Other so-called Magnificent Seven members Meta Platforms and Microsoft also reported earnings earlier this week and warned on AI-related infrastructure costs, dragging the Nasdaq down on Thursday.
US bonds edged higher in early trading Friday after ending October with their worst monthly performance in two years. With the election and a Fed meeting days away, a measure of daily yield swings is at its highest in a year as traders position for further losses that could send 10-year yields as high as 4.5% over the next three weeks - compared with just under 4.3% currently.
As the nearly deadlocked race nears, some are looking for so-called "asymmetric trades" involving bitcoin or the yuan, assets which could yield big profits if Trump wins but would not cause big losses if the wagers are wrong. "Trading the election is difficult given how tight it is," said Edoardo Rulli, head of UBS Hedge Fund Solutions.
The local trader community actively participates in the Muhurat trading session, engaging in token transactions with an intent to take home profits. Making money in this hour is considered auspicious, setting the tone for the year to come.
About 1,700 University of Illinois Hospital & Clinics nurses plan to go on an open-ended strike Nov. 13. The strike would be the second time the nurses have walked off the job since August.
Kamala Harris campaign is actively warning business leaders that Donald Trump has a pattern of disregard for democracy and the rule of law that would threaten U.S. economic growth.
In October, the U.S. added just 12,000 jobs, significantly down from September's 223,000, due to the impact of hurricanes and strikes, including at Boeing. The unemployment rate remained at 4.1%, indicating a still healthy labor market despite disruptions. Factories lost 46,000 positions, reflecting strike effects.
Wall Street recently criticised major tech firms for their AI spending, but Amazon, Microsoft, Meta, and Alphabet plan to invest even more, exceeding $200 billion this year. These companies are securing chips and building data centers to support AI, aiming for future profitability despite current high expenses.
