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Major companies have announced over 25,000 layoffs in the U.S. this month alone, with Amazon leading the charge with 14,000 announced corporate job cuts.
This number may increase to 30,000 for Amazon by the end of the year, as CEO Andy Jassy pursues a vision of operating like "the world's biggest startup.”
Other big corporations have followed the same trend, with Target making 1,800 corporate cuts, Starbucks 2,000 positions, and, in Europe, Nestlé plans for over 20,000 cuts.
What distinguishes this round of layoffs is the focus on white-collar roles seen as vulnerable to AI-driven automation—affecting middle managers, analysts, and corporate staff.
Gartner analysts predict that by 2026, one in five organizations will use AI to eliminate at least half of their management layers.
According to a KPMG survey, 78% of executives face intense pressure from boards and investors to prove AI is saving money and boosting profits, with traditional metrics often failing to capture its business impact.
Ford CEO Jim Farley warned that AI will "replace literally half of all white-collar workers," while Salesforce's Marc Benioff claims AI is already doing up to 50% of his company's workload.
Anthropic CEO Dario Amodei predicts AI could eliminate half of all entry-level white-collar jobs within five years, potentially spiking unemployment to 10-20%.
Nvidia Makes History Again As First $5 Trillion Company
NVDA hit a $5 trillion market on October 29, becoming the first company in history to reach this milestone. The achievement came just three months after breaching $4 trillion, further cementing its position as the dominant force in artificial intelligence infrastructure.
Since Q4 2022 — when Chat-GPT launched and began the AI-boom — Nvidia shares have climbed by over 1200% and Nvidia's valuation now exceeds the entire cryptocurrency market and equals roughly half the size of Europe's benchmark Stoxx 600 index.
The milestone comes on the back of CEO Jensen Huang unveiling $500 billion in AI chip orders and plans to build seven supercomputers for the US government.
However, there are warnings that AI's current expansion relies on a few dominant players financing each other's capacity, and valuations may be running hot. The real test comes on November 19 when Nvidia reports its quarterly results.
Fed Lowers Rates, but May Be Last Cut of 2025
The Federal Reserve delivered a quarter-point rate cut last night, but Jerome Powell's post-meeting press conference sent a clear message: don't expect another cut anytime soon.
While the Fed moved forward with the expected reduction, Powell pointed to two key obstacles that may prevent further easing this year. First, the ongoing federal government shutdown has created a data blackout, depriving policymakers of critical employment and inflation reports.
Second, Powell revealed "strongly differing views" among Fed officials about the path forward, with a "growing chorus" advocating for a pause before cutting rates again.
Markets responded by adjusting expectations, now pricing in roughly two-to-one odds for a December rate cut — down from what had been considered more certain just hours earlier.
While the Fed still seems to remain committed to eventual rate cuts, the timeline has become dependent on the government shutdown and clearer economic signals about inflation and employment trends.
Since reaching a local bottom in October of last year, XAUUSD has experienced a strong uptrend of over 13%. Closing its third consecutive positive session, Gold is inching closer to its all-time high, now sitting just above $2,050 USD per ounce. From a technical standpoint, Gold is following a well-defined rising channel that has been predominantly respected since November 2023.
As the price approaches the midpoint of this channel, there is a possibility, especially on lower time frames, that this point may act as temporary resistance. This is a crucial level to monitor closely. Image: GOLD Chart The recent positive momentum in XAUUSD is closely tied to escalating tensions in the Middle East.
The enduring conflict between Gaza and Israel, coupled with the initiation of a new US-led conflict in Yemen against the Houthis, has contributed to the precious metal's strength. The current economic landscape in the United States, along with projections for rate cuts in 2024, also is playing a pivotal role in Gold's recent performance. In response to US inflation climbing from nearly 0% to a peak of 9.10% in July 2022, the US Federal Reserve has raised interest rates 11 times.
