📈 The job market is still weird

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The Labor Department's Job Openings and Labor Turnover February's report indicates that there are conflicting signs in the job market. While there are still many job openings, there has been a slowdown in hiring, suggesting that the market may be cooling off, but at the same time, remaining tight.

In the tech world, C3.ai, which has been a hot topic in the AI industry, took a hit on Tuesday after Kerrisdale Capital, a short-seller, exposed some serious accounting issues. The news caused the stock to nosedive, raising concerns about the company's financial stability.

Markets

The job market is (still) weird (2 minute read)
The Labor Department's Job Openings and Labor Turnover survey is a monthly go-to for insights into the state of the job market. In February's report, there were conflicting signs that suggest the market may be cooling off, while at the same time remaining tight. Job openings decreased by 632,000, indicating that employers may be reacting to a slower economy by reducing hiring. However, hiring remained steady, and the number of layoffs and discharges decreased. Additionally, voluntary quits increased.

C3.ai plunges 26% after short-seller says the buzzy AI company has 'serious accounting and disclosure issues' (3 minute read)
C3.ai, the AI darling that has been riding high on the ChatGPT hype train, took a nosedive on Tuesday after short-seller Kerrisdale Capital called them out on some serious accounting issues. Once Kerrisdale released their open letter to C3.ai's audit committee, along with Deloitte & Touche execs and SEC regulators, the company's shares went into a tailspin. By the end of the day, the stock was down 26%, closing at $24.95. According to the letter, C3.ai has been using "fraudulent accounting conventions," with their financial filings riddled with indecipherable jargon. The company's high rate of turnover in the CFO position also raised some red flags.

JPMorgan Warns Stocks Are in ‘Calm Before the Storm’ (3 minute read)
JPMorgan strategist Marko Kolanovic has some not-so-sunny news for those who have been basking in the glow of the equities rally that's been underway this year. According to him, there are some major headwinds on the horizon, like bank turbulence, an oil shock, and slowing growth. Kolanovic thinks this could push stocks back to their 2022 lows, despite the current "risk-on" mood. He believes that the recent stock market inflows were driven mainly by short-squeezes, systematic investors, and the VIX dropping below the stress-free level of 20. He characterizes the present market conditions as "the calm before the storm," and expects the market to retest last year's lows in the next few months.

Investing

How I’d Invest $250,000 Cash In Today’s Bear Market (10+ minute read)
Imagine that you've got a nice pile of cash and you're itching to invest it. With the global financial recession gaining steam, the opportunities are there for the taking. But the question is, where do you put your money? It's a bear market, and we're only nine months in, so things could get even worse. In 2022, both stocks and bonds took a big hit, with real estate coming out as the clear winner, delivering returns over 20%. But even real estate is losing its luster as mortgage rates go up. The good news is that mortgage rates are starting to trend down again in 2023, following a peak in inflation in mid-2022. The recent bank runs at SVB and Signature Bank spooked investors into buying Treasury bonds, which is something to keep in mind.

China’s steel demand is set to slow. That could dent iron ore prices by nearly 30% (4 minute read)
Industry experts are predicting a price drop of up to 28% in Iron ore by the end of 2023, as China's steel demand and output start to dip. According to Morgan Stanley analysts, subdued production from China, the world's leading steel producer, as well as the country's shift toward steel scrap, are key reasons for the expected drop. Their forecast for the second half of 2023 is $90 per ton, which is about 28% lower than the current benchmark of $126 per ton for 62%-grade iron ore. Commonwealth Bank of Australia is also expecting a drop in prices, with analysts predicting $100 per ton by the fourth quarter of this year, thanks to a slowdown in China's steel demand in the second half of 2023.

Money

Google Just Released a Secret Weapon to Help You Avoid Overpaying for Flights (2 minute read)
Google has introduced a new tool on Google Flights that lets travelers book flights at the lowest prices possible. Travelers can choose certain flights marked with a special price guarantee badge that will reimburse them if ticket prices drop between purchase and their flight’s departure. The tool is meant to reduce research time and price stress for travelers.

Jaw-Dropping Stats About the State of Debt in America (4 minute read)
Credit card debt is a common issue among Americans, with 30% of them having between $1,001 and $5,000 in debt and 15% having $5,001 or more, according to a recent GOBankingRates survey. The survey also revealed that 6% of Americans have over $10,000 in credit card debt, which amounts to about 14 million people. Although 39% of respondents believe they can pay off their credit card debt within a year, a significant percentage of them think it will take two years or more. 24% believe it will take a couple of years, 5% think they can pay it off within five years, and 3% believe they will never be able to pay it off.

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