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Today in the Market (5/21/2024)

Good Morning! On Tuesday, the U.S. stock market saw small gains, resulting in record highs for both the technology-focused NASDAQ, which increased by 0.22%, and the S&P 500 which rose by 0.25%. The Dow Jones also had a green day with a gain of 0.17%.

BIG DISCOUNTS!

Target (TGT) has declared a reduction in pricing for 5,000 commonly purchased products, such as milk, bread, diapers, and pet food. Currently, the chain has reduced the costs of 1,500 goods that are regularly sold and intends to decrease the prices of several thousand more throughout the summer.

But why? The reduced prices are a response to customers who have been financially strained by inflation, causing even those with ample finances to choose Walmart (WMT) over Target. Other companies are also attempting to provide incentives to regain the trust of conservative consumers.

However, there’s more! Price reduction is just one approach that Target is using to maintain competitiveness. The price reductions are timed to coincide with the launch of Target Circle, the company’s new loyalty and membership program that offers an additional 5% discount to members. Furthermore, it has just relaunched its daily necessities brand up&up and extended its low-priced private-label brand dealworthy

A NEW LOW

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According to the National Association of Colleges and Employers, individuals who have just obtained diplomas are facing more difficulty in securing employment this spring. It is expected that entry-level hiring will decline by 5.8% in 2024 compared to the previous year.

It gets worse… According to Glassdoor, the confidence of entry-level employees is now at its lowest point since at least 2016. Additionally, many graduating students have had to submit over 100 job applications to get a position. According to Bloomberg, the change in atmosphere is most noticeable for those seeking entry-level positions in fields that are highly regarded by parents, such as banking, consulting, and notably technology.

However, there is still hope! In an interview with the Financial Times, Joseph Mercadante, senior associate director of the NYU Wasserman Center for Career Development, said that the government and healthcare industries need young workers who are proficient in technology. Also, the most active recruiting sectors, according to the most recent Labor Department employment report, are retail, transportation, and healthcare; hence, newly graduated students also have the option of finding part-time work in these fields.

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