- __[Droid](https://snacks.robinhood.com/newsletters/6pBiGKeLBn6LbaoUyMn5vL/articles/N3foBnA3JZMvEFNW0aTqh/):__ __Walmart__ said 65% of its stores will be automation-powered by 2026 (think: robo forklifts). Companies are investing in “efficiency” while cutting back on big bets like the metaverse and expenses like… staplers. 
- __[Exfoliate](https://snacks.robinhood.com/newsletters/76atOGd2Tik4m7ipZFuyy5/articles/6uT4NKdjmCoHTT1noJISiN/):__ __L’Oréal__ is lathering up $2.5B for fancy skincare brand Aesop (picture: $50 hand soap) in its largest acquisition. As Gen Z splurges on luxury beauty, niche brands are getting scooped by mainstream powerhouses.
- __[WWFC](https://snacks.robinhood.com/newsletters/mXK4xbJKOrYkTsz9xqJZi/articles/6hYEyMg8nrDcSmhliOKm76/):__ Live-entertainment stars __WWE__ and __UFC__ plan to merge, tag-team style, to form a $21B public company under __Endeavor__. The brands have shared talent and viewers for years, *brother*. 

ICYMI

Last week's highlights

Snacks

November may historically be the best month for US stocks, but you wouldn’t know it from the start o...

Toby Bochan

Managing Editor

Luke Kawa

Markets Editor

Markets

The lack of bear cups is almost too much to bear. A $30 ursine coffee cup offered by Starbucks seems...

A popular  game being developed for the big screen could test the limits of the recent success of vi...

Max Knoblauch

Culture

 is expanding its low-cost Amazon Haul experience to a new stand-alone app called Amazon Bazaar. Ama...

Rani Molla

Tech

Holiday cheer turned into chaos this week for  after the coffee giant’s new “Bearista” holiday cup s...

Nia Warfield

Business

This week,  announced plans for “Fastnet,” a new undersea transatlantic fiber-optic cable running fr...

Jon Keegan

Tech Reporter

Here’s one noteworthy feature of the recent market downturn that has the S&P 500 poised for its wors...

Target just rolled out a new rule for store employees: “smile, make eye contact, and greet or wave” ...

Hyunsoo Rim

Data Reporter

 more than reversed its 11% drop in the wake of its post-close earnings report Thursday, after brief...

Matt Phillips

Senior Markets Correspondent 

Your inbox is ready

Subscribe and thrive

 Report: US Army will buy 1 million drones

As  once again dipped under $100,000 Friday morning, down 20% from its October 6 all-time high, some...

Yaël Bizouati-Kennedy

Contributing Reporter

Crypto

Air taxi maker  is deep in the red on Friday morning after reporting its third-quarter results after...

Nuclear power plant operator  reported Q3 earnings Friday before the start of trading in New York th...

Roughly half of new US startups make it to their fifth birthday — and the most recent ones have even...

Make hay while the sun is shining, or so the saying goes. And that’s exactly what America’s quantum ...

Claire Yubin Oh

Data Journalist

Shares of  leapt in early trading Friday after the travel platform posted a strong third quarter.  A...

Expedia Group headquarters in Seattle, Washington, USA

Over the past few months, the biggest catalyst for quantum computing stocks has been the prospect of...

Shares of  climbed 5% after the bell on Thursday, and held most of those gains into early trading on...

Millie Giles

 reported Q3 earnings that were not well received by the market, with shares cratering in after-hour...

 shareholder meetings are like no other. Where else does a man, just awarded a $1 trillion pay packa...

__Bachelor’s in physics…__ workin’ in software sales. As the market for entry-level jobs [grows](https://www.wsj.com/articles/jobs-new-college-graduates-2023-labor-market-openings-7195e28) more cutthroat, 40% of 2023 college grads are applying to industries or roles they hadn’t considered before. The unemployment rate for grads aged 20 to 24 has doubled since 2021, hitting 4.6% in February. It’s a reversal from 2018, when grads were more likely to get hired than seasoned workers. This semester, we’ve got a college-hiring conundrum:

- __While unemployment is historically low__, and there are more job openings than available workers, a lot of employers are pulling back on early offers to college seniors.

