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Today in the Market (4/16/2024)

Good Morning! On Tuesday, the 6-day losing streak came to an end for the Dow Jones with a gain of 0.17%, while the S&P 500 and the NASDAQ fell for the day by 0.21% & 0.12%, respectively.

CHANGE OF PLANS

Shares of Tesla (TSLA) saw sharp declines, reaching their lowest closing point in over a year, after an announcement about a personnel reduction of “more than 10%.”

Why are investors unhappy? In a memo, Musk acknowledged that the layoffs were necessary owing to the fast development of the company, which resulted in the duplication of responsibilities and job duties in some sectors. However, more information from insiders within Tesla indicated that there was more to the layoffs than what Musk stated. According to Reuters, there have been significant job cuts in Tesla’s service center division and China sales team, and at least 140 engineers in the U.S. have been let off.

There’s more! The recent wave of layoffs was reportedly utilized by Tesla to remove projects Musk no longer supported, including the cheaper next-gen EV, according to Electrek. For example, Musk decided to cancel a project called “NV9” that was focused on developing a next-generation EV with a price tag of $25,000. Electrek goes on to state Musk prioritized the Robotaxi program and requested that all resources be allocated towards it, including the construction of a new data center as part of the factory’s expansion over the NV9 project.

THIS IS THE LAST ONE

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According to a recent survey by the American Society of Health-System Pharmacists (ASHP), a record 323 medications were unavailable in the first quarter of 2024. The previous record high was set a decade ago for the number of difficult-to-get medications.

So what are doctors currently doing because of the shortage? Doctors are being forced to give substitutes, which are often worse than Plan A treatments. Of course, healthcare authorities are working frantically to find a solution to an issue that has been festering since 2021 while trying to keep patient well-being in mind.

Going forward. To ensure  pharmacies have enough supplies on hand, the Biden administration unveiled a $5 billion plan earlier this month. The Biden administration will assign an independent organization the responsibility of rating manufacturers based on production resilience and quality to increase openness in opaque pharmaceutical supply chains. With this plan, there will be financial incentives for private hospitals that partner with trustworthy generic medication providers and financial penalties for those that don’t.

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