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Good Morning!
Welcome to all of our new subscribers! 💪 We’re happy to have you!
Happy Monday! Here is what’s moving the market:
👉 Energy remains stable
👉 Goldman Sachs earnings are in
👉Tesla makes cuts
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ENERGY: Remains Stable
Despite recent tensions in the Middle East, oil markets have remained relatively stable. The latest drone and missile attacks by Iran on Israel might typically lead to higher crude prices. Since they bring Iran's significant oil production into question and raise concerns about the Strait of Hormuz, a crucial oil passage. However, after a brief increase, Brent crude prices fell back below $90 a barrel.
Source: CNN
Traders appear to view Iran’s actions as a targeted response rather than the start of a wider conflict. Should the situation worsen, Saudi Arabia and its OPEC+ allies have ample extra production capacity to cover any shortfall.
🎯 GRIT TAKE: After the Iran attacks…upgrade to VIP now to read the full GRIT Take!
EARNINGS: Goldman Sachs
On Monday, Goldman Sachs reported that its first-quarter earnings and revenues exceeded expectations due to strong trading and investment banking results. The bank's profit rose 28% to $4.13 billion due to revenue being up 16% to $14.21 billion. Gains in fixed income and equities trading significantly contributed to these results, with revenues in these areas topping forecasts by substantial margins.
Source: CNBC
Investment banking fees also saw a notable increase, up 32% driven by more activity in debt and equity underwriting. Despite the past year's challenges, CEO David Solomon is seeing improvements as the bank shifts focus from retail banking to asset and wealth management. However, this segment was the only area that did not exceed expectations, with revenue growth aligning closely with forecasts due to increases in private banking, lending, and management fees.
TESLA: Job Cuts
Tesla shares fell in early trading on Monday after reports surfaced that the automaker might cut more than 10% of its global workforce. In an internal memo cited by Reuters and first reported by Electrek, CEO Elon Musk emphasized the need for cost reductions and increased productivity as the company prepares for its next growth phase.
Source: CNBC
This news comes during a tough period for Tesla, which has already seen a 31% drop in share price this year. This is due to lower demand for electric vehicles and rising competition from Chinese manufacturers. Additionally, the company recently reported a decline in vehicle deliveries and production, the first annual drop since 2020.
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