5 things to know before the stock market opens Friday
What specific records did the S&P 500 and Nasdaq Composite achieve, and how did their performance compare to the Dow Jones Industrial Average?
The S&P 500 and the Nasdaq Composite hit new record highs on Thursday. The S&P 500 rose by 0.23%, while the Nasdaq Composite added 0.34%. In comparison, the Dow Jones Industrial Average underperformed, slipping by 65.11 points, or 0.17%. This performance pattern has been observed throughout the week, with the S&P 500 and Nasdaq hitting record highs for four consecutive days, while the Dow has faltered.
How has Stellantis responded to these challenges, and what are their plans for achieving financial targets amid industry and economic uncertainties?
Stellantis CEO Carlos Tavares acknowledged the "arrogant" mistakes made in the U.S. market, which led to sales declines, bloated inventories, and investor concerns. To address these issues, the company is focusing on three key areas: selling down vehicle inventory faster, resolving manufacturing issues, and improving their marketing approach. Executives have laid out plans to achieve their ambitious financial targets despite the uncertainties in the industry and economy. Tavares also mentioned that Stellantis has achieved 8.4 billion euros ($9 billion) in cost reductions since the company was formed by a merger in January 2021. The automaker aims to double net revenues to $335 billion a year by 2030 and maintain double-digit profit margins as it ramps up efforts to electrify versions of its cars1. Stellantis also targets a 25% to 30% dividend payout ration through 2025 and the repurchase of up to 5% of outstanding common shares.
What future developments did Elon Musk discuss at the Tesla shareholder meeting regarding self-driving vehicles, Cybertruck deliveries, and humanoid robots?
At the Tesla shareholder meeting, Elon Musk discussed several future developments related to self-driving vehicles, Cybertruck deliveries, and humanoid robots.
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Self-Driving Vehicles: Musk talked about Tesla's continuous work on improving its self-driving technology. He mentioned that the company is focused on enhancing its Autopilot feature and is now working on adding the ability to change lanes and handle highway on- and off-ramps. Tesla plans to offer free trials for drivers who are not sure about spending $5,000 on the feature.
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Cybertruck Deliveries: Although Elon Musk did not provide a specific date for the beginning of Cybertruck deliveries, he mentioned that the company is actively working on the project. The Cybertruck, with its unique design and advanced features, has been highly anticipated since its unveiling in 2019.
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Humanoid Robots: Elon Musk discussed his vision for Tesla's Optimus humanoid robots. The company aims to develop these robots to perform a range of tasks, potentially revolutionizing industries by assisting with labor and reducing costs. While details were limited, Musk's mention of the project indicates that Tesla is actively exploring the possibilities of integrating humanoid robots into its future product lineup.