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.
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