On Wednesday, the Dow Jones decreased by 70.13 points, marking a 0.19% decline, ending the day at 36,054.43. The S&P 500 experienced a 0.39% decline, closing at 4,549.34, and the Nasdaq Composite fell by 0.58% to 14,146.71.
Job openings decreased by 6.6% to 8.7 million in October, below the estimated 9.4 million, marking the lowest level since March 2021. The data fueled expectations of a loosening in the hot labor market.
Due to declines in mortgage rates, the demand for refinancing home loans increased by 14% from the previous week.
Portfolio holding, Google (GOOG) (0.8 @ $133.93), announced its largest and most capable AI model, Gemini. The company plans to license this new AI model through Google Cloud for use in their applications. Gemini is considered a rival to OpenAI’s ChatGPT. However, the company chose not to address whether Gemini outperformed ChatGPT 4 as it did with ChatGPT 3.5.
Jensen Huang, CEO of one of portfolio holding, Nvidia (NVDA)(0.2773 @ $471.73), announced that they will continue developing a new set of products complying with U.S. government regulations involving exports of high-end chips to China.
Walmart (WMT) CEO Doug McMillon expressed skepticism about next year’s consumer behavior. McMillon even stated that they have started to decrease the prices of some products. Deflation creates a challenge for retail companies as they have to sell more to protect their growth. The market reflected these announcements with a 1% decrease.
Financial Technology company Robinhood (HOOD) increased by more than 7% after Mizuho Bank restated the stock as a buy, expecting the company to focus on gaining more shares in the recently rallying crypto industry.
Author: Kaan Pinar