Global financial media has highlighted several key developments. Notably, U.S. job vacancies have dropped to their lowest level since early 2021, aligning with a cooling labor market. According to the U.S. Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS), job openings fell from an adjusted 7.86 million in August to 7.44 million. This decline occurs as layoffs increase and voluntary resignations decrease, indicating reduced confidence in finding new jobs.
Alphabet, Google's parent company, reported third-quarter earnings that outperformed predictions, driven by strong cloud revenue. The company's earnings per share were $2.12, above the expected $1.85, with revenue reaching $88.27 billion, surpassing the anticipated $86.3 billion. Alphabet's stock rose by 3%. YouTube brought in $8.92 billion, and Google Cloud generated $11.35 billion, with traffic acquisition costs at $13.72 billion, according to StreetAccount data.
Meanwhile, AMD's revenue slightly surpassed expectations. The company reported third-quarter adjusted earnings per share of 92 cents, aligning with forecasts, with revenue at $6.82 billion, above the expected $6.71 billion. Despite robust growth in its data center business, AMD's stock fell 5% in after-hours trading due to in-line future guidance. The company estimates current-quarter sales at approximately $7.5 billion, reflecting a year-on-year decline of 22% in the previous year's fourth quarter.
Visa saw a dip in its stock, closing down 0.81% after reports that it plans to lay off about 1,400 employees by the end of the year. This includes roles in technology, merchant sales, and global digital partnerships, as part of streamlining its international business.
In the startup sector, Elon Musk's AI venture, xAI, is reportedly seeking new funding at a valuation of around $40 billion. This comes after xAI secured $60 billion earlier this year, marking a significant increase from a previous valuation of $24 billion. The funding discussions are in early stages and may change.
Additionally, Morgan Stanley CEO Ted Pick announced that the era of zero interest rates and inflation has ended. He emphasized the global challenges posed by higher interest rates and geopolitical tensions, referring to Francis Fukuyama's work on the end of ideological conflicts post-Cold War.
