Morning Brew Daily The Dow Hits 40k For First Time Ever & Walmart Is the King of Retail
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May 17, 2024 The Dow Jones Industrial Average has hit a historic 40,000, signaling strong confidence in the market. The Supreme Court has bolstered the Consumer Financial Protection Bureau's role, emphasizing its importance in consumer advocacy. Walmart maintains its crown in retail with impressive e-commerce growth. Meanwhile, two brothers arrested for stealing $25 million in crypto showcase the risks in the digital currency world. Finally, a humble taco stand in Mexico achieves culinary fame by earning a Michelin star for its exceptional food.
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Dow Jones Significance
- The Dow Jones Industrial Average, despite flaws like weird weighting and limited scope, still holds significance.
- Its 128-year history and inclusion of blue-chip companies make it a psychological litmus test for the U.S. economy.
UAW Southern Push
- The UAW seeks to unionize Mercedes-Benz workers in Alabama, following a victory at a Volkswagen plant.
- This vote is crucial for the UAW's Southern campaign, given the region's historically low union density.
Southern Auto Workers' Wages
- Some Mercedes plant workers are content with their $34/hour wage after three years.
- Southern automakers have raised wages due to a strong labor market and competition, despite right-to-work laws.