Wall Street Today | US Job Openings Surge to 10.1 Million, Upping Odds for Fed Hike
MACRO
US Job Openings Surge to 10.1 Million, Upping Odds for Fed Hike
Vacancies at US employers unexpectedly surged in April to the highest in three months, giving the Federal Reserve more reason to consider hiking interest rates again soon.
The number of available positions increased to 10.1 million from an upwardly revised 9.75 million in March, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed Wednesday. The figure beat all estimates in a Bloomberg survey of economists, which called for 9.4 million openings.
Fed's Harker Wants to 'Skip' a Rate Hike in June
The Federal Reserve should take a break from raising interest rates, after moving them up at each of the last ten meetings, said Philadelphia Fed President Patrick Harker on Wednesday.
"I am in the camp increasingly coming into this meeting thinking that we really should skip, not pause, but skip an increase," Harker said, during a discussion hosted by the OMFIF Economic and Monetary Policy Institute.
SECTORS
Citi Strategist Says Tech Stock Rally Is Now at Risk of Fizzling Out
After a 31% surge in the US technology-heavy Nasdaq 100 Index this year, market strategists are at odds about whether investor positioning is getting crowded and if that could put the rally under pressure.
Citigroup strategist Chris Montagu said long positions in Nasdaq 100 futures are at a three-year high and profit levels elevated. “Position risks are very much biased toward profit taking, which could create a headwind against the on-going rally,” Montagu wrote in a note dated May 30.
Oil Slumps as Traders Weigh US Job Openings
Oil remained lower after flirting with gains as the market digested contrasting economic outlooks from the US
West Texas Intermediate, which has so far swung inside of a $2 a range Wednesday, pared losses after data showed US job openings unexpectedly surged with demand for labor resilient even amid tighter financial conditions.
COMPANY
Meta Seeks to Force FTC Into Court to Change Privacy Settlement
$Meta Platforms (META.US)$ is asking a federal court to bar the Federal Trade Commission from moving forward with an agency proceeding to revise its 2020 privacy settlement.
The FTC’s 2020 settlement with Meta, then known as Facebook, was approved by Judge Timothy Kelly in Washington and only the court can add provisions such as banning facial recognition, Meta said in court papers Wednesday.
Nvidia Is Overbought And Due To Fall
$NVIDIA (NVDA.US)$ had its AI moment and the stock went bananas. Wall Street is frantically raising estimates, leaving investors wondering if the stock is too expensive, too cheap, or valued just right. It's hard to know what to do with shares now. The stock charts are as good a place as any to start figuring that out.
Looking at stock charts, or technical analysis, is one tool in an investor's, or a trader's, toolbox. Charts can tell a story about sentiment and when it's a little too euphoric or too miserable.
Intel Stock Bucks Chip Selloff as Company Receives a Vote of Confidence From Nvidia
As $Intel (INTC.US)$ builds out its foundry business, it may have gotten an early vote of confidence from the hottest chip company of the moment.
Also, Intel Chief Financial Officer David Zinsner called out the company’s foundry business as a way Intel can play the artificial-intelligence revolution.
“We are very good on the high-performance compute side,” he said at a TD Cowen conference Wednesday. “That’s where we think we can leverage the best of our product offerings in foundry.”
American Airlines Raises Profit Forecast Thanks to Stronger Demand And Cheaper Fuel
American Airlines raised its adjusted earnings outlook for the second quarter thanks to strong travel demand and lower fuel prices.
Adjusted per-share earnings will come in between $1.45 and $1.65, American estimated Wednesday, up from a previous forecast of $1.20 to $1.40 per share.
Source: Bloomberg, Dow Jones, CNBC
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Hathaway : Remove Powell.
nguyen thi kim huong :
TechTrek Invest : mostly low paid workers who are already working 2 jobs to survive.
152263492 : ok
bossladdyyNeenahR : interesting
MonkeyGee : This is very misleading. 10M burger flipping jobs that no one wants should not be considered a strong job market. As Biden said he wants to destroy the 401k and the stock market and replace it with burger flipping jobs. I guess he got it now.
不言 Hathaway : Do you think so too?
不言 152263492 : yes