Dow fell 123, decliners over advancers 3-2 & NAZ pulled back 140. The MLP index stayed in the 237s & the REIT index was up 1+ to the 363s. Junk bond funds were mixed & Treasuries saw limited selling, lifting yields slightly. Oil slid lower in the 78s & gold edged down 1 to 1949.
AMJ (Alerian MLP Index tracking fund)
Nvidia (NVDA) rose in early trading, after the company reported a beat on the top and& bottom lines & offered strong guidance for the upcoming qtr. NVDA
reported adjusted EPS of $2.70 for the fiscal 2nd
qtr, beating the estimate of $2.09. The company
also reported quarterly revenue of $13.5B, versus the estimate of $11.2B. Analysts
also honed in on strong guidance for the upcoming qtr. The company
expects around $16B of revenue for its fiscal 3rd qtr, up
170% compared with the year-ago period. Heightened, AI-driven demand for NVDA chips has been a boon for the
chipmaker, which has historically focused on graphics processing units,
or GPUs. As companies across industries move to build out their AI
chops, there has never been more demand for its chips. The company expects that heightened demand will be sustained thru 2024. The stock jumped 6.79 (1%).
If you would like to learn more about NDVA, click on this link:
club.ino.com/trend/analysis/stock/NDVA_aid=CD3289&a_bid=6aeoso5b6f7
Nvidia shares open at record high after big earnings beat
US job growth was weaker than previously projected over much of the past year. The Bureau of Labor Statistics revised down its total tally of jobs
created in Mar by 306K, indicating that payroll growth was likely
slower than initially believed in the period from Apr 2022 to Mar
2023. That suggests the economy likely added an average of
311K jobs per month during that time period, below the previous
337K estimate. On a monthly basis, that amounts to about 25K fewer
jobs. The agency's annual benchmark revision is mostly derived from state
unemployment tax records that employers are required to file. The figure is preliminary & may be updated when the
gov releases the final figure in Feb 2024. "The
revised payrolls data are more consistent with evidence of a softening
labor market in late 2022 and early 2023, like higher layoff
announcements and jobless claims; income tax withholding fell in
year-over-year terms in November and December, further evidence that the
soft patch was concentrated in last year’s holiday season," said Bill
Adams, chief economist at Comerica Bank. "But even with downward revisions, employment was growing rapidly in the year through March." The revisions were widespread across industries. Employment in the transportation & warehousing sector saw the
biggest downward revisions, with payrolls lowered by 146K. Employment
was revised down by 116K in professional & business services, by
85K in private education & health services & by 46K in leisure & hospitality, the industry hit the hardest by the COVID-19 pandemic. Some
sectors actually experienced more robust job growth last year than
previously estimated. Payrolls were revised up by 48K in wholesale
trade, 38K in retail & 30K in construction.
US economy added 306,000 fewer jobs than previously believed over past year
Boeing (BA), a Dow stock, said a new manufacturing flaw on its 737 Max will delay deliveries of
its bestselling aircraft, the latest setback as the company tries to
hand over more planes. The company found that fastener holes on the aft pressure bulkhead on some 737 planes were improperly drilled. Spirit AeroSystems, which
makes the fuselages, said that because it “uses multiple suppliers for
the aft pressure bulkhead, only some units are affected.” “This
issue will impact near-term 737 deliveries as we conduct inspections to
determine the number of airplanes affected, and complete required
rework on those airplanes,” BA added. It will continue delivering 737
Maxes that are not affected by the issue. The defect is the latest in a string of manufacturing flaws in the Max & other programs while it tries to
ramp up production to meet strong demand from airlines short on planes
during a travel boom. Last month, the company said it is transitioning to a production rate of 38 a month from 31. The stock dropped 8.48 (4%).
If you would like to learn more about BA, click on this link:
club.ino.com/trend/analysis/stock/BA_aid=CD3289&a_bid=6aeoso5b6f7.
Boeing says a new 737 Max flaw will slow airplane deliveries
Dow Jones Industrials
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