Labour Market Pushes Down Treasury Yields – She’s Got The Stocks – 7 December 2023

Labour Market Pushes Down Treasury Yields – She’s Got The Stocks – 7 December 2023

The 10-year treasury yield sank to 4.188 per cent this week as the latest job openings and Labor Turnover Survey in the US showed signs of cooling labour demand.

Job openings were down to 8.73 million in October which was below economist expectations who had predicted that there would be around 9.3 million vacancies. This was also down from 9.35 million in September and 10.47 million in October.

In the wake of the numbers, the 10-year Treasury yield sank to 4.188 per cent, its lowest since August this year.

“Markets should expect demand and supply for labour to come closer into balance, which should solidify expectations the Fed is done tightening, suppressing yields, and supporting risk appetite,” said Jeffrey Roach, chief economist at LPL Financial.

The tech-heavy Nasdaq Composite rose 0.3 per cent, whilst the S&P 500 fell by 0.1 per cent, and the Dow Jones Industrial Average was down by 0.4 per cent.

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AMD launched a range of new products, including new GPUs designed to help boost AI applications and a new software ecosystem, ROCm, to compete with Nvidia’s CUDA software platform.

“They no longer have the empty playing field that they have had until now,” said Chirag Dekate, an analyst at Gartner, of Nvidia. “Frankly speaking, in this multi-vendor market ecosystem, you will see end users benefit, and diverse-channel partners benefit.” Nvidia will no longer be able to command the same level of high prices — and profit margins — that it has in the past for its GPUs.

Google also launched Gemini, its new AI software model. A version has already been put to use in its Bard chatbot, with the most sophisticated version set to launch early next year.

In a blog post on Wednesday, the Alphabet unit said it will be launching three flavours of Gemini for various applications.

The most powerful version, Gemini Ultra, is still being safety tested and reviewed, with an expected launch date earlier next year. Gemini Pro, meanwhile, will scale across many tasks and is already leveraged for some answers in Bard. Gemini Nano is a smaller version of the model, intended for use on smartphones, laptops, and other local devices.

“I believe the transition we are seeing right now with AI will be the most profound in our lifetimes, far bigger than the shift to mobile or to the web before it,” Google and Alphabet CEO Sundar Pichai said in the post.

Meta also revealed Imagine, another AI model, designed to create images from text prompts. The company said in a blog post that it is testing “more than 20 new ways generative AI can improve your experience across Facebook, Instagram, Messenger and WhatsApp, spanning search, social discovery, ads, business messaging and more.”

Apple also regained its status as a $US3 trillion company this week, showing that contrary to the laws of thermodynamics, infinite growth is, in fact, possible on a planet with finite resources. Maybe.

 OpenClose Change 
Macquarie Telecom Limited (ASX: MAQ)$67.12$65.57-2.31%
REA Group (ASX: REA)$158.44$160.821.50%
Atlassian (NAS: TEAM) (USD)$195.55$190.70-2.48%
Xero (ASX: XRO)$102.08$103.741.63%
Carsales.com (ASX: CAR)$27.54$28.643.99%
NEXTDC (ASX: NXT)$12.88$13.484.66%
WiseTech Global (ASX: WTC)$66.00$68.223.36%
Appen (ASX: APX)$0.64$0.60-6.25%
Airtasker (ASX: ART)$0.18$0.180.00%
Telstra (ASX: TLS)$3.78$3.851.85%
Adobe (NAS: ADBE) (USD)$617.39$595.70-3.51%
Salesforce (NYSE: CRM) (USD)$230.35$249.138.15%
Apple (NAS: AAPL) (USD)$189.37$192.321.56%
Alphabet (NAS: GOOGL) (USD)$134.99$130.02-3.68%
Meta (NAS: META) (USD)$338.99$338.990.00%
Microsoft (NAS: MSFT) (USD)$378.85$368.80-2.65%
Amazon (NAS: AMZN) (USD)$146.32$144.52-1.23%
Nvidia (NAS: NVDA) (USD)$481.40$455.03-5.48%
Netflix (NAS: NFLX) (USD)$477.19$446.73-6.38%

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