Beat the street: jobs; AMD; AI; Alphabet; Broadcom
Rates are in focus as investors digest weekly jobless claims, ahead of Friday’s jobs report. AMD launches a new AI chip, competing with NVIDIA. Google-parent Alphabet releases its most advanced artificial intelligence model.
(Partial Video Transcript)
AI chip rumble: AMD takes on NVIDIA
Hello, I'm Angeline Ong, and welcome to beat the street, the show that gives you all the tradeable data you need ahead of Wall Street Open. Jobs, jobs, jobs, initial jobless claims data on deck ahead of that all-important non-farm payrolls (NFP) number on Friday.
And chips and artificial intelligence (AI) back in focus, Advanced Micro Devices launching a new AI chip which competes head-on with NVIDIA's. And Alphabet, the Google parent, releases its most advanced AI model.
A very warm welcome to you, I'm Angeline Ong, and welcome to this new edition of beat the street. Not long now before Wall Street starts trading, we've just got some breaking news just crossing the screen as we speak.
Jobs numbers are key
This is the initial jobless claims number that we are looking out for the week ending 2 December 2023. We were looking out for 222,000 and we got 220,000, so just slightly less than anticipated. In terms of the claims figure, this is four weeks average. It was 220,750.
Now what's also key is that we're not seeing much of a movement if you look at the volatility index here, which I did note was around 14.94 before that figure came out, so not much of a change there. To be fair, this is not the main event of the week. The main event is that Friday figure.
Let's have a look at Wall Street as well. Not much of a change there to report either, but markets are continuing, even though there's been some profit taking there, they are continuing to sort of tick higher. We have had other jobs data out earlier in the week.
Unemployment rate set on 3.9%
We had the ADP survey, which revealed that private businesses in the US hired 103,000 workers in November, below a downwardly revised 106,000 in October, and missing expectations. And for this Friday's non-farm payrolls, economists expect 180,000 jobs created.
The unemployment rate has been staying at 3.9%, and average hourly earnings forecast to rise by 0.3% month on month, 4% year on year.
[…]
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Seize a share opportunity today
Go long or short on thousands of international stocks.
- Increase your market exposure with leverage
- Get spreads from just 0.1% on major global shares
- Trade CFDs straight into order books with direct market access
Live prices on most popular markets
- Forex
- Shares
- Indices
