Stock Market Winners & Losers: S&P 500 is Little Changed to Start Week | Gas Prices Hit 2023 Highs as Oil Chugs Higher | Tesla Benefits From the UAW Strike

Loser: S&P 500 is little changed to start week
The S&P 500 was little changed as investors looked toward the Federal Reserve’s next policy decision. Traders say there is a 99% chance that the Fed stays put when it releases its rate decision on Wednesday.

Brent crude prices hit their highest levels since November. Up nearly 30% so far in the third quarter.

Instacart IPO comes out Tuesday. Interesting IPO play on next pandemic aand a siginifcantly lowered IPO price removing some risk.

iPhone Pro Max is selling Well. Lead times for the iPhone 15 Pro Max are averaging five to six weeks, “the longest of any model launched in the last 7 years.”

Coach Prime Cashs In . . . . After Colorado State coach knocked Colorado coach Deion Sanders for not taking off his sunglasses when talking to adults Sanders said he sold $1.2 million worth of his line of custom sunglasses on Friday.

When the house doesn’t win… Last week, MGM Resorts suffered a massive hack that critically disrupted its business. last year US companies spent $73B on cybersecurity, and paid at least $456M to ransomware attackers.

California sues energy giants. The State of California filed a lawsuit against Exxon Mobil, Shell, BP, ConocoPhillips, Chevron, and the American Petroleum Institute (the US oil industry’s biggest lobby), alleging that they misled the public for decades about the dangers of fossil fuels. California has dealt with record heat, wildfires, unusual bouts of severe rain and snow, and rising sea levels.

Loser: Gas prices hit 2023 highs as oil chugs higher
Pain at the Pump.

Gas prices hit new 2023 highs of $3.88 gallon as a squeeze on oil supply sent prices of refined products higher.

California’s average sat at $5.69 per gallon.

The price of diesel, which used to transport goods via trucks, was up 23 cents from one month ago, at $4.57 per gallon.

Other refined products like jet fuel have also been on the rise. Several airlines including United Airlines, Delta and American sounded the alarm recently on lower profits amid higher fuel costs.

Higher energy costs are raising concerns of a negative impact on the broader economy at a time when the Federal Reserve is aiming to curb inflation.

Winner: Tesla Benefits from the UAW Strike

While everyone is focused on who will blink first in the labor standoff between Detroit’s car manufacturers and its unionized workers, one person is already being declared a winner—Elon Musk.

Tesla is already enjoying a major cost advantage over is competitors thanks to more streamlined production processes and lower wages for his nonunionized workforce.

UAW employees are very likely to see increased wages when this labor dispute ends

Tesla’s labor costs average $45 an hour, compared to GM, Stellantis, and Ford’s estimated $66 an hour.

And if the UAW gets the dramatic pay bumps it initially sought, labor costs for Detroit’s Big Three would swell to $136 an hour,.

This year, Tesla has slashed its car prices. Tesla’s Q2 profits rose 20%.

So, what could slow Tesla’s roll? It’s possible that the UAW strike, if successful at securing higher wages, could galvanize Tesla workers to unionize at Musk’s factories.
#RobBlackShow #RobBlack #Stocks #Viral #Trending #StockMarket #Stock #Market #Finance #Investing #Investment #MarketsUpdate #News
Learn More https://linktr.ee/RobBlack