks finished the week on a high note, boosted by a strong January employment report and a series of market-moving profits. The S&P 500 climbed 1.07% to a new high. The Dow Jones increased by 0.35%, while the Nasdaq surged by 1.74%.

WATCH OUT TOYOTA

Ford (F) announced a robust beginning to the year in the U.S., seeing a significant increase in sales throughout January, surpassing even Toyota’s (TM) sales, which held the title of sales leader last year. Nevertheless, there was a decline in electric car sales.

So let’s see how close it was! Ford’s January US sales increased by 4.3% to reach 152,617 cars, resulting in the automaker’s US market share rising to 13.7%, a 0.3% increase compared to the previous year. Toyota’s US sales had a notable increase of 23.3%; nevertheless, the number of cars sold in January amounted to just 143,241. Why the slowdown? Toyota has been experiencing chip shortages and inventory concerns since 2023 and is now making efforts to increase its supply.

What else is happening for Ford? Ford significantly increased hybrid sales, with an overall growth of 42.7% compared to the previous year, resulting in 11,157 units sold. Despite the upward trend in hybrid sales, electric vehicle (EV) sales declined in January, with a 10.9% decrease compared to the previous year, resulting in a total of 4,674 units sold.

WHEN IN DOUBT, HEAD TO VEGAS!

The Sphere is back! The Sphere’s third residency, Dead & Company, will begin in May. This was accompanied by a video illustrating the $2.3 billion sphere wrapped in one of the numerous Grateful Dead emblems.

Here are the details! The ensemble, including Bob Weir and Mickey Hart from The Grateful Dead, as well as the renowned guitarist John Mayer (among others), just concluded what they claimed to be their ultimate tour in the previous year. However, this residency is not officially classified as a tour. It is just an 18-show installation in Sin City, adding to the increasing number of rockers that appeal to fathers, such as Phish and U2.

What else is happening in Vegas? The next Super Bowl is anticipated to surpass the previous record of around $1.4 billion earned by the city’s casinos in December. Companies are already covering whole structures with advertisements. For example, Doritos transformed the outside of the Luxor pyramid into a giant chip.

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