Dollar jumps as soaring US job growth beats expectations
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The dollar strengthened after US employers added 303,000 jobs in March, exceeding expectations of 200,000 jobs. The dollar index rose 0.432% to 104.67. The strong job growth may delay anticipated interest rate cuts from the Federal Reserve. U.S. interest rate futures now price in two rate cuts in 2024. The Japanese yen weakened to 151.735 against the dollar. Bitcoin fell 1.98% to $66,608, while ether was $3,239, down 2.59%.
#UsJobGrowth #DollarStrength #FederalReserve #InterestRateCuts #JapaneseYen #Bitcoin #Ether
https://finance.yahoo.com/news/dollar-steady-ahead-jobs-data-011302867.html
US economy adds 303,000 jobs, unemployment falls to 3.8% in March as labor market continues to impress
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The US economy added 303,000 jobs in March, exceeding economists' expectations of 214,000. The unemployment rate decreased to 3.8% from 3.9% in February. Wages increased by 4.1% year-over-year, the lowest annual gain since June 2021. Federal Reserve Chair Jerome Powell expects three interest rate cuts later this year. The labor force participation rate increased to 62.7% from 62.5%, and the average weekly hours worked increased from 34.3 to 34.4. The healthcare sector added 72,000 jobs, government employment added 71,000 jobs, and construction added 39,000 jobs. Other data, such as the Job Openings and Labor Turnover Survey and ADP private employment data, also indicate a resilient labor market.
#UsEconomy #LaborMarket #Unemployment #JobGrowth #FederalReserve #InterestRates
Instant view: March US payrolls beat expectations; wages increase steadily
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The US economy added 303,000 jobs in March, beating expectations of 200,000 jobs. The unemployment rate fell to 3.8%. Average hourly earnings increased by 4.1% year-over-year. The strong jobs report suggests a solid economy and may delay anticipated interest rate cuts from the Federal Reserve. The stock market reacted positively to the news, with S&P 500 e-mini futures pointing to a higher open. Economists believe the report may have closed the door on a June rate cut. However, the inflation report next week will be closely watched. The strong jobs data pushes out rate cut expectations, with the market now pricing in rate cuts after September. The dollar is expected to remain strong, and the carry trade theme in FX may continue. The report has put pressure on the upcoming US inflation report, which is expected to be bad. Overall, the labor market remains strong, and the Fed may not need to cut rates this year if the economy continues to perform well.
#UsEconomy #JobsReport #FederalReserve #InterestRates
https://finance.yahoo.com/news/instant-view-march-us-payrolls-125525578.html
Stock market today: US futures edge up in countdown to jobs data
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US stock futures are slightly higher ahead of the release of the monthly jobs report. Dow Jones Industrial Average futures are up 0.2%, S&P 500 futures are up 0.3%, and Nasdaq 100 futures are up 0.3%. The stock market experienced a slump on Thursday due to surging oil prices and concerns about inflation. The monthly jobs report is expected to show signs of cooling in the labor market after two months of robust job gains. Investors are also monitoring tensions in the Middle East and the impact of immigration on the US labor market. PepsiCo stock is performing well, and Jefferies has raised its price target on Netflix shares. Uber's stock is also expected to rise due to its expanded mobility offerings. Nvidia's stock performance is being closely watched as it may impact the broader market.
#StockMarket #UsFutures #JobsData #OilPrices #Inflation #MonthlyJobsReport #LaborMarket #MiddleEastTensions #Immigration #Pepsico #Netflix #Uber #Nvidia
Inside Big Tech's underground race to buy AI training data
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Photobucket, once the world's top image-hosting site, is in talks with multiple tech companies to license its 13 billion photos and videos for training generative AI models. CEO Ted Leonard has discussed rates of between 5 cents and $1 per photo and more than $1 per video. Tech giants like Google, Meta, and Microsoft-backed OpenAI are quietly paying for content locked behind paywalls and login screens, giving rise to a hidden trade in everything from chat logs to personal photos. The opaque AI data market is estimated to be worth roughly $2.5 billion now and could grow close to $30 billion within a decade. Data brokers are emerging to secure rights to real-world content and build networks of short-term contract workers to produce custom visuals and voice samples. However, concerns are rising about the risk of personal data making its way into AI models without people's knowledge or explicit consent.
