Wall Street has seen a drop in stock prices, with the Nasdaq, Dow Jones, and S&P 500 all experiencing declines. The request by Elon Musk for Nvidia to prioritize shipments of advanced chips to his private artificial intelligence company xAI and social network X over Tesla has been worth approximately half a billion dollars for graphics chips for Tesla’s autonomous capabilities.
Meanwhile, the US Department of Labor released employment data indicating a significant decline in new jobs in April, below expectations. Stock Intel is rising after announcing a new artificial intelligence chip to compete with Nvidia and AMD. Alphabet (Google) announced layoffs in its cloud unit while Microsoft is laying off employees in the HoloLens development department.
Norbert Ricker of Julius Baer notes the price increase in the natural gas market due to changing dynamics and short-term weather fluctuations. Ronan Menachem of Mizrachi Tefahot attributes declines in US futures contracts to market preparations for the upcoming employment report for May, which could impact interest rate cuts.
In Europe, indices are dropping and oil prices have also gone down following OPEC+’s plans to gradually increase oil production. The Eurozone saw an increase in inflation rates, influencing expected interest rate decisions. Asia is trading mixed and futures in the US are stable. Last night on Wall Street, Gamestop made headlines while Spotify had some news as well. Google announced personnel cuts in its cloud unit.
The ever-changing landscape of global trade, market trends, economic indicators, and geopolitical events can significantly impact trading and investments. It’s crucial to stay informed and adapt your strategies accordingly to navigate the complexities of the financial world.
To sum up: The stock market has been volatile lately with drops across the board including Nasdaq, Dow Jones and S&P 500. Elon Musk has requested Nvidia prioritize shipments of advanced chips for his private AI company xAI over Tesla worth approximately half a billion dollars for graphics chips for Tesla’s autonomous capabilities. The US Department of Labor released data indicating a decline in new jobs in April below expectations while stock Intel is rising after announcing a new AI chip to compete with Nvidia and AMD. Alphabet (Google) announced layoffs in its cloud unit while Microsoft is laying off employees
