Imani Moise

Still, that decline wasn't as bad as Wall Street expected.

Shares closed more than 5% higher.

General Motors reported a nearly 10% drop in sales in the first quarter of the year.

High interest rates and higher car prices kept potential buyers on the sidelines.

It's a sharp reversal from this time last year when sales surged 17% as drivers rushed to beat incoming tariffs.

Analysts have been expecting car sales to be flat or down for the year.

And payroll processor ADP reports the U.S.

economy added 62,000 private sector jobs in March, beating economists' expectations.

Most of the hiring was concentrated in education and health services.

We'll get the government's official jobs report on Friday.

Here's your midday brief for Wednesday, April 1st.

I'm Imani Moise for The Wall Street Journal.

Elon Musk's SpaceX has confidentially filed IPO paperwork with the Securities and Exchange Commission.

That's according to people familiar with the matter.

The company is aiming for an IPO that could raise between $40 and $80 billion, staging what could be the biggest public offering of all time.

Here's your midday brief for Tuesday, March 31st.

I'm Imani Moise for The Wall Street Journal.

Plus, Unilever is combining its food business with McCormick to create a grocery goods giant in a cash-in-stock deal worth over $65 billion, including debt.

The new food company is expected to bring in about $20 billion a year in revenue and include household names like Unilever's Hellman's Mayonnaise and North Soup Mixes and McCormick's Red Capped Bottle Spices and French's Yellow Mustard.

The deal is a big shift for Unilever and leaves it focused on beauty and home products.