#Ai #TechCompanies #GenerativeAiModels #DataMarket #DataBrokers
https://finance.yahoo.com/news/inside-big-techs-underground-race-100603029.html
Stock market today: Global shares mostly decline, as investors look toward US jobs report
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Global shares mostly declined as investors awaited the US jobs report to gauge the health of the economy and the Federal Reserve's potential actions on interest rates. France's CAC 40 declined 1.3%, Germany's DAX slipped 1.4%, and Britain's FTSE 100 shed nearly 1.0%. Japan's Nikkei 225 dove 2.0%, Sydney's S&P/ASX 200 slipped 0.6%, and South Korea's Kospi dropped 1.0%. Tensions in the Middle East added to the pessimism. Traders have scaled back their predictions for interest rate cuts by the Federal Reserve. The US government will release the job market report for March, which is expected to show a cooldown from February. In the oil market, benchmark US oil fell 16 cents to $86.43 a barrel, while Brent crude rose 3 cents to $90.68. The US dollar edged up to 151.43 Japanese yen from 151.30 yen, and the euro inched up to $1.0845 from $1.0841.
#StockMarket #GlobalShares #UsJobsReport #FederalReserve #InterestRates
https://finance.yahoo.com/news/stock-market-today-asian-shares-075351830.html
Stock market today: Wall Street rises toward records as it prepares for Friday's jobs report
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U.S. stocks are rising Thursday and climbing back toward record heights, as Wall Street makes its final moves ahead of a jobs report that could shake the market on Friday. The S&P 500 was up 0.7% in early trading and sitting just below its all-time high. The Dow Jones Industrial Average was up 250 points, or 0.6%, as of 9:40 a.m. Eastern time, and the Nasdaq composite was 0.9% higher. Conagra Brands climbed 4.1% after the company behind such food brands as Birds Eye and Duncan Hines reported a milder drop in revenue for the latest quarter than analysts expected. Levi Strauss jumped 16.3% after its latest quarterly results likewise topped expectations. It also slightly raised its forecast for profit over its full fiscal year as it shifts to selling jeans directly to consumers. The stock market’s gains trimmed the S&P 500’s loss for the week to 0.1%. It had sunk from its record earlier this week after surprisingly strong data on the U.S. economy raised worries that the Federal Reserve may not deliver as many cuts to interest rates this year as it’s hinted.
#StockMarket #WallStreet #JobsReport #S&p500 #DowJonesIndustrialAverage #NasdaqComposite #ConagraBrands #LeviStrauss #FederalReserve
https://finance.yahoo.com/news/stock-market-today-asian-shares-072407026.html
Nanalysis Corp. Receives Funding Supporting AI Software Development for Detection of Illicit Substances
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Nanalysis Corp., a leader in portable NMR machines, MRI technology, and detection equipment services, announces that its subsidiary Nanalysis Corp. is receiving up to $1.45 million in non-repayable, non-dilutive funding from the Canada Industrial Research Assistance Program (NRC IRAP) to develop AI-based software tools to detect illicit substances using portable Nuclear Magnetic Resonance (NMR) spectrometers. The project, scheduled for three years, will focus on using quantum mechanical modeling and AI tools to analyze magnetic resonance results generated by Nanalysis benchtop instruments. The software will identify known illicit drugs as well as unknown drugs that are derivatives of known illicit substances. The funding will support the development of complementary software for Nanalysis' Benchtop products. Nanalysis CEO Sean Krakiwsky expressed gratitude for the support and highlighted the company's ongoing relationship with the LKA police organization in Germany. Nanalysis Scientific Corp. operates two primary businesses: Scientific Equipment and Security Services. The company develops and manufactures portable NMR spectrometers for laboratory and industrial markets and provides scientific equipment sales and maintenance services globally. In 2022, the company's subsidiary KPrime was awarded a five-year contract with the Government of Canada to provide maintenance services for passenger screening equipment in Canadian airports.
#NanalysisCorp #AiSoftware #IllicitSubstances #Funding #CanadaIndustrialResearchAssistanceProgram #NuclearMagneticResonanceSpectrometers
https://finance.yahoo.com/news/nanalysis-corp-receives-funding-supporting-123000562.html
Google Considers Fees for AI-Fueled Search Features, FT Says
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Google is considering charging for new "premium" features run by artificial intelligence, the Financial Times reported. The tech giant is mulling options such as adding certain AI search features to its premium subscription services. Google's ubiquitous search engine would continue to be free and ads would appear alongside search results even to subscribers. The potential move suggests that Google is still figuring out how to incorporate new AI technology without threatening its advertising business.
