Morning Business Report: Markets soar, manufacturing faces labor crunch

Wall Street closed out a strong week on Friday, with the S&P 500 hitting a new all-time high and the Dow Jones Industrial Average jumping 429 points.

(LILAMAX)- Wall Street closed out a strong week on Friday, with the S&P 500 hitting a new all-time high and the Dow Jones Industrial Average jumping 429 points. Early indicators  suggest the rally may continue, with pre-market futures pointing to another positive day for investors.

However, beneath the stock market surge, American manufacturing  is facing a serious hurdle. The U.S. is short roughly 400,000 blue-collar workers, according to the Bureau of Labor Statistics. As older factory employees retire, companies are struggling to attract and retain younger workers, citing a decline in vocational training and societal pressure to pursue four-year college degrees over trade skills.

Meanwhile, innovation is accelerating in the electric vehicle sector. A team of former SpaceX engineers has teamed up with Costco to roll out ultra-fast EV charging stations at select locations, starting in Florida. According to industry publication Electrek, the chargers can power a vehicle up to 80% in just 20 to 60 minutes — the perfect window for customers to shop while they charge. USA Today reports that the partnership could expand to other Costco stores nationwide.

In the restaurant industry, Darden Restaurants — the parent company of Olive Garden and LongHorn Steakhouse — announced plans to open 45 new locations over the next year. Darden currently owns more than 2,100 restaurants across the U.S., including high-end brands like Ruth’s Chris Steak House, The Capital Grille, and Yard House. The company reported $12 billion in revenue for 2024.

While older generations may have waited longer to think about retirement, Gen Z is getting a head start. A new study from Vanguard shows that Americans aged 18 to 28 are contributing to 401(k) and IRA accounts earlier and at higher rates than previous generations. Fears about the future of Social Security, combined with the influence of financial podcasts and AI tools, are driving the trend. Notably, Gen Z women are leading the way, with 54% already saving for retirement — outpacing their male counterparts.