đŸ”„ Welcome To Jobland

The U.S. economy added more jobs in March than expected, Cybertrucks are breaking down left and right and more

Author

Charla Hojnacki
April 05, 2024

Happy Friday Zingernation! “Why don't I strap on my job helmet and squeeze down into a job cannon and fire off into Jobland where jobs grow on jobbies.” That’s a direct quote from modern philosopher Charlie Day from Always Sunny in Philadelphia fame.

But the U.S. really has been ‘jobland’, at least for the past couple of years. Despite Powell’s predictions that unemployment would creep up with higher interest rates, the labor market has remained strong. At least for now. We’ll see if that trend continues with today’s nonfarm payroll numbers which should move the markets after yesterday’s massive selloff.

And, crypto is so back. Billions of dollars are flowing into the new Bitcoin ETFs, driving prices to near all-time highs. Join thousands of engaged readers of Future Finance - our FREE digital assets newsletter.

MARKET SNAPSHOT

Yesterday: Was a reversal of all reversals. Hawkish Fed speak crushed the markets, driving all of the major indices to close lower by more than 1%.

On Our Radar: More jobs data on the way! Nonfarm payrolls came out at 8:30 am ET. And it was hot đŸ”„! More than 300k jobs were added in March compared to the 212k estimates. Time to see if good news is good news or bad news is good news. Your guess is as good as mine!

TOP STORY
Angry Season 4 GIF by The Office

Basically: Apple has reportedly concluded the third notable round of layoffs this year, following the downsizing of its Siri annotation team in San Diego, which impacted 121 people in January.

Update: Initial reports about these layoffs may have been misleading. Mark Gurman has clarified in a recent tweet that the affected employees were previously laid off as part of the car and display project cancellations. This news development provides a specific number of those impacted but does not indicate a new round of layoffs.

What Happened: According to state filings spotted by Bloomberg‘s Mark Gurman, Apple has laid off more than 600 employees in California in a major restructuring move. The job cuts come as the tech giant halted its ambitious self-driving car initiative and next-generation display program.

So: The Cupertino-based company submitted eight separate Worker Adjustment and Retraining Notification (WARN) reports to the California Employment Development Department, detailing the layoffs across various locations in the state.

Click here to read more.

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FIVE ZINGERS

Food Is Good: Kura Sushi joined Krispy Kreme, Shake Shack and other food stocks to rally in recent weeks.

Bounce Back: Tawain Semiconductor dipped after Tawain was hit with its biggest earthquake in 20 years. But now, it’s bouncing back.

Growing Pains: Growth sectors such as semiconductors, clean energy, and regional banks were some of your biggest losers during yesterday’s sell-off.

In Plane Sight: The hectic year for airlines continues. Here’s why investigators are scrutinizing a United pilot for his landing technique on a flight in Houston.

When You’re Hot, You’re Hot: Commodities have been leading the pack in recent months with oil, gold and others rallying to new highs. Here are the best ways to play the move.

ONE FOR THE ROAD

Briefly: Brady Brim-DeForest, CEO of consulting firm Formula Monks, recently took delivery of his high-end Tesla Cybertruck, the Cyberbeast. However, his excitement was short-lived as the vehicle reportedly stopped functioning after only 5 miles.

Quoted: Details of the Incident Brim-DeForest took to X to share his experience, tagging Tesla CEO Elon Musk. He posted a photo showing the vehicle’s screen displaying a low-voltage electrical system issue. “Only 21 miles on the odometer. What gives?” he wrote.

Not The First Time: This isn’t an isolated incident. Earlier this week, Nazila, an Instagram user, shared a video of her black-wrapped Cybertruck being towed to a service center after it died within four days of ownership.

“The car was unresponsive even though it was almost fully charged, what's going on Elon!,” she wrote.

PRESENTED BY ARRIVED HOMES

Arrived's mission is to empower everyone to build wealth through modern real estate investing. We created an investor experience simplifying the complex decision-making traditionally associated with real estate — and lowered the barriers to entry — so anyone can do it.

With Arrived, investors can browse individual single-family residential homes and vacation rentals (pre-vetted based on their appreciation and income potential), choose how much to invest, and start building a highly-tailored portfolio of hand-selected investment properties in minutes.