#Google #Ai #Search #Subscription #PremiumFeatures
https://finance.yahoo.com/news/google-considers-fees-ai-fueled-222506216.html
Analysis-Uncertainty over rate cuts wobbles US government bond market
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Strong economic data and concerns over sticky inflation are causing investors to reassess the depth of rate cuts by the Federal Reserve, leading to weakness in the US government bond market. Yields on the benchmark 10-year Treasury reached 4.429% on Wednesday, the highest level in over four months. Futures markets indicate that investors are now expecting the Fed to lower rates by 70 basis points this year, compared to the 150 basis points priced in at the beginning of 2024. The Fed itself projected three 25 basis point reductions this year, but investors have become slightly less optimistic. The selloff in bonds is driven by stronger-than-expected US economic data, which suggests that the Fed may not be able to cut rates without risking inflation. PIMCO expects inflation to remain above the Fed's 2% target and anticipates a more gradual path of rate cuts. Concerns over the state of US finances and a potential rise in term premiums also contribute to the rise in bond yields. The Congressional Budget Office forecasts US public debt to climb to 166% of GDP in 2054. The recent spike in oil prices and worries of a widening conflict in the Middle East could further contribute to an inflationary rebound. Yields on the 10-year have risen by 50 basis points since the beginning of the year, prompting some investors to lock in yields. However, the trade is becoming a test of patience, and investors are closely watching employment and consumer price data to assess the sustainability of the selling pressure in bonds. Year-to-date total returns are at minus 2.1%. Net bearish positions in key two- and 10-year Treasuries futures have increased for the first time in three weeks. Some experts believe there is still an opportunity to add more duration if yields rise further, but confidence in the trade is waning. The selloff in the bond market is not expected to go much further, as higher yields attract income-seeking investors. The lead portfolio manager of the Hartford Strategic Income Fund expects 10-year yields to trade between 4% to 4.75% and for inflation to remain under control.
#UsGovernmentBondMarket #RateCuts #FederalReserve #EconomicData #Inflation #BondYields
https://finance.yahoo.com/news/analysis-uncertainty-over-rate-cuts-050255274.html
Taiwan Begins Recovery From Quake as TSMC Resumes Production
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Taiwan's semiconductor industry resumes production after a 7.4 magnitude earthquake. Taiwan Semiconductor Manufacturing Co. (TSMC) and United Microelectronics Corp. (UMC) restart operations with no major impact. TSMC brings 70-80% of machinery back online within 10 hours. The earthquake caused nine deaths, over 1,000 injuries, and trapped over 100 people. Taiwan plays a significant role in the global economy as it produces 80-90% of the highest-end chips. The impact on TSMC's operations is expected to be manageable. Taiwan has revised building codes and regulations since a 1999 earthquake that killed over 2,400 people. The island's tech firms are still assessing the damage, but the harm appears limited. Taiwan's vulnerability to seismic activity has prompted the development of a sophisticated disaster response system.
#Taiwan #Earthquake #Tsmc #SemiconductorIndustry #Recovery
https://finance.yahoo.com/news/taiwan-begins-recovery-quake-tsmc-013728850.html
Singapore’s Region-Lagging Bonds Face Little Near-Term Relief
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Singapore government bonds have been the worst performing in Southeast Asia this year, with a loss of over 4%. The upcoming policy review by the Monetary Authority of Singapore (MAS) is unlikely to provide much relief, given sticky inflation and solid economic data. MAS uses the local dollar as its main policy tool, meaning bonds are often driven by moves in overseas markets. Singapore bonds find themselves caught between a rock and a hard place, given their strong link to the US market. Local yields tend to follow any move in their Treasury counterparts higher but are unlikely to drop as much as many regional peers when the cutting cycle begins. The MAS is not expected to change its policy until October, unless Singapore inflation declines more than expected in the coming months. The US Federal Reserve is expected to make three rate cuts in 2024. The rate of core inflation in Singapore accelerated to a seven-month high in February. The MAS will stay on hold in April, and Singapore yields still take cues from USD rates.
