Thursday's Markets Update (December 7, 2023)

07 Dec 2023 by rate3

On Thursday, the Nasdaq and other major stock indexes closed higher due to a megacap rally driven by AI optimism. Alphabet's advanced AI model launch led to a 5.3% share increase. Government data revealed initial jobless claims rose less than anticipated, continuing claims fell beyond predictions, and the Challenger report indicated more job cuts in November. Meanwhile, BTC continued to linger at Wednesday's level as ETH surged almost to 2.4K.

Details

According to the latest Challenger Report employers announced plans to cut 45,510 jobs in November, up from 36,836 in October, with retail (6,548), tech (5,049), financial (3,698), transportation (3,515), and healthcare/products (3,329) seeing the most cuts. While lower than November 2022, the 686,860 year-to-date tally was the highest since 2020's lock-down impact and 2009 prior.