Wall Street Today | Gold Scales 1-Year Peak as Slowdown Worries Mount
MACRO
US Service Gauge Falls More Than Expected as Demand Moderates
The US service sector expanded in March at a much slower pace than projected on considerably weaker new orders growth and softer business activity.
The Institute for Supply Management’s index fell nearly four points to a three-month low of 51.2, data showed Wednesday.
US Companies Add Fewer Jobs Than Forecast, ADP Data Show
US companies added fewer jobs in March than forecast while wage growth slowed, underscoring labor demand that's showing some signs of cooling.
Private payrolls rose 145,000 last month after an upwardly revised 261,000 increase in February, according to figures out Wednesday from ADP Research Institute in collaboration with Stanford Digital Economy Lab. The figure was below all estimates in a Bloomberg survey of economists.
SECTORS
Gold Scales 1-Year Peak as Slowdown Worries Mount
Safe-haven gold touched its highest in one year on Wednesday as recent U.S. economic data fanned fears of a slowdown and spurred bets the Federal Reserve may ease up on rate hikes.
Spot gold was steady at $2,020.30 per ounce by 01:46 p.m. EDT (1746 GMT), after rising to its highest since March 2022 at $2,031.89 earlier.
Retail Traders Ignore Banking Crisis and Buy the Dip in Lenders
Net purchases of $Bank of America (BAC.US)$ stock this year soared to $769 million, catapulting the financial giant past former darlings like $Netflix (NFLX.US)$and $Rivian Automotive (RIVN.US)$, data compiled by Vanda Research show. Retail traders even bought more than $200 million of embattled $First Republic Bank (FRC.US)$ stock in that span, according to Vanda.
Treasury 10-Year Yield Hits 2023 Low as Soft Data Accumulate
The 10-year note's yield declined as much as 8 basis points to 3.26% — and shorter-maturity yields fell even more — in a rally that was sparked by weaker-than-forecast private-sector March job growth and gathered pace after the ISM services index declined more than forecast. Earlier this week, gauges of manufacturing and job openings also fell short of economists' expectations.
COMPANY
Western Alliance Shares Cut Losses After the Bank Says Deposit Outflows Are Stabilizing
The Phoenix-based lender said in a filing that its net outflows have fallen sharply and returned to normalized levels by March 17. The stock closed down more than 12% losing as much as 20% earlier Wednesday. Investors were initially disappointed the lack of detail in an earlier update released Tuesday evening. $Western Alliance Bancorp (WAL.US)$
Google Reveals Its Newest A.I. Supercomputer, Says It Beats Nvidia
$Alphabet-A (GOOGL.US)$ published details about one of its artificial intelligence supercomputers on Wednesday, saying it is faster and more efficient than competing $NVIDIA (NVDA.US)$systems, as power-hungry machine learning models continue to be the hottest part of the tech industry.
Cash App Founder Bob Lee Killed in San Francisco Stabbing
Bob Lee, a technology executive who founded the mobile payment company Cash App and previously worked at Square, died Tuesday after he was stabbed near downtown San Francisco, according to his family.
Meta Releases AI Model That Can Identify Items Within Images
Facebook-owner $Meta Platforms (META.US)$ published an artificial intelligence model on Wednesday that can pick out individual objects from within an image, along with a dataset of image annotations that it said was the largest ever of its kind.
Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
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