Trading on Wall Street has started with price drops across the board, including the Nasdaq, Dow Jones, and S&P 500. Elon Musk has requested Nvidia to prioritize shipments of advanced chips to his private artificial intelligence company, xAI, and the social network X, over Tesla. This order is worth approximately half a billion dollars for graphics chips for Tesla’s autonomous capabilities.
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, with Europe still adjusting to pricing 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, with oil prices also 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, the Nasdaq and S&P 500 were up, while the Dow Jones was down. Gamestop and Spotify made headlines, and Google announced personnel cuts in its cloud unit.
In the ever-changing landscape of global trade, market trends, economic indicators, and geopolitical events can significantly impact trading and investments. Stay informed and adapt your strategies accordingly to navigate the complexities of the financial world.