Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Cruise, General Motors' autonomous vehicle subsidiary, is significantly reducing its workforce, terminating 900 employees, about 25% of its staff. The cuts primarily impact commercial operations and related corporate roles. This follows a recent dismissal of key leaders and contractors at Cruise, linked to safety investigations from an incident in San Francisco involving a self-driving Cruise car. Alongside this, GM plans to lay off around 1,300 workers in Michigan due to the discontinuation of certain vehicle models. These developments reflect major operational shifts within the company.

2. Costco has seen remarkable success in selling gold online, surpassing $100 million in sales in its fiscal first quarter. The 1-ounce gold bars, often selling out within hours on Costco's website, are priced higher than the current spot price, with a limit of two bars per membership. Despite state sales tax complaints, customer satisfaction is high, evidenced by a 4.9-star rating and numerous reviews on Costco’s site. This surge in gold sales coincides with a 12% increase in spot gold prices this year, and JPMorgan predicts a significant rally in gold for 2024, with potential peaks and subsequent opportunities for investment. Gold's value is currently rising following the Federal Reserve's indication of possible rate cuts in 2024. Notably, Costco's gold bars are nonrefundable.

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4. Headlines

   1. Apple’s market cap is expected to become bigger than the value of France’s entire stock market in the coming weeks.

   2. Mortgage rates have dropped below 7% for the first time since August.

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