Today in the Market (3/27/2024)

Good Morning! On Wednesday, U.S. equities recovered, with the S&P 500 reaching a new high. The Nasdaq had a rough start but ended up by 0.51%, while the S&P 500 finished strong by 0.86%. The Dow Jones surged in the latter half and increased by 1.22%.

ANOTHER CARD TO ADD TO YOUR WALLET

Shares of Robinhood Market (HOOD) increased after the introduction of their new credit card. This strategic move aims to diversify its range of products and mitigate its dependence on market-sensitive trading revenue

So why would someone add another credit card to their wallet? Robinhood is set to provide its distinguished ‘Gold’ tier clients with a credit card that will not incur any annual fees or foreign transaction fees. Additionally, this card will offer a 3% cashback incentive in the form of reward points (just like most cards).

But how will it work with the Robinhood app? Customers will have to download a new app that is independent of the Robinhood trading platform. Additionally, users will have the option to generate virtual cards featuring disposable numbers to ensure privacy and have the option to include up to five family members in an account. But wait there’s more! Using a referral program, a select group of customers will have the opportunity to acquire the new credit card crafted from 10-karat gold.

THE AFTERMATH

Source: https://en.wikipedia.org/wiki/Francis_Scott_Key_Bridge_collapse

The aftermath of the collapse of the Francis Scott Key Bridge may have significant implications for both the regional economy and global supply networks. Not only did the bridge serve as an important transportation route for a portion of the I-695 highway, but the bridge effectively divided the waters adjacent to the Port of Baltimore from the vast ocean.

What else could happen? Baltimore has historically held the position of being the largest port for car imports and exports in the U.S. (around 850,000 vehicles). The potential disruption of parts deliveries may also pose a significant risk to the auto industry’s highly time-critical supply chains. According to Reuters, the port also holds the status of being the largest port for farm machinery and agricultural products in the nation.

Sadly, that is only some of the issues that come from the disaster… The closure of the port may have a detrimental impact on the employment of over 15,000 individuals at its facilities, as well as pose a threat to the 140,000 jobs in the surrounding area that are indirectly reliant on port operations. Yesterday, President Biden expressed that the federal government should bear the cost of rebuilding the bridge.

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