Verify, Then Trust

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Sean H. & Jocelin A.
December 04, 2024 • Estimated Reading Time: 10 minutes

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TLDR

MARKET RECAP → The S&P 500 (VOO) and Nasdaq (QQQ) soared to record highs Wednesday, powered by tech stocks after strong earnings from Salesforce (CRM) and Marvell Technology (MRVL).

PRIVATE PAYROLLS MISS EXPECTATIONS→ Private payrolls grew by 146,000 in November, missing expectations, while wage growth hit 4.8% for the first uptick in two years. 🏗️

OPENAI HIRES COINBASE MARKETING VETERAN → OpenAI brings in Kate Rouch, Coinbase's (COIN) former marketing head, to strengthen its brand as competition in generative AI heats up. 🚀

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MARKETS

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Notable Earnings This Week

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TODAY’S TOP NEWS

Private Payrolls Miss Expectations

🏗️ November private payrolls rose by 146,000, missing the expected 163,000 and reflecting a slowing labor market. Gains were led by education, health services (+50,000), and construction (+30,000), while manufacturing shed 26,000 jobs.

💼 Wage growth accelerated to 4.8%, marking the first uptick in over two years, but small businesses saw a decline in employment (-17,000), highlighting uneven industry performance.

📉 Despite ADP’s lower-than-expected figure, it outpaced October’s Bureau of Labor Statistics (“BLS”) report, which added only 12,000 jobs. All eyes are now on Friday’s BLS data.

TODAY’S TOP NEWS

OpenAI Hires Coinbase Marketing Chief

🧠 OpenAI hired Kate Rouch, formerly of Coinbase (COIN) and Meta (META), as its first chief marketing officer. Her resume includes overseeing Coinbase's Super Bowl ads and leading branding for Instagram and WhatsApp.

🚀 This move signals OpenAI’s intent to up its marketing game in the booming generative AI space, as it competes with heavyweights like Google (GOOG), Microsoft (MSFT), and Amazon (AMZN).

💰 Despite minimal marketing efforts, OpenAI already boasts 250M weekly users. With Rouch on board, expect strategic moves to maintain its edge in a $1T+ market race.

BULL VS. BEAR

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