TLDR

MARKET RECAP → Stocks took a dip Friday as AI chip maker NVIDIA (NVDA) took a slip. But hey, we’re stayin’ alive. 

INFLATION TICKS UP → 📱 As elections loom, politicians are torn between leveraging TikTok for its unparalleled reach among youths and ditching it due to espionage fears, amidst a looming House vote on its fate in the U.S.

JOBS FEBRUARY FLOURISH → 📊 February's U.S. labor market sparkled with 275,000 new jobs, led by health care's 90,700 boost and leisure's 58,000 bump. Manufacturing's slight dip puzzled economists amid a tech-sector tremble.

MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

INFLATION TICKS UP

🚀 Big Ambitions: Reddit is set to raise up to $748 million in its much-anticipated IPO, targeting a valuation around $6.5 billion by offering 22 million shares priced between $31 to $34, signaling strong investor confidence and a significant step for the social media platform.

👥 Community Involvement: In an innovative move, Reddit has reserved about 1.76 million shares for its users and moderators, allowing them direct participation in the IPO without the usual lock-up period constraints, potentially increasing market volatility but also democratizing investment opportunities.

💼 Financial Snapshot: With annual sales hitting $804 million in 2023, marking a 20% increase from the previous year, and a narrowed net loss from 2022, Reddit's financial health appears robust. Notable shareholders include Tencent and OpenAI CEO Sam Altman, underscoring the platform's significant backing and growth prospects.

TODAY’S TOP NEWS

February Jobs Report

🏥 Health care and social assistance led February's job gains, adding 90,700 positions, thanks to significant growth in hospital and ambulatory healthcare services. This sector showcased the broad strength of the U.S. labor market, with a total increase of 275,000 jobs.

🍴 The leisure and hospitality sector followed closely, with 58,000 new jobs, emphasizing growth in food services and drinking places after months of stagnation, highlighting the sector's recovery momentum.

🚚 Transportation and warehousing added 19,700 jobs, rebounding with new positions in couriers and messengers, while manufacturing faced a slight decline, shedding 4,000 jobs and hinting at ongoing challenges in tech and manufacturing sectors despite optimism in other areas.

KEEP READING

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