Tesla (TSLA) +2% Tesla shares bounced after a rough Monday, despite being down 36% in Q1 — the worst Q1 in company history. Investors are now eyeing its Q1 delivery report due Wednesday, with Street estimates hovering around 380,000 units . Analysts have been revising expectations lower amid backlash over Elon Musk’s role in Trump’s administration. Chinese EV Makers Up XPeng (XPEV) +1.6% : Delivered 33,205 vehicles in March — its fifth straight 30k+ month. NIO (NIO) +1.6% and Li Auto (LI) +1.4% also gained on strong March deliveries. Nvidia (NVDA) -0.6% Still under pressure after a 19.3% Q1 drop , its worst since 2022. Investor worries over AI spending, tech valuation, and trade tensions are weighing heavily. Johnson & Johnson (JNJ) -5% Fell after a Texas judge dismissed J&J’s third bankruptcy attempt to settle talc-related lawsuits via Chapter 11. PVH Corp (PVH) +18.9% Shares surged after Q4 earnings beat expectations ...
Wall Street saw a remarkable 31.5% increase in bonuses for 2024, with the average payout hitting a record high of $244,700, according to New York State Comptroller Thomas DiNapoli. The surge in bonuses was driven by a rebound in deal-making, particularly in investment banking, despite growing economic uncertainty.
Key Highlights:
Record-Breaking Bonus Pool: The bonus pool for employees in New York City's securities industry surged to a staggering $47.5 billion for 2024, setting a new record since records began in 1987.
Impact of Dealmaking: Investment banking fees rose sharply last year, propelled by increased deals and corporate debt issuance. This resulted in a 90% profit increase for Wall Street’s major banks.
Job Growth in Securities: Employment in the securities industry also hit a three-decade high, with 201,500 workers in 2024, up from 198,400 the previous year.
Tax Revenue Boost: The 2024 bonuses will contribute an estimated $600 million more in state income tax revenue and $275 million more for New York City.
However, uncertainty looms as changes in policies under President Donald Trump’s administration, including tariffs and regulatory shifts, may dampen the outlook for deal-making and bonus growth in the coming quarters.
The strength of Wall Street continues to play a crucial role in supporting New York's economy, but analysts remain cautious as the broader economic landscape becomes more uncertain.
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