In Today’s recap, Marcello talks about the collapse of Republic First Bank as it served as a stark reminder of the vulnerabilities within the financial sector. Tesla’s shares surged by a remarkable 12.06%, propelling Nasdaq to its third consecutive day of gains. However, concerns loomed over the US economy as growth slowed to a sluggish 1.6% in the first quarter, the weakest pace since 2022.
The median U.S. home sale price hit a record $383,725 in the 4 weeks ended April 21, up 5.2% from a year earlier. The median asking price increased 6.7% to $415,925. With 30-year mortgages now charging an average 7.1% interest rate & home prices continuing to climb, the median monthly housing cost has risen +13% to a record $2,843. With home listings still in short supply, nearly a third, 29.8% of homes, are selling above their listing price. Only 6% of sellers are dropping their asking price.
Oil prices settled higher on Friday, garnering support from tensions in the Middle East, but a strong dollar & U.S. inflation data quashed hopes that the Federal Reserve would cut interest rates soon, giving prices a ceiling. Supply concerns supported prices as tensions continue in the Middle East.
Shares of U.S. based Chipotle Mexican Grill rose +6.33% on Thursday at $3,111.97 after the fast-casual burrito chain topped analysts’s Q1 estimates & reported a +7% rise in same-store sales, beating the +5.2% expected by StreetAccount. The stock is up +36.07% in 2024 & +50.51% year on year, with a market cap of $85.48B.
Intel made waves with the recent launch of its third-generation AI accelerator, Gaudi 3. Boasting impressive advancements, the semiconductor giant claims that the latest chip is twice as power-efficient and offers a processing speed that outpaces NVIDIA’s H100 GPU, the current market leader in AI chip technology.
Devastating tornadoes are tearing across parts of eastern Nebraska & Iowa on Friday, as a multiday severe thunderstorm event ramped up in the central United States.Storms began in parts of the Plains & South early Friday afternoon. The National Weather Service had received at least 42 reports of tornadoes as of 6:30 p.m. ET, in at least 3 states, including Texas, Nebraska & Iowa.The storm event is supposed to continue for 3 more days.
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