The rates have surged from 0.25% to the current 5.50%. Image: CPI and Federal Funds Rate (FFR) Chart Data suggests the possibility of multiple rate cuts in 2024, with some anticipating cuts as early as the March Federal Open Market Committee (FOMC) meeting. According to CME data, market expectations indicate a projection of six rate cuts for 2024, culminating in an effective rate of approximately 3.50-3.75% by year-end.
Image: CME FedWatch Historically, the appeal of non-interest-bearing assets like Gold tends to rise when interest rates decrease, contributing to the recent upward trajectory of Gold prices. Gold traders will be closely monitoring the evolving tensions in the Middle East and upcoming US Consumer Price Index (CPI) data. This scrutiny aims to draw insights into the potential timing of Federal Reserve rate cuts and their subsequent impact on Gold's market dynamics.
A hotter than expected CPI reading out of the UK along with a beat in US retail sales saw global markets turn risk off as rates markets hawkishly re-priced chances of cuts coming from Central Banks. The unwinding of priced in Fed cuts saw a spike in treasury yields and the USD bid, with DXY hitting a high of 103.69 after the December US retail sales report came in hotter than expected. DXY finding resistance at the July-October 50% Fib level before paring gains.
GBP saw decent gains vs the USD and EUR after a beat in the December UK CPI reading where the Y/Y figure came in at 4% vs an expected 3.8%. GBPUSD fell just short of breaching the 1.2700 level, hitting a high of 1.2696 as UK rates markets priced in a lower amount of 2024 rate cuts. JPY was weak throughout the session with losses accelerating after the US retail sales report.
USDJPY taking out the big figure at 148 rising in lockstep the US-JP yield differential. On current momentum the psychological 150 level is possibly coming into play, and with it, BoJ intervention speculation. AUDUSD extended January’s losses on the sour risk sentiment and mixed Chinese figures on Wednesday.
The Aussie holding below 0.6600 and dropping to Decembers lows at 0.6520 before finding some support. AUD traders have todays key December employment report to look forward to, after a bumper November reading this one will be watched closely.
Bank of America Corp. (NYSE: BAC) announced Q4 2023 financial results before the opening bell in Wall Street on Friday. The US bank reported revenue that fell short of estimates of $23.5 billion vs. $23.703 billion expected. Earnings per share was reported well below analyst expectations at $0.35 per share vs. $0.533 per share estimate.
Company overview Founded: 1998 (via the merger of BankAmerica & NationsBank), 1956 (as BankAmerica), 1784 (as its predecessor, the Massachusetts Bank, through the merger with FleetBoston in 1999) Headquarters: Charlotte, North Carolina, United States Number of employees: 217,000 (2022) Industry: Financial services Key people: Brian Moynihan (Chairman and CEO), Anne Finucane (Co-Vice chairman), Bruce Thompson (Co-Vice chairman) CEO commentary "We reported solid fourth quarter and full-year results as all our businesses achieved strong organic growth, with record client activity and digital engagement. This activity led to good loan demand and growth in deposits in the quarter and full-year net income of $26.5 billion. Our expense discipline allowed us to continue investing in growth initiatives.
Strong capital and liquidity levels position us well to continue to deliver responsible growth in 2024," CEO of Bank of America, Brian Moynihan said in a press release. Stock reaction The stock was down by just over 1% on Friday at $32.77 a share. Stock performance 5 day: -5.68% 1 month: -3.35% 3 months: +21.36% Year-to-date: -3.55% 1 year: -7.82% Bank of America stock price targets Barclays: $43 Odean Capital Group: $37.94 Goldman Sachs: $33 Oppenheimer: $51 BMO Capital Markets: $40 Jefferies Financial Group: $28 Evercore ISI: $33 Morgan Stanley: $32 Piper Sandler: $27.50 Royal Bank of Canada: $35 HSBC: $35 Wells Fargo: $40 Citigroup: $33 UBS Group: $36 JP Morgan: $34 Bank of America Corp. is the 39th largest company in the world with a market cap of $256.76 billion.
You can trade Bank of America Corp. (NYSE: BAC) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform. To find out more, go to "Trading" then select "Share CFDs". GO Markets offers pre-market and after-market trading on popular US Share CFDs.
