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- Rates Down, Stonks Up?
Rates Down, Stonks Up?
Sean H. & Jocelin A.
November 01, 2024 • Estimated Reading Time: 10 minutes
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TLDR
MARKET RECAP → Stocks rallied Friday to start November, with Amazon (AMZN) leading a tech surge as traders shrugged off a weak jobs report (rates down, stonks up?).
U.S. JOB GROWTH SLOWS SHARPLY IN OCTOBER → October saw only 12,000 new jobs added, well below forecasts, as hurricanes and the Boeing (BA) strike weighed on hiring. Markets held steady, betting on a Fed rate cut. 📉
AMAZON CEO DOUBLES DOWN ON AI BET → Amazon's capex jumped 81% in Q3 as CEO Andy Jassy assured investors that AI infrastructure spending—estimated at $75B for 2024—will deliver long-term returns. 📈
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TODAY’S TOP NEWS
U.S. Job Growth Slows Sharply
🛠️ Job growth in October stalled, adding just 12,000 jobs, far below the 100,000 forecast, with hurricanes and the Boeing (BA) strike weighing on employment numbers.
📉 The unemployment rate held steady at 4.1%, but significant losses in manufacturing and temporary services reflected broader market weaknesses and labor disruptions.
💵 Markets seemed unfazed by the sluggish job data, as average hourly earnings rose slightly and expectations of a Fed rate cut next week gained momentum.
TODAY’S TOP NEWS
Amazon CEO Bets Big on AI Investments
📈 Amazon's (AMZN) capital expenditures surged 81% in Q3, primarily to support generative AI projects. CEO Andy Jassy assured shareholders the investments will yield long-term gains, mirroring Amazon’s successful cloud journey.
💰 Jassy highlighted plans to spend $75 billion on infrastructure in 2024 and even more in 2025, citing AI as a "once-in-a-lifetime" growth opportunity. Demand for AI capabilities in AWS has rapidly increased, becoming a multi-billion-dollar business.
🚀 Amazon’s AI-driven AWS revenues are growing at triple the pace of its initial cloud expansion. New AI products and enhanced Alexa features are on the horizon, further bolstering Amazon’s stake in the competitive AI race.
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