- Slight Slowdown – The April 2024 Consumer Price Index (CPI) increased 0.3%. From May 2023 through April 2024, the CPI increased by 3.4% (source: U.S. Bureau of Labor Statistics).
- First Failure – Republic First Bank, also known as Republic Bank, failed on April 26, 2024, with approximately $6 billion in assets at the time of closure. Fulton Bank will assume all of the deposits and assets. This marks the first bank closure since November 2023 (source: Federal Deposit Insurance Corporation).
- Any Buyers? – March 2024 exports totaled $257.6 billion, $5.3 billion less than February 2024 export levels. The deficit was caused by an industrial supply and material decrease of $1.9 billion, a capital good decline of $2.0 billion, and a food and beverage contraction of $1.3 billion (source: U.S. Bureau of Economic Analysis).
- Rising Revenue – Walmart released its first quarter earnings for FY 2025, which runs from February to January. Consolidated revenue was up 6.0% compared to Q1 FY 2024, which is partly attributed to a 21% growth in global eCommerce sales and a 24% growth in global advertising (source: Walmart).
- How’s the Bill Look? – In April 2024, the CPI food index was unchanged. The index for meats, poultry, fish, and eggs decreased 0.7%, with a notable 7.3% decline in eggs. Fruits and vegetables also declined by 0.8%. However, cereals and bakery products increased by 0.6% in April 2024 (source: U.S. Bureau of Labor Statistics).
- Plunging Profit – FDIC-insured institutions reported net operating income of $40.8 billion in Q4 2023. This is down from $69.9 in Q4 2022 and $63.4 in Q4 2021 (source: Federal Deposit Insurance Corporation).
- Keep Your Cars – Total imports for March 2024 ended at $327.0 billion, a $5.4 billion decrease from February 2024. Imports of automotive vehicles, parts, and engines decreased by $4.7 billion (source: U.S. Bureau of Economic Analysis).
- Still Restructuring – Tesla notified the California Employment Development Department in mid-May 2024 of approximately 600 more layoffs between the Fremont and Palo Alto offices. This follows plans to eliminate 10% of the company’s current workforce, which was comprised of 140,473 employees at the end of 2023 (source: Aol).
- International Itineraries – 15.9 million Americans traveled internationally in Q1 2024, marking an all-time high. In March 2024 alone, Japan saw more than 3 million American travelers (source: Mastercard).
- Big Debut – Caitlin Clark’s WNBA debut attracted 2.1 million viewers on Tuesday, May 14, 2024, making it the most-watched WNBA game since the Los Angeles Sparks and Houston Comets played in 2001 (source: Just Women’s Sports).
This newsletter is provided for informational purposes only and does not constitute investment advice or a recommendation regarding any specific product or security. Past performance is not indicative of future results. You cannot invest directly in an index. All references to tax or legal matters are provided for informational purposes only. You should consult your legal or tax professional regarding your specific situation. All investing is subject to risk, including possible loss of principal.
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