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Good morning investors! The Russell 2000 (small caps) hit its first all-time high since 2021 as the mood stays positive.
Today we cover:
Jobless claims drop
Mortgage rates fall
Nvidia joins hands with Intel
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📊 Economy and News
US Jobless Claims Drop, Signaling Labor Market Resilience Amid Fed Cuts
New US unemployment benefit applications fell sharply last week, reversing a prior surge and underscoring the labor market's underlying strength despite softening trends.
Initial claims dropped 33,000 to a seasonally adjusted 231,000 for the week ended September 13, down from a revised 264,000 the prior week—a level not seen since October 2021. Economists had expected 240,000 claims.
The earlier jump was driven by identity fraud in Texas around Labor Day, which the state's Workforce Commission later addressed. Unadjusted claims fell 10,384 to 194,478, with declines in Texas, Connecticut, and Michigan offsetting rises in New York, South Carolina, and Massachusetts.
While layoffs remain low, hiring has nearly stalled amid import tariff uncertainties and reduced labor supply from immigration crackdowns—creating a "curious balance," as Fed Chair Jerome Powell noted Wednesday.
Continuing claims dipped 7,000 to 1.920 million for the week ending September 6, though a North Carolina data error may inflate the revised figure by about 20,000; eligibility limits and exhaustion could also explain the drop.
Average unemployment duration rose to 24.5 weeks in August, the longest in nearly 3.5 years. August payrolls grew just 22,000, with a three-month average of 29,000, and the jobless rate hit 4.3%—near a four-year high. The government recently revised payroll estimates down by 911,000 for the year through March.
Economists view the claims drop as evidence of resilience, tempering recession fears and Fed concerns.
Global hits:
Bank of England slows pace of bond rundown, keeps rates steady.
Putin signals tax hikes to close Russia’s budget gap.
Argentina posts $1.4 billion trade surplus in August, beating forecasts.
Mortgage rates: US mortgage rates fell for the second straight week, with the 30-year fixed-rate averaging 6.26%—down from 6.35% last week but still above last year's 6.09%. The 15-year fixed-rate also declined to 5.41% from 5.50%, versus 5.15% a year ago. This easing has ignited refinancing activity, with applications hitting nearly 60% of total mortgages—the highest since January 2022—prompting Freddie Mac Chief Economist Sam Khater to note the rates are driving homeowners to lock in savings amid ongoing economic shifts.
Controversial: President Donald Trump suggested that the federal government might revoke the licenses of broadcast television networks that are “against” him.
Should Trump go ahead with the threat and revoke licenses?
Reminder: The New York Department of Taxation and Finance will send refund checks to over 8 million New Yorkers starting at the end of September. The exact amount paid will depend on the taxpayer’s filing status and their adjusted gross income for the 2023 tax year.
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📈 Stocks
S&P 500 6,631.96 (+0.48%)
DJIA 46,142.42 (+0.27%)
NASDAQ 22,470.72 (+0.94%)
BRENT CRUDE 67.43 (-0.01%)
* Prices as of Sep 19th, 12:20 AM UTC
Nvidia partners with Intel
Nvidia said it will collaborate with Intel to create AI systems for data centers that combine Intel’s x86-based central processors with Nvidia’s graphics processors and networking.
The news helped Intel jump about 22%, recording its best day in 8 years. However, AMD, Nvidia’s competitor, fell on the news.
The investment, which is subject to regulatory approvals, does not appear to include the manufacturing of Nvidia chips with Intel’s foundry. Furthermore, Microsoft is investing $4 billion in data centers that will use Nvidia chips.
Surprising: China’s DeepSeek says its hit AI model cost just $294,000 to train. Elsewhere, Google adds Gemini to Chrome for all users in push to bolster AI search. Lastly, Samsung is considering releasing its upcoming “tri-fold” smartphone in the United States.
Netskope soars 18% on first day of trading, reaches $8.6 billion market cap.
Also, Meta CEO Mark Zuckerberg took the stage to unveil the company’s next-generation artificial intelligence-powered wearable device: a pair of smart glasses with a tiny display inside the lens with some now calling it the future of the internet.
Earnings and guidance: FedEx reported fiscal first-quarter earnings that beat on the top and bottom lines. The company reported net income of $820 million, compared with $790 million in the year-ago period.
CrowdStrike issued better-than-expected long-term guidance at its investor day on Wednesday. The cybersecurity company also announced a partnership with Salesforce and an AI security acquisition this week, sending the stock up 13%.
💵 Personal Finance
Embracing Career Setbacks: The Path to Greater Happiness and Success
Leadership expert Simon Sinek argues that "backwards" career moves—like taking a lower-paying job, switching to an entry-level role in a new field, or pausing work to return to school—can propel you toward long-term fulfillment and achievement.
In an episode of his "A Bit of Optimism" podcast, Sinek discussed this with Harvard happiness professor Arthur Brooks. "People think forward momentum is the only way to advance," Sinek said. "But it's like a slingshot: You pull back first, then launch faster."
Sinek emphasizes that true happiness stems from learning, embracing enjoyable pursuits, and recovering from missteps. Yet, fear of judgment—especially among young professionals racing against peers—often stalls progress. "The idea of 'getting behind' implies a race with a finish line," he noted. "That's completely wrong." Confidence in your unique path frees you from external validation, fostering deeper satisfaction.
Brooks shared his own story: At 19, he dropped out of college to tour as a French horn player, struggling financially for years. