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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Tesla's stock dropped 8% as investors were unconvinced by CEO Elon Musk's explanation for slower sales growth. The company missed earnings estimates and forecasted a reduced growth rate due to the impact of 2023's price cuts on profits. With limits reached in cost-cutting for existing vehicles, Tesla's focus shifts to developing cheaper, next-generation vehicles in Austin and Mexico. However, until these models are available, the focus remains on the current lineup, including the Cybertruck rollout. The company's profitability has been impacted, with automotive gross margins slightly above a multi-year low, reflecting the challenges of strategic changes and increased expenses.

2. The U.S. economy demonstrated stronger growth than expected in the last quarter of 2023, growing at an annualized rate of 3.3%, surpassing the forecasted 2%. This robust growth, driven by consumer spending and government expenditures, helped the U.S. avoid a recession. Inflation also showed signs of easing, with core personal consumption expenditures rising 2%, and the annual rate slowing down significantly compared to the previous year. Overall, 2023 witnessed a 2.5% growth, outperforming expectations and exceeding the 2022 growth rate. This unexpected economic resilience, however, still faces potential future challenges from various economic and geopolitical factors.

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4. Headlines

   1. Larry Ellison is looking to purchase the majority holding in Paramount Global.

   2. Boeing 737 Max production stopped.

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