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Here’s what you need to know today…
Big Picture
Small businesses still need more employees.
Bitcoin’s surging on hopes of going mainstream.
US manufacturing is having the worst year since the 2008 crisis.
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The Market: ⬇️ -0.5%
S&P 500: 4,569.78
1Mo: +5% | 1Yr: +14% | 5Yr: +74%
The market took a breather today from five straight weeks of gains. The S&P closed at its highest level since March 2022 on Friday.
Small businesses around the US are still looking for workers. According to the Labor Department, employers in the US with fewer than ten employees have the highest share of job openings on record, accounting for more than one in five available positions. The increased demand for workers at smaller companies may allow them to catch up on hiring with less competition from larger firms.
💼 If you’re on the job hunt, you may have more success applying to smaller firms. Layoffs are still relatively low, but big companies have cut back hiring.
Bitcoin’s price has surged in hopes of making it to the mainstream. Major wealth management firms like Grayscale and Blackrock have been meeting with regulators for approval of Bitcoin ETFs (Exchange Traded Funds). Having crypto-based funds tradable on the stock market would make the cryptocurrency far more visible and accessible to a wide range of investors. While regulators could still decide to block the crypto ETFs, there is growing confidence in the market that such funds will be approved, potentially launching in the US next year. Bitcoin’s price has surged 150% this year, reaching $44,000 this week.
Americans aren't buying as much stuff, and manufacturers are feeling it. The Institute for Supply Management (ISM) reported that economic activity in the manufacturing sector remained stagnant from October to November, marking the 13th consecutive month of contraction. This is the longest stretch of negative readings since the 2007-2009 recession. Manufacturers continue to face weaker demand and lower production.
How are you feeling about the economy? |
Company Scoops 🗣️🌎💰
đź’ˇAct like a boardmember and judge how companies behave. Engaging helps build your financial confidence and hold corporations accountable.
 Pfizer | Weight Loss Failure Pfizer halted production of its weight loss pill danuglipron after trials found that patients experienced adverse side effects. This is the drugmaker's second scrapped drug this year trying to enter the booming obesity drug market. |
 Spotify | More Layoffs Spotify will fire 17% of its workforce, roughly 1,500 people, in its third round of layoffs this year, aiming to reduce costs and reach profitability. The streaming platform just posted its first quarterly profit in years after raising prices. |
 Amazon | Bullying Workers Amazon violated federal law by interrogating and threatening employees to block their attempt to unionize for better pay and working conditions. Amazon will be required to post notices about workers' rights and compensate a fired employee. |
 BP | Battery Power BP will co-invest $1B with a clean energy company to develop over 16,000 ultra-fast electric vehicle charging stations across Spain and Portugal. The energy giant remains committed to transitioning its business away from fossil fuels. |
 Alaska Air Group | Air Merger Alaska Air will buy Hawaiian Airlines for $1.9B, seeking to become a market leader in the premium-travel Hawaii market and expand its cross-Pacific fleet. Hawaiian has struggled in recent years due to wildfires and Asian travel slowdowns. |
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Inside Scoop 🤓
What is an ETF?
An ETF, or Exchange-Traded Fund, is a type of investment fund with shares that trade on stock exchanges, much like individual company shares. ETFs are often called index funds, designed to track the performance of a particular index of stocks, commodities, bonds, or other assets.
ETFs, like other types of investment funds, offer diversification. Buying a share in an ETF provides investors ownership across a portfolio of various assets, not just one individual company or commodity. Diversification helps investors limit the impact of individual poor-performing assets by spreading out the investment.
ETFs have a range of other benefits, from their reporting transparency to their efficient tax structure that gives investors more control over their profits. They also often have lower fee structures since many ETFs passively track indexes without paying expensive portfolio managers.
It’s important to know that ETFs are just an investment vehicle structure - a type of packaging for investments. The investments inside that packaging can vary widely, so make sure you know what you’re investing in before purchasing.
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