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Big tech giants like Amazon, Alphabet, Microsoft, and Meta are investing heavily in cloud infrastructure to drive AI growth, but the market remains skeptical. Recent job reports suggest a likely rate cut in 2024, adding more uncertainty. Intel’s decision to cut dividends sparks discussions on the historical implications for shareholder trust. Meanwhile, Apple and Meta manage to stay afloat during a tough earnings season, alongside insights into the potential of Mercado Libre in Latin America and the performance of Designer Brands.
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Quick takeaways
- Major tech firms are heavily investing in cloud capabilities to position themselves for future AI growth despite market skepticism about these expenditures.
- Recent job reports indicate economic concerns and potential recession, highlighting the challenges faced by tech companies such as Intel amid restructuring.
Deep dives
Impact of Jobs Data on Market Sentiment
An increase of only 114,000 jobs, significantly below the consensus estimate of 175,000, signals economic concerns. The downward revisions to previous months' job figures contribute to worries about a possible recession, as highlighted by the trigger of the SOM rule, a recession indicator based on unemployment trends. These developments have led to cautious trading in the market, with questions emerging about the Federal Reserve's timing on potential rate cuts. The combination of stagnant job growth and the Fed’s recent decisions has left investors pondering whether a recession could indeed be on the horizon.
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