Tech sector job cuts and layoff announcements continue to mount in the US, even as overall private-sector layoff plans recede. Bloombergβs Julia Fanzeres discusses what is driving the move in tech and how thatβs translating to the wider economy. She joins Caroline Hyde on "Bloomberg Tech.β (Source: Bloomberg)
Tech sector job cuts and layoff announcements continue to mount in the US, even as overall private-sector layoff plans recede. Bloombergβs Julia Fanzeres discusses what is driving the move in tech and how thatβs translating to the wider economy. She joins Caroline Hyde on "Bloomberg Tech.β (Source: Bloomberg)
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch β an actionable afternoon update, just in time for the last hour of trading on Wall Street. The S & P 500 is retreating from record highs Thursday, and the losses picked up steam in the afternoon after The Wall Street Journal reported Saudi Arabia and Kuwait lifted restrictions on U.S. military use of their bases and a...
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch β an actionable afternoon update, just in time for the last hour of trading on Wall Street. The S & P 500 is retreating from record highs Thursday, and the losses picked up steam in the afternoon after The Wall Street Journal reported Saudi Arabia and Kuwait lifted restrictions on U.S. military use of their bases and airspace. The news added to uncertainty surrounding negotiations between the U.S. and Iran over a peaceful reopening of the Strait of Hormuz. Oil was lower for most of the morning but reversed midday. U.S. oil standard West Texas Intermediate crude climbed back above $97 per barrel. Same goes with interest rates, with the yield on the benchmark 10-year Treasury note nearing 4.4%. The AI buildout trade is taking a much-needed breather after parabolic moves in many names. As the AI enablers fell, software stocks staged a comeback, especially those related to cybersecurity. CrowdStrike briefly crossed above $500 a share for the first time since December, and Palo Alto Networks traded above $190 for the first time since January. Both CrowdStrike and Palo Alto Networks are now firmly in the green year to date, breaking away from traditional enterprise software and the dreaded iShares Expanded Tech-Software Sector ETF (IGV). That basket of stocks has been a popular way for investors fearing AI disruption to bet against software stocks. We believe it's added unwarranted selling pressure on CrowdStrike and Palo Alto because they're in the ETF but have wider moats around their businesses. Elsewhere in the portfolio, Arm Holdings is the biggest laggard after its earnings Wednesday night, which failed to clear an extremely high bar. One disappointing aspect of Thursday's action is that even as money rotates out of AI-related tech and industrial stocks, it's not making its way into healthcare, much to our dismay, given our recent buys of Cardinal Health and Johnson & Johnson . Boeing is...
Colombiaβs finance ministry is once again buying dollars in the spot market, traders say, as authorities gear up to pay off a controversial Swiss franc swap before the presidential election later this month. The government bought more than $1 billion on Wednesday, according to estimates by Banco de Bogota, BBVA and BTG Pactual β with the latter putting weekly purchases at $1.6 billion. The operati...
Colombiaβs finance ministry is once again buying dollars in the spot market, traders say, as authorities gear up to pay off a controversial Swiss franc swap before the presidential election later this month. The government bought more than $1 billion on Wednesday, according to estimates by Banco de Bogota, BBVA and BTG Pactual β with the latter putting weekly purchases at $1.6 billion. The operations have weighed on the Colombian peso, which depreciated as much as 2.5% on Wednesday before closing the session just 0.2% lower. On Thursday, it was again lagging most emerging-market peers, down about 0.9% while the MSCI EMFX index gained 0.2%. βCash position in the financial system was quite affected by the governmentβs demand yesterday, and thatβs the pressure weβve seen throughout the day,β said Jose Prieto Jaramillo, business head at BTG Pactual in Bogota. The finance ministry didnβt immediately respond to a request for comment on the dollar purchases. The purchases come at a critical moment for the countryβs finances just weeks away from the first round of the presidential election. Public credit director Javier Cuellar had promised to cancel a $9 billion total return swap in Swiss francs before the vote, ending an unprecedented operation that helped reshape the nationβs debt profile. The transactions also take place shortly after the government deployed cash to buy back more than $4 billion in global bonds as part of a broader strategy to ease borrowing costs and reduce the debt burden. Colombian dollar notes have handed investors a 3.6% return this year, compared to an average 1.4% for emerging-market sovereign debt, according to a Bloomberg index. Read more: Colombia Buys Back $4.4 Billion in Bonds Weeks Before Election βCuellar needed some dollars to fully repay the total return swap now, as well as to build the dollar cash balance that was running low after a larger dollar bond buyback than expected,β said Alvaro Vivanco , an emerging markets macro strategist a...