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Today in the Market (4/2/2024)

Good Morning! On Tuesday, U.S. equities ended down as investors processed the likelihood of a delayed interest rate reduction. The Dow Jones fell the most by 1.00%, with the Nasdaq followed behind by 0.95%, and the S&P 500 decreased by 0.72%.

LOOSING ITS SPARK?

Shares of Tesla (TSLA) plummeted after the electric vehicle manufacturer revealed a substantial shortfall in deliveries for the first quarter. Tesla issued its Q1 delivery data after a prior warning in January that its pace of car volume growth would be significantly reduced compared to 2023.

So how bad was it? In Q1, Tesla’s worldwide deliveries were 386,810, which fell far short of the estimated figure of 449,080 collected by Bloomberg. On top of that, Tesla manufactured a total of 433,371 automobiles, falling short of the projected figure of 452,976.

It doesn’t end there… Tesla’s Q1 delivery total saw a substantial decline compared to the previous quarter, in which it successfully delivered 484,000 units. However, what worries investors even more is that the Q1 data shows a decrease compared to the same period last year, when Tesla sold 423,000 cars. Tesla’s Q1 performance represents the first decrease in deliveries during the first quarter on a yearly basis since 2020.

TIMES ARE CHANGING

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According to the Wall Street Journal, the growing popularity of skilled trade labor is causing a decline in enrollment rates at major four-year colleges. This is because more young people are choosing trade schools instead of conventional colleges since these programs provide attractive salaries and job security.

Here are the numbers! According to statistics from the National Student Clearinghouse, from 2022 to 2023 there was a 16% rise in the enrollment of students in community colleges that concentrated on trade schooling. Enrollment in two-year undergraduate construction programs has increased by around 12% since 2021.

But why? Previously, attending four-year colleges seemed to be the most direct route to earning a substantial salary. However, due to the increasing expenses associated with these institutions, they also result in a significant amount of financial obligation. At the same time, the lack of proficient workers has increased the income of workers. The median salary for construction workers increased by almost 5% in the previous year to $48,089, while recruits in professional services (such as accountants and IT specialists) earned $39,520, according to ADP, a payroll company.

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