📈 TSLA Speeds Past 230

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Good Morning & Happy Friday!

The markets are buzzing with anticipation as key jobs data could shake things up today. Futures are dipping, and all eyes are on the Fed's next move. Meanwhile, Broadcom's AI hype is cooling off, leaving some to wonder: is the AI boom slowing? Either way, we’re locked in and ready to break it all down for you.

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Markets

💹 US Dollar Index Dives Under 101 as Forex Traders Brace for Key August Jobs Data
The US dollar index (DXY) slipped below 101, as traders await August's nonfarm payrolls data. Analysts expect 164,000 new jobs, but any surprise could shake the markets. A strong report might calm recession fears, while a weak one could push the Fed toward bigger rate cuts.

⚡ Tesla Stock Speeds Past $230 on Plans to Rollout Full Self Driving in Europe, China
Tesla stock surged 4.9% after announcing plans to launch Full Self Driving (FSD) in Europe and China by 2025. Regulatory hurdles may be tough, but this move helped lift shares above $230, narrowing the EV maker's year-to-date losses to 7.3%. Tesla’s recent two-day rally delivered nearly 10% gains.

💰 1 Growth Stock Down 75% to Buy Right Now
Chewy stands out from competitors like Petsense and PetSmart, with consumers still spending on pets despite budget concerns. After a post-pandemic slump, Chewy stock is poised for a recovery, driven by strong results.

BUSINESS

What’s Moving Markets Today?

Market Jitters Ahead of Crucial Payroll Data

As we roll into a new trading day, Wall Street's stock futures took a dip ahead of the highly anticipated labor market report. Investors are anxious, knowing that this report could dictate the Federal Reserve’s next move on interest rates.

• Dow futures: dropped 0.4%, while S&P 500 futures declined by 0.7%. The tech-heavy Nasdaq 100 took a sharper fall, down by 1.1%.

• Yesterday's choppy trading reflected mixed feelings: weak private sector hiring was balanced by fewer jobless claims and strong services data.

The S&P 500 has already lost more than 2.5% this month, signaling a historically weak performance in September. The stakes are high—this report could make or break the Fed's upcoming decisions.

Fed’s Rate Cut in Focus as Payrolls Loom

All eyes are on the nonfarm payrolls report, a key factor that could shape the Federal Reserve's strategy. Predictions suggest the U.S. added 164,000 jobs in August, up from a disappointing 114,000 in July.

• Economists are eyeing interest rate cuts with nearly 60% believing the Fed could shave off 25 basis points from rates currently standing at a 23-year high of 5.25%-5.5%.

• However, if payrolls data disappoints again, a larger 50-basis point cut could be on the table, especially as fears of a weakening labor market grow.

With the Fed's two-day meeting fast approaching, this report may be the final piece of the puzzle for their next move on monetary policy.

Broadcom’s AI Boom Slows Down, Markets React

Despite the AI chip hype, Broadcom's latest earnings report missed the mark. The company projected $14 billion in revenue for the next quarter, slightly below expectations of $14.04 billion, sending its stock lower in after-hours trading.

• The drop in revenue from their broadband unit, down by a massive 49%, offset the rising demand for AI chips. Broadcom did, however, raise its AI revenue forecast to $12 billion for the fiscal year.

• This mirrors recent sentiment around Nvidia, another AI chip giant. Investors are beginning to wonder if the AI boom is slowing down or simply taking a breather after sky-high expectations.

With AI chips at the center of investor attention, any sign of cooling demand could signal a broader market correction in tech stocks.

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