Trade the pre-market session: 4:00am to 9:30am, normal session, and after-market session: 4:00pm to 8:00pm, Eastern Standard Time. Excludes Fridays. Please see specifications section on platform for further details.
Why trade during extended hours? Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: Bank of America Corp., TradingView, MarketWatch, CompaniesMarketCap, MarketBeat
US financial services giant, JP Morgan Chase & Co. (NYSE: JPM), reported the latest financial results for Q4 2023 before the market open in the US on Friday. JP Morgan reported revenue of $38.574 billion for the quarter, falling short of Wall Street estimate of $39.73 billion. Revenue was up by 11.65% year-over-year.
Earnings per share (EPS) reached $3.04 per share for Q4 (down by 14.84% vs. Q4 2022), also below analyst estimate of $3.349 per share. Company overview Founded: 2000 Headquarters: New York City, United States Number of employees: 308,669 (2023) Industry: Financial services Key people: Jamie Dimon (Chairman & CEO), Daniel E.
Pinto (President & COO) CEO commentary "We ended the year with a solid quarter, producing net income of $9.3 billion, or $12.1 billion excluding the FDIC special assessment and discretionary securities losses. Our record results in 2023 reflect over-earning on both NII and credit, but we remain confident in our ability to continue to deliver very healthy returns even after they normalize. Our balance sheet remained extremely strong, with a CET1 ratio of 15.0%, a staggering $514 billion of total loss-absorbing capacity and $1.4 trillion in cash and marketable securities.
We continue to believe that the recent series of regulatory and legislative proposals, including Basel III endgame, could cause serious harm to consumers, businesses, and markets. We hope that regulators will make the necessary adjustments so the rules promote a strong financial system without causing undue consequences for end users," CEO of JP Morgan, Jamie Dimon commented on the latest results. Dimon also made comments on the state of the US economy and global challenges: "The U.S. economy continues to be resilient, with consumers still spending, and markets currently expect a soft landing.
It is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus. There is also an ongoing need for increased spending due to the green economy, the restructuring of global supply chains, higher military spending and rising healthcare costs. This may lead inflation to be stickier and rates to be higher than markets expect.
On top of this, there are a number of downside risks to watch. Quantitative tightening is draining over $900 billion of liquidity from the system annually, and we have never seen a full cycle of tightening. And the ongoing wars in Ukraine and the Middle East have the potential to disrupt energy and food markets, migration, and military and economic relationships, in addition to their dreadful human cost.
These significant and somewhat unprecedented forces cause us to remain cautious. While we hope for the best, the past year demonstrated why we must be prepared for any environment." Stock reaction The stock ended Friday down by 0.73% at $169.05 a share. Stock performance 5 day: -1.87% 1 month: +2.31% 3 months: +14.22% Year-to-date: -0.62% 1 year: +18.21% JP Morgan Chase & Co. stock price targets Deutsche Bank: $190 Bank of America: $188 Barclays: $212 Oppenheimer: $243 Morgan Stanley: $191 Piper Sandler: $170 BMO Capital Markets: $171 Jefferies Financial Group: $169 Evercore ISI: $167 Royal Bank of Canada: $158 HSBC: $159 Credit Suisse: $170 JP Morgan Chase & Co. is the 13th largest company in the world with a market cap of $488.72 billion.
You can trade JP Morgan Chase & Co. (NYSE: JPM) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform. To find out more, go to "Trading" then select "Share CFDs". GO Markets offers pre-market and after-market trading on popular US Share CFDs.
Why trade during extended hours? Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: JP Morgan Chase & Co., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
Walgreens Boots Alliance Inc. (NASDAQ: WBA) released first quarter of fiscal 2024 financial results before the opening bell in Wall Street on Thursday. The American healthcare, pharmacy, and retail company reported revenue of $36.707 billion for the quarter, which topped analyst estimate of $34.949 billion. Revenue was up by 10% from the same period a year prior.
