Job Growth Stalls as AI and Markets Surge

0:00 Speaker 1 Sunday morning, What did them financial markets do well? John Tarrett always reports in to us what John Tarrett tell us I do?

0:08 Speaker 2 Good morning. I’m sorry I wasn’t with you last Sunday. I missed you so badly, but we just ran out of time and we will coup for it this week. The big story, of course, with job creation stalling last month July, the Friday jobs report showed us that the US economy lost twenty three thousand jobs, not eighty thousand

0:24 added as was expected, unemployment rate four point one percent, average add wages up one ten to one percent. Of course, the market was buoyed by this, John because it makes a rate right less likely, So the worry about rate increases has gone away at least for this weekend. We can relax until at least tomorrow morning. Company news, the

0:44 SpaceX Company, of course, saw it shares tumble after revealing a sharp jump in spending on artificial intelligence AI, overshadowing what was a pretty strong revenue growth, quite frankly, and prompting questions about the pace of future investment there. The chip AMD came under pressure, reporting solid demand per its AI chips, Investors focusing on the loss of a major customer.

1:04 Guess which that was. Yep, it was SpaceX. They’re going over to Nvidia, and the Walt Disney Company was in the news this past week as well, this impressing the market with its very strong quarterly performance, much better than expected thanks to theme parks, the streaming business, and the success of film releases like Toy Story five, which is

1:25 a lovely family movie. By the way, movies appear to be or at least going to the movie house appears to be back. Spider Man Brand New Day made forty two million dollars last Tuesday, and that is the most that any movie in Hollywood history has ever made on a Tuesday evening. So I guess that’s good news. Well,

1:40 what was not such good news is the crypto story of the week. Progress on the Clarity Act is stalled. Now It’s very tough to know when this framework legislation for all cryptocurrency training in America will come to the floor of the Senate. The problem President Trump will not back down on his own person crypto investments, and the

1:56 Democrats will not vote for the bill until he does. John in the week ahead, lots more second quarter earnings, but fewer bigger names, but we do get some inflation data Wednesday CPI that’s consumer inflation. Thursday wholesale inflation. PEEPI.

2:10 Speaker 2 John, have a lovely rest of the weekend.