__Sending LinkedIn requests since 2020…__ The entry-level talent pool has filled up after lots of recent grads were laid off or took time off during the pandemic (think: #vanlife adventure). This year, employers plan to hire 14% more grads than last year, one [survey](https://www.naceweb.org/job-market/trends-and-predictions/employers-project-14-point-7-percent-increase-in-hiring-for-class-of-2023-college-graduates/#:~:text=Employers%20Project%2014.7%25%20Increase%20in%20Hiring%20for%20Class%20of%202023%20College%20Graduates,-October%2024%2C%202022&text=Employers%20plan%20to%20hire%2014.7,NACE's%20Job%20Outlook%202023%20report.) suggested. But snagging top roles is becoming more competitive, and employers are engaging in fewer bidding wars for younger talent. Now grads are casting wider nets and working overtime to polish their applications. Meanwhile, popular employers are curbing entry-level hiring as mass layoffs roll on.

- __Tech check:__ __Amazon__ postponed start dates for some ’23 grads for up to six months, and __Meta__ recently began hiring freezes after sweeping layoffs. 
- __Sofa days:__ Furniture retailer __Wayfair__ has cut 10% of its workforce and is limiting hiring for full-time roles and internships. 
- __Consulting crunch:__ Last month __McKinsey__ said it would let go of 2K workers in one of the consulting firm’s biggest cuts ever. 

Refreshing LinkedIn for the hundredth time (David Crane/Getty Images)

Applied

__Slow starts could signal a soft landing…__ Fewer job opportunities for college grads could be another sign that the hot labor market is (finally) starting to cool. In February, US job openings dropped to their lowest level since ’21. With companies dialing back from super-growth mode, the domino effect of past grads entering the workforce late could make it tough for *new* grads to snag high-demand positions. They’re not losing hope: 76% of this year’s grads believe they can find a well-paying gig.

College grads face a choppy job market as tough competition and hiring curbs limit roles

__Bankin' on it…__ __JPMorgan Chase__, __Citi__, and __Wells Fargo__ are on deck to report Friday as the US banking system undergoes a tectonic shift. “Too big to fail” banks saw an influx of deposits after the failures of regional banks like __Silvergate__, __SVB__, and __Signature Bank__. Meanwhile, customers have moved $300B+ into money market funds over the past few weeks — which could cut into big banking profits. In Q4 of last year, most major banks beat expectations. For the latest quarter, analysts expect higher revenues and profits. 

__Waiting for a #Powse…__ Powell pause. On Wednesday, the US gets its inflation report card for March. Investors always have eyes on the Consumer Price Index, but this one could be extra spicy: it’s the first since the banking turmoil, and the last before the Fed’s next rate-hike decision meeting on May 2. After banking worries and underwhelming labor data, traders were betting on a 60% chance that the central bank *won’t* hike interest rates. Some even expect that it’ll start *cutting* this year. But if inflation comes in hot, such hopes could be dashed. 

Events

Coming up this week

__Pump anxiety returns…__ Higher gas prices aren’t in the rear view. Last week, OPEC+ (the world’s largest coalition of oil-producing countries) announced a surprise production cut. Oil prices surged on word that the cartel plans to slash output for the rest of the year. It could mean higher prices at the pump and even a broader inflationary spike, because the economy runs on oil. It’s a boon for oil titans like __Exxon__ and __Shell__, which have already enjoyed years of record profits on the back of rising prices. The cuts could also boost demand for US oil. 

__CiaoGPT…__ Italy temporarily [banned](https://www.nytimes.com/2023/03/31/technology/chatgpt-italy-ban.html) __OpenAI's__ ChatGPT, saying the chatbot collected personal data and could put minors at risk. It was the first Western country to boot OpenAI's tech, but as privacy concerns mount it might not be the last. Germany's considering a block, and the UK issued a warning on AI use. Now more EU countries (like Ireland and France) are in touch with Italian regulators as they consider dropping a $22M fine on OpenAI. Italy gave the company an April deadline to prove it didn't break data rules. 

Last week's highlights

Get Your News

Subscribe and thrive

Latest Stories