Earnings per share reported at $0.66 (down by 43.1% year-over-year) vs. $0.616 per share expected. Walgreens cut its dividend by 48% from the previous quarter to $0.25 per share. Company overview Founded: 31/12/2014 Headquarters: Deerfield, Illinois, United States Number of employees: 331,000 (2023) Industry: Retail, pharmaceuticals Key people: Stefano Pessina (Executive Chairman), Tim Wentworth (CEO) CEO commentary Tim Wentworth commented on the latest results: "WBA delivered fiscal first quarter results in line with overall expectations, reflecting disciplined execution in a challenging consumer backdrop.
We are evaluating all strategic options to drive sustainable long-term shareholder value, focusing on swift actions to right-size costs and increase cash flow, with a balanced approach to capital allocation priorities. Today we are announcing a 48 percent reduction in our quarterly dividend payment, while maintaining a competitive yield. We are proud to be a trusted and independent partner of choice, delivering healthcare to millions of people.
And, we will leverage our local, convenient presence to engage with patients and help payors, providers, and pharma companies also achieve better health outcomes at an affordable cost." Stock reaction The stock was down by over 6% on Thursday after the latest results, trading at $23.84 a share – the lowest level since 12/12/2023. Stock performance 1 month: +19.60% 3 months: +14.72% Year-to-date: -2.07% 1 year: -31.80% Walgreens Boots Alliance stock price targets Barclays: $21 HSBC: $27 JP Morgan: $30 Royal Bank of Canada: $26 Evercore ISI: $21 Truist Financial: $25 Mizuho: $25 Deutsche Bank: $27 Credit Suisse: $30 Morgan Stanley: $27 UBS Group: $35 Loop Capital Walgreens Boots Alliance Inc.is the 882nd largest company in the world with a market cap of $22.04 billion. You can trade Walgreens Boots Alliance Inc. (NASDAQ: WBA) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD.
GO Markets now offers pre-market and after-market trading on popular US Share CFDs. Trade the pre-market session: 4:00am to 9:30am, normal session, and after-market session: 4:00pm to 8:00pm, Eastern Standard Time. Excludes Fridays; please see specifications section on platform for further details.
Why trade during extended hours? Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: Walgreens Boots Alliance Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap
Global markets enter the second week of the new year in cooldown mode with risk assets taking a hit after the red-hot finish to 2023. The NASDAQ having its worst start to a year since 1999, dropping almost 4% on the week, risk sensitive currencies AUD and NZD following not far behind. FX traders have a slew of CPI reports in the coming week to look forward to, with inflation readings out of Switzerland, Australia, China and the US that have the potential to get FX markets moving.
Charts to Watch Gold – XAUUSD Gold faltered last week as higher yields and a US dollar on tear weighed on the precious metal. Attempts by the bulls to push through and hold the key 2070 level were rebuffed and saw XAUUSD drop to a low of 2025 in Fridays NFP inspired volatile session. This weeks US CPI figure will be a big test of the markets pricing of Fed rate cuts, hotter than expected and gold could take another leg down with that 2070 resistance level capping the upside.
Cooler than expected could see the bulls make another attempt to breach and hold that level as support. AUDUSD AUDUSD didn’t have a great week either, having its biggest weekly drop since November. Decembers surge higher in this pair did look like to far too fast when looking at the AU and US rate differential, AUDUSD also hit a zone of resistance between 0.68 – 0.69 where sellers managed to turn the pair around.
This week’s Aussie, Chinese and US CPI readings all set to causing some volatility in the pair. Key level to watch to the upside is the resistance starting at 0.6800, to the downside the big figure at 0.6700 has lent some short-term support to this pair. US Dollar Index - DXY The US dollar has had a resurgence to start 2024 with DXY pushing through key levels 101 and 102 with ease.
Resistance at 102.57, where upside faltered in December and August ’23, has come into play and a couple of attempts to breach were rejected last week. This level also lines up with the 61.8% Fib level measured from the July lows to October highs and will be the key level to watch coming into the US CPI reading. Full calendar of the week’s economic announcements at the link below: https://www.gomarkets.com/au/economic-calendar/