Beat the Street: US stocks slide on hot jobs data; Tesla; Snapchat AI
US stocks are indicated lower after a jobs report signalled a tight labour market. Tesla cuts prices on some cars. Plus, the UK’s data watchdog issues Snapchat with a preliminary notice related to AI chatbots and privacy risks.
(Video Transcript Summary)
Snapchat probed for possible AI chatbot privacy breach
In this edition of Beat the Street, host Angeline Ong shares important news and data that traders should know before the Wall Street market opens.
She covers a variety of topics, starting with the non-farm payrolls (NFP) report. This report is crucial because it helps to determine the Federal Reserve's (Fed's) stance on interest rates.
Angeline also discusses the surging bond yields and the upcoming earnings season. The UK data watchdog has also issued a notice to Snapchat regarding privacy concerns with its generative AI chatbot.
US job numbers exceeded forecasts
Richard Snow from Daily FX joins to discuss the non-farm payrolls figures. Snow explains that the job numbers exceeded expectations, leading to a surge in the dollar and strengthening of US treasuries.
He predicts a bearish trend for EUR/USD and raises concerns about potential FX intervention in the dollar-yen pair. Snow expects more volatility in the coming week due to the strong jobs report and upcoming US consumer price index (CPI) data.
Moving on, Angeline discusses the impact of the job numbers on major stocks such as Amazon, Microsoft and Tesla.
Amazon looks to space to expand network
Amazon's plans to launch prototype satellites for its copper internet network could be a significant development for the company. Microsoft's impending acquisition of Activision Blizzard demonstrates their intent to expand in the gaming industry.
Additionally, Angeline mentions Tesla's price cuts and Rivian's decline in stock price due to its plan to issue convertible green bonds.
Exxon's potential $60 billion acquisition of Pioneer and providing updates on the movement of various indices after the release of the hot jobs report. For more trading market news, follow @AngelineOng and @IG on Twitter
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