#SingaporeGovernmentBonds #MonetaryAuthorityOfSingapore #Inflation #UsFederalReserve
https://finance.yahoo.com/news/singapore-region-lagging-bonds-face-004001782.html
S&P 500, Nasdaq close slightly up after soft services sector data; Fed comments
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The S&P 500 and Nasdaq ended slightly up on Wednesday after data showing the U.S. services industry growth slowed further in March, while comments by Federal Reserve Chair Jerome Powell that focused on the need for more debate and data before interest rates are cut limited the advance. Most of the major S&P 500 sectors advanced, led by materials and energy. Powell reaffirmed in a speech on Wednesday that the Fed will stick to its wait-and-see approach as it considers when to start cutting rates given the continued strength of the U.S. economy and recent higher-than-expected inflation data. Earlier on Wednesday, data from the Institute for Supply Management showed that non-manufacturing PMI declined for the second straight month to 51.4 in March, down from 52.6 in February, and weaker than analysts had expected, according to a Reuters poll. According to preliminary data, the S&P 500 gained 7.31 points, or 0.14%, to end at 5,213.12 points, while the Nasdaq Composite gained 37.27 points, or 0.23%, to 16,277.46. The Dow Jones Industrial Average fell 34.39 points, or 0.09%, to 39,135.85.
#S&p500 #Nasdaq #UsServicesIndustry #FederalReserve
https://finance.yahoo.com/news/futures-ease-investors-seek-clues-102557969.html
Gov. Holcomb, IEDC announce generational multi-billion-dollar investment to make Indiana leader in semiconductor packaging
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Governor Eric J. Holcomb, Secretary of Commerce David Rosenberg, and Purdue University President Mung Chiang joined executives of SK hynix Inc. as the company announced plans to establish a new advanced packaging fabrication and R&D facility in Indiana. SK hynix will make an initial investment of more than $3.87 billion to establish a facility in West Lafayette that will support critical U.S. demand for semiconductors. The facility will create up to 800 new, high-wage jobs by the end of 2030 and will produce next-generation HBM chips, which are critical components of graphic processing units (GPUs) that train AI systems. SK hynix selected the West Lafayette site due to Indiana's manufacturing infrastructure, talent pool, and strong government support. The investment is expected to drive innovation and fill a critical gap in the nation's advanced packaging supply chain. SK hynix plans to collaborate with Purdue University and Ivy Tech Community College to develop training programs and cultivate a high-tech workforce. Indiana is now home to a new microelectronics campus and has attracted several semiconductor manufacturing plants in recent years, committing to invest more than $6 billion and create over 2,100 new high-skilled jobs.
#Indiana #SemiconductorPackaging #SkHynix #Investment #JobCreation
https://finance.yahoo.com/news/gov-holcomb-iedc-announce-generational-185700913.html
Powell Says Fed Has Time to Assess Data Before Deciding to Cut
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Federal Reserve Chair Jerome Powell signaled policymakers will wait for clearer signs of lower inflation before cutting interest rates. Recent inflation figures did not materially change the overall picture. Powell reiterated his expectation that it will likely be appropriate to begin lowering rates at some point this year. The Federal Open Market Committee held interest rates steady last month. Officials narrowly maintained their outlook for three interest-rate cuts this year. Powell and other Fed officials have repeatedly said they are in no hurry to cut rates, and that their moves will depend on incoming data. Investors are putting roughly even odds on an initial cut in June. Powell's prepared remarks reinforce those he's made following the March meeting. The Fed's preferred gauge of underlying inflation cooled in February after an even larger increase than previously reported in January. Powell said last month that an unexpected weakening in the labor market could warrant a policy response from Fed officials. The Fed will get another update on the health of the job market Friday with the release of the monthly employment report, which is expected to show a gain of 213,000 jobs in March. Fed officials in March were split on how aggressive rate cuts will be this year. The central bank's dot plot showed 10 officials forecast three or more quarter-point cuts this year, while nine anticipated two or fewer. Powell detailed the outsized role supply-side factors like population growth have had in the inflation recovery. The Fed chair also used part of his speech to emphasize that the central bank makes its decisions independent from politics.
#FederalReserve #InterestRates #Inflation #JeromePowell
https://finance.yahoo.com/news/powell-says-fed-time-assess-164036479.html
Watchdog Sounds Alarm On US Debt's Trajectory As BlackRock's Larry Fink Warns 'The Situation is More Urgent Than I Can Ever Remember'
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The U.S. national debt is approaching $35 trillion, with the pace of increase causing concern. The Congressional Budget Office warns that the U.S. fiscal debt growth is 'unprecedented' and could lead to a crisis similar to the one experienced by the U.K. 18 months ago. BlackRock Inc. CEO Larry Fink expresses dismay at the rising U.S. government debt, comparing it to Japan's debt crisis in the late 1990s and early 2000s. The U.S. debt is increasing by $1 trillion every 100 days, and neither leading presidential candidate is focused on addressing the issue. Rating agencies have downgraded the U.S. government's debt rating, and Moody's has shifted its rating outlook to negative. Concerned investors may consider investing in hard assets such as gold. The SPDR Gold Trust ETF has already seen a 7% increase in value this year.
