…and Tesla's battery-subsidy blues
| Stay-tion nation (Timothy A. Clary/Getty Images) | |
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Last Week's Market Moves | | Dow Jones
36,248 (+0.01%) | S&P 500
4,604 (+0.21%) | Nasdaq
14,404 (+0.69%) | Bitcoin
$44,439 (+14.82%) |
| Dow Jones
36,248 (+0.01%) | S&P 500
4,604 (+0.21%) | Nasdaq
14,404 (+0.69%) | Bitcoin
$44,439 (+14.82%) |
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Hey Snackers, As if weddings weren't pricey enough, some couples are paying thousands for "social media concierges." They're like wedding photographers, but armed with iPhones and hashtags — because horizontal pics just aren't right for the 'Gram. Stocks ticked up slightly last week while key labor reports showed more evidence of a cooling job market. Meanwhile, bitcoin hit a 20-month high as traders eyed a potential spot bitcoin ETF approval next month. 👋 We'd love to get to know you! Help us make Snacks better by taking our 10-minute survey. | Btw... Do you want to start getting Snacks daily? Or prefer to unsubscribe? Manage your subscription preferences here. | |
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After years of record quit rates, US workers are hunkering down for the Big Stay | Stuck to the swivel chair… During the stimulus-packed pandemic, employers navigated record worker turnover and struggled to hire as wages rose. Now, some companies are facing the opposite problem: nobody wants to quit anymore. For four months in a row, quitting #s have held steady at the prepandemic rate of 2.3% as workers put a lid on the Great Resignation and ushered in the Big Stay. Peacing out: During the "see ya" days of labor, the monthly quit rate reached highs of 3% as workers searched for greener, more-remote-friendly pastures. Staying put: Over 50M US workers quit last year, up from 2021's ~47M. But this year, 73% of workers said they'll stay at their jobs, up from 61% — even as return-to-office mandates intensify. Passive pushout: Bank of America announced plans to cut headcount through a wait-'em-out approach this year, but so far it's seen record low attrition. Elsewhere, hiring has slowed significantly (seasonal hires are the lowest since 2013). Now layoffs are climbing — up 24% last month from October.
The devil you know… Don't get it twisted: workers aren't sticking around for the stale coffee. Job satisfaction has slumped 10% this year — the lowest since early 2020 — as inflation waters down paychecks and RTO plans have workers remembering why they don't sit in traffic by choice. Meanwhile, 40% of Americans have run out of their pandemic savings, student-loan repayments have resumed, and folks have racked up a record $1T+ in credit-card debt. It's hard to give up a stable paycheck. |  | THE TAKEAWAY |
| Changing course is risky in a storm… Labor reports last week showed that job openings dropped to 8.7M in October — their lowest level since March 2021. And employers added only 199K jobs in November, the second straight month in which job gains fell under their annual average. While this year's wage gains are the smallest in three years, a lot of workers have decided they're better off staying than jumping ship when the ocean's choppy. | |
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| Made in Ameri-cars… The take-home price of some electric vehicles could pop next month after the Biden admin updated tax-credit rules. EVs with China-made battery parts won't be eligible for the full $7.5K discount that sellers factor into sticker prices. Many models could be affected since two-thirds of the world's battery cells are made in China. Tesla said the credit for its Model 3 will be halved to $3,750. The admin's move is meant to support made-in-the-USA cars, but EV growth has been cooling, and this is another bump in the electric road. Upcycling Pixars… "Soul," "Turning Red," and "Luca" skipped a wide theatrical release during the pandemic and went directly to streaming on Disney+. But the critically acclaimed trio is heading to the big screen, one each month from January to March. Disney, which has ramped up investments into its profitable parks, could be looking to milk some $$ from its not-so-magical movie-and-media biz: its film division hasn't turned a profit in over a year, with recent duds including "Wish" and "The Marvels" — the MCU's lowest-grossing flick. | |
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| Unlimited breadsticks… limited budgets. Olive Garden parent Darden served up 11% sales growth in September, but appetite for its fine-dining chains (like Capital Grille) fell. It's bad timing because Darden recently bought fancy steakhouse Ruth's Chris for $715M. Casual chains like Olive Garden and LongHorn enjoyed sales growth, fueled partly by pricier menus — but consumers ordered fewer boozy bevs and cheaper entrées. We'll see whether diners kept choosing the Tour of Italy over a $55 rib eye when Darden reports Friday. Knock, knock… Lennar (the No. 2 US homebuilder) drops quarterly #s Thursday. In September, Lennar topped profit expectations as record-low housing inventory helped boost new-home orders by 37%. Deliveries jumped, but revenue fell after the average sale price of its homes dropped to $448K from $491K a year earlier. With mortgage rates at 20+ year highs, homebuilder confidence has fallen to its lowest level since January. While analysts think Lennar could build up a beat when it reports, earnings are expected to dip. | |
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What else we're Snackin' | Buzzword: SEC boss Gary Gensler warned companies against "AI washing" — making bogus AI claims to capitalize on hype. Brands are racing to associate themselves with the tech (think: "AI-powered" anything). Cheer: This office-holiday-party szn, employers are increasingly opting for booze-free gatherings (picture: pickleball lessons, guac parties). Bosses hope employees will build bonds beyond the Zoom basics. Temp: The US is facing a dire nurse shortage as a visa backlog delays the arrival of 10K foreign workers. Hospitals have looked abroad to fill roles after 100K nurses left their jobs during the pandemic.
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Snack Fact Of the Day | Hallmark's releasing 40 new original movies this holiday season | | |
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This Week | Monday: Earnings expected from Oracle Tuesday: November core consumer price index Wednesday: November producer price index. Earnings expected from Adobe Thursday: Earnings expected from Costco and Lennar Friday: Initial jobless claims. Earnings expected from Darden Restaurants
Authors of this Snacks own bitcoin and shares of: Disney and Tesla | |
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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more | |
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