TradeUP Thursday
Jan 04, 2024
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• Fed concerned about rate cut timing despite lower inflation risks?
• Indeed reports over 15% drop in job openings, making job hunting tougher?
• Mobileye's supply glut warning shakes auto chip stocks? 
Dow Jones S&P 500 Nasdaq
37,526.07 (+0.26%) 4797.67 (+0.05%) 14,545.41 (-0.32%)
Opening price as of 01/04/2024 compared to last close
Fed minutes notes reduced inflation risks, caution on rate cut timing
The Federal Reserve indicated the potential for three rate cuts in 2024 while exercising caution regarding their timing, implying a lower benchmark rate by year-end. Although Chair Jerome Powell suggested a temporary pause in rate hikes, uncertainties persisted. Optimism prevailed within the Fed concerning inflation alleviation, attributing it to resolved supply chain issues and a surge in job seekers. Despite implementing 11 rate hikes since 2022, the economy sustained strength, yet indications of a gradual slowdown surfaced. The deceleration in hiring sparked hopes for a managed economic adjustment aimed at curbing inflation without triggering a recession. Read more

Indeed reports over 15% drop in job openings, making job hunt tougher
In 2023, job postings dropped by over 15%, signaling a hiring slowdown across most industries. Software developer roles saw a drastic 51.3% decline, while sectors like Human Resources and finance witnessed around a 33% reduction in job openings. Despite a strong November, adding 199,000 jobs, concerns persist about a cooling job market, with expectations of a 170,000 job gain in December. Federal Reserve Chair Jerome Powell highlighted a shift from a labor shortage to a more balanced market, citing various indicators reflecting this change. The impending December jobs report from the Labor Department will provide further insights into the evolving job landscape. Read more

Mobileye's supply glut warning rattles auto chip stocks
Mobileye Global, a self-driving technology company, issued a warning about a decline in customer orders aimed at reducing excess inventory, which is expected to significantly impact its 2024 revenue. The company's stock dropped by 28.2%, signaling concerns for the automotive chip industry, affecting major players like NXP Semiconductors, Onsemi, Texas Instruments, and Wolfspeed with share decreases of 2% to 5.1%. Mobileye attributes this excess inventory to reduced demand from Tier 1 customers, resulting in an anticipated 50% revenue drop in the first quarter and challenges for subsequent quarters due to oversupply of its key product, the EyeQ advanced driver-assistance chip. Read more

2024 financial resolutions to consider
CBS News business analyst Jill Schlesinger shares tips on achieving financial resolutions for 2024, emphasizing saving more, reducing debt, and spending less.
Watch the Full Video


Simplified Employee Pension Plan (SEP)

A cost-effective IRA that allows employers to make discretionary contributions towards their own retirement—as well as their employees’—and receive tax deductions for those contributions. SEP IRAs can be considered traditional IRAs with a few key differences, namely employers being able to contribute. Additionally, employers can often contribute significantly more to a SEP IRA than a traditional IRA but are still limited to the lesser of 25% of an employee’s compensation or $58,000 (as of 2021). Like traditional IRAs, account owners who turn 72 have until April 1 of the following year to take their first required minimum distribution.

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