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July 9th - A 5.0-magnitude earthquake struck Gao County, Yibin City, Sichuan Province (28.52°N, 104.68°E) at 6:12 AM on July 8th, with a focal depth of 8 kilometers. Today (July 9th), it was learned from the Yibin City Earthquake Relief Headquarters that following the earthquake in Gao County on July 8th, 2026, relevant municipal departments and county (district) authorities acted swiftly to conduct disaster assessment and relief work. As of 4 PM on July 9th, four people sustained minor injuries, and initial damage to 4,309 households was reported. Currently, social order in the affected area is generally stable, and subsequent assessment and post-disaster recovery work are underway.Federal Reserves Williams: The Feds ample reserve system is designed to be flexible and can respond to the impact of stablecoins.Federal Reserves Williams: Its unclear how stablecoins will affect reserve demand.According to The Information, startup PrismML claims to have compressed an AI model with 27 billion parameters to run on an iPhone. Apple has discussed with PrismML how it might utilize the technology.On July 9th, the head of the top U.S. auto safety regulator stated that the agency would "absolutely" consider eliminating the requirement for self-driving cars to have a steering wheel; if implemented, this would benefit Tesla and other autonomous taxi companies that are reimagining traditional vehicle designs. Jonathan Morrison, administrator of the National Highway Traffic Safety Administration (NHTSA), told CNBC on Thursday, "If youre developing a vehicle thats not intended to be operated by a human driver from the outset, then mandating manual controls makes no sense." The NHTSA updated its federal safety standards last month, eliminating the requirement for a manual brake pedal in autonomous vehicles. These changes are part of the Trump administrations efforts to modernize regulations for self-driving cars and could clear the way for the widespread adoption of dedicated autonomous vehicles, including Teslas Cybercab, a two-seater electric car without a steering wheel or pedals.

S&P 500 Index, NASDAQ Composite Attempting to Recover from Knee-jerk Reaction to Hot Labor Market Report

Florala Chen

Dec 05, 2022 15:43



As traders attempt to recover earlier losses, the tech-heavy NASDAQ Composite and the benchmark S&P 500 Index are down late in trading on Friday but still much above their intraday lows.


As investors changed their bets in anticipation of a more hawkish-than-expected Federal Reserve response to a positive U.S. job market report, U.S. stocks declined and U.S. Treasury yields increased.


The November Non-Farm Payrolls report, which showed employers increasing wages amid worries of a recession and hiring more people than anticipated in November, is the driving force behind the price movement.


The blue-chip Dow Jones Industrial Average is currently trading at 34294.50, down 100.51 or -0.29%, at 19:00 GMT. The NASDAQ Composite Index is trading at 11394.84, down 87.61 or -0.76%, and the S&P 500 Index is at 4054.08, down 22.49 or -0.55%.

Jobs Hotter Than Expected Report

In contrast to economists' predictions of 200,000 jobs, the U.S. Labor Department reported that nonfarm payrolls expanded by 263,000 jobs last month. Additionally, average hourly wages rose by 0.6% from 0.5% in October. Traders have a 0.3% increase factored in. The Unemployment Rate, the report's lone positive point, remained constant at 3.7% even though the Fed would have preferred an increase.


According to the data, employers appear unconcerned about rising interest rates. They must first believe they need the people, and they must also be sure they can turn a profit even in an environment with rising interest rates.

Leading the Job Gains Were the Leisure and Hospitality Sectors

According to the report's internal statistics, the industry that added the most jobs, 88,000, was leisure and hospitality. Since consumers are traveling and dining out after being quarantined due to the pandemic, this is not really surprising.


Surprisingly, the building sector generated 20,000 jobs as well, despite the housing sector suffering from four straight rate rises of 0.75 percentage points.

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