May 2, 2024

Markets Now Thursday, May 2, 2024

Analysis: Sell in May and go away? Think again

The Wall Street adage suggests investors should dump stocks this month and return to the market in November. But gutting your portfolio before the summer may not be a recipe for success.  
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Maryland is about to get $350 million from insurance in bridge collapse

The state of Maryland is about to get an insurance payment of $350 million related to the collapse of the Francis Scott Key Bridge in late March, according to the broker handling its policy on the structure.  
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Peloton cuts jobs and is looking for a new CEO after its turnaround plan spins out

Peloton CEO Barry McCarthy is leaving his role and announced that it’s cutting about 15% of its workforce as financial problems persist at the connected fitness company following a pandemic boon.  
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It’s not just Taylor Swift. The world’s biggest artists are back on TikTok

Ariana Grande, Adele, Rihanna and Coldplay will soon join Taylor Swift back on TikTok following a deal with Universal Music Group, ending a feud that saw one of the world’s biggest record labels pull its music from the social media platform.  
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Apple plans historic $110 billion share buyback amid challenging earnings report

Apple on Thursday posted first-quarter revenue of $90.8 billion, down 4% year over year, as the iPhone maker continues to struggle with growth challenges, particularly in China, amid an uncertain economic environment.  
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What to expect in Friday’s jobs report

The US job market has been on a roll for the past three years. Some economists even say “it’s as good as it’s ever been.”  
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Source: CNN Business

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