TLDR

MARKET RECAP → Stocks bounced back on Friday as investors welcomed a strong March Jobs report. Recent memory would dictate that a hot jobs number would push stocks lower as rates move higher. Not today. As it turns out, once in a while, good news is good news.

QUAKE SHAKES NORTHEAST →🚨 A rare 4.8 magnitude earthquake jolted the Northeast, briefly shaking up transportation and skies without lasting damage or injuries, proving even Mother Nature can't derail New York's hustle.

“REUTERS IS LYING (AGAIN)” → 🔄 In a strategic U-turn, Tesla (TSLA) ditched its dream of a budget EV for the masses amid Chinese market pressures, steering instead towards the futuristic yet challenging horizon of robotaxis. After the story was published, Musk posted on his social media site X that "Reuters is lying (again)."

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Quake Shakes Northeast

Tremors Across the Northeast 🌍 A magnitude 4.8 earthquake rattled the northeastern U.S., with tremors felt from Boston to Baltimore around 10:23 a.m. ET. Originating near Whitehouse Station, New Jersey, this rare seismic event caused no immediate reports of damage or injuries but led to transportation delays and temporary closures in the New York City area.

Transportation Turbulence 🚇 The impact of the quake included a temporary halt of departures at major New York and Newark airports, with minor flight delays and the option for United Airlines travelers to change flights without fees. New Jersey Transit and the Holland Tunnel also faced brief disruptions as authorities assessed infrastructure safety.

Authorities React 🔮 The event, being the third-largest quake in the New York metropolitan area in nearly 75 years, prompted a swift response from local and federal authorities. Despite the surprise and concern, the National Tsunami Warning Center assured no tsunami threat, and officials, including President Joe Biden, downplayed long-term concerns, emphasizing control and normalcy restoration.

TODAY’S TOP NEWS

“Reuters is Lying (again)”

Strategy Shift: 🚗 In an exclusive Reuters report, Tesla (TSLA) called off its long-awaited affordable car project amid severe competition from Chinese electric vehicle (EV) makers, focusing instead on developing self-driving robotaxis. This decision marks a departure from CEO Elon Musk's original mission to produce electric cars for the masses, challenging Tesla's growth into a mass-market automaker. After the story was published, Musk posted on his social media site X that "Reuters is lying (again)."

Market Pressures: 🌏 The report continued, facing tough competition from Chinese EVs, priced as low as $10,000, Tesla found it increasingly difficult to justify the development of a low-cost model. The scrapped vehicle, sometimes dubbed the Model 2, was projected to start at $25,000, a stark contrast to Tesla's current entry-level Model 3, priced around $39,000.

Future Directions: 🤖 Tesla's pivot towards robotaxis, though potentially more complex and fraught with regulatory hurdles, aligns with Musk's vision for the future of mobility. However, this shift comes with its own set of challenges, including engineering difficulties and the company's history of delays in achieving full self-driving capabilities, amidst a broader context of slowing EV demand and heightened scrutiny over Tesla's business practices and product claims.

The fate of the Model 2 remains unclear… 

KEEP READING

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