#UsDebt #CongressionalBudgetOffice #LarryFink #Blackrock #DebtCrisis #RatingAgencies #Gold #SpdrGoldTrust
https://finance.yahoo.com/news/watchdog-sounds-alarm-us-debts-173107823.html
An AI-Rally for Software Makers Will Demand Investor Patience
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Investors need more patience for the euphoria about artificial intelligence to lift the stocks of software makers. While hardware manufacturers are experiencing surging demand for AI infrastructure, software companies are struggling to convince the market of similar growth. The Philadelphia Stock Exchange Semiconductor Index has climbed 16% this year, supported by makers of chips and servers such as Nvidia Corp., while an index of software stocks has gained less than 4%. Software firms are expected to achieve less than half the earnings growth of semiconductor peers in 2024. However, investors view the impact of AI on software companies as a matter of time, as companies like Adobe and Microsoft are already making efforts to incorporate AI into their products.
#Ai #Software #Investors #ArtificialIntelligence #Stocks
https://finance.yahoo.com/news/ai-rally-software-makers-demand-114712109.html
Fed’s Bostic expects one rate cut this year, in fourth quarter
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Federal Reserve Bank of Atlanta President Raphael Bostic expects one rate cut in the fourth quarter of this year. Bostic emphasized the bumpy nature of inflation progress and pointed to the strength of the economy and a slower decline in inflation as reasons for his expectation. He is a voting member of the Fed’s policy-setting committee this year. Bostic also mentioned that if employment starts to degrade, he may have to reconsider his call for just one rate cut. The government’s monthly jobs report, to be released on Friday, is anticipated to show employers added 214,000 jobs in March with economists predicting the unemployment rate to ebb to a historically low 3.8%. Of the 19 officials, nine anticipated two or fewer rate cuts this year, according to the median projection.
#FederalReserve #InterestRates #RaphaelBostic
https://finance.yahoo.com/news/fed-bostic-expects-one-rate-133114411.html
Will The Honest Company (HNST) Continue to Experience Years Of Growth And Increasing Returns?
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The Honest Company, Inc. (NASDAQ:HNST) is a consumer products company focused on developing natural baby-care consumables, cosmetics, soaps, and other household supplies. The company went public in 2021 and experienced high demand for its cleaning products during the pandemic. However, it faced challenges due to global supply chain issues. Despite these challenges, The Honest Company showed increased traction on sales returning to growth and deepening relationships with major retailers like Walmart and Target. The company's performance in the second half of 2023 increased optimism for future growth and improving cost control. Meridian Contrarian Fund, managed by ArrowMark Partners, added to its holdings of The Honest Company in 2023 and expects the company to see years of growth and increasing returns. As of April 2, 2024, The Honest Company's stock closed at $3.76 per share with a market capitalization of $360.558 million. The company was held by 16 hedge fund portfolios at the end of the fourth quarter of 2023.
#TheHonestCompany #Hnst #ConsumerProducts #Growth #Returns #StockMarket
https://finance.yahoo.com/news/honest-company-hnst-continue-experience-103926102.html
Tesla’s Shrinking China Market Share Compounds Global Woes
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Tesla's market share in China shrank to around 6.7% in Q4 2023, down from 10.5% in Q1 2023. The company's sales and production in China are consistently backloaded, with the third month of each quarter being the strongest for local shipments. Tesla is facing tough competition in China from rivals such as BYD, Nio, Xpeng, Li Auto, Huawei, and Xiaomi, who offer newer or more extensive lineups of vehicles packed with tech features. China's EV market growth is slowing, with shipments projected to increase 25% to 11 million units in 2024, down from 36% in 2023 and 96% in 2022. Tesla recently reduced production schedules at its Shanghai factory, and its shipments from the factory declined in the first two months of 2024. Globally, Tesla delivered 386,810 vehicles in Q1 2024, missing estimates by the biggest margin ever in seven years of data.
#Tesla #China #ElectricVehicles #MarketShare #Competition #EvMarket
https://finance.yahoo.com/news/tesla-losing-ground-china-disappoints-033011602.html