• How are U.S. stocks reacting to weak jobs data?
• Is Nvidia facing sudden trouble?
• What is Toyota and BMW's new partnership focused on?
MARKET MOVEMENTS
Dow Jones
S&P 500
Nasdaq
41,034.38(+0.14%)
5,521.90(+0.03%)
17,086.61(+0.01%)
Opening price as of 09/05/2024 compared to last close
IN THE HEADLINES
U.S. Stocks Mixed Amid Weak Jobs Data and Fed Rate Cut Speculation
U.S. stock futures were mixed on Thursday as investors reacted to key employment data. The Dow slipped, while the S&P 500 and Nasdaq gained. Private payrolls rose less than expected in August, indicating a slowdown in the labor market. Meanwhile, weekly jobless claims fell, heightening anticipation for Friday's nonfarm payrolls report. Investors are watching closely for potential Federal Reserve interest rate cuts, with the odds increasing for larger reductions if labor data continues to weaken. Read more
Nvidia Stock Plummets, Losing $279 Billion in Market Value Amid Investor Concerns
Nvidia, once the world's most valuable company, saw its stock plummet 9.5% on Tuesday, erasing $279 billion in market value. This decline marks the largest single-day market value loss on record, surpassing Meta's $240 billion drop in 2022. CEO Jensen Huang experienced a personal loss of $10 billion as investors grew cautious of Nvidia's high valuations despite its leadership in AI. The downturn reflects broader economic concerns and uncertainties about Nvidia’s future. Nevertheless, Nvidia’s stock is still up 118% this year, and AI proponents remain optimistic. Read more
Toyota and BMW Form Alliance in Fuel Cell Vehicle Manufacturing
BMW and Toyota are expanding their partnership to develop next-gen fuel-cell technology. BMW’s hydrogen-powered vehicle is set for 2028, while Toyota will use this tech in new FCEV models, including commercial vehicles. Both companies are also working to enhance hydrogen infrastructure, addressing production and refueling challenges. This collaboration offers a zero-emission alternative as EV market growth slow. Read more
TradeUP TIDBITS
Layoffs Surge in August; Hiring at Historic Low for 2024, Challenger Report Shows
In August, layoffs surged to their highest level for the month in 15 years, according to recent data. The Challenger, Gray & Christmas survey also revealed that year-to-date hiring has hit its lowest point in 19 years. The technology sector saw the largest increase in planned layoffs, with companies announcing 41,829 job cuts, the highest number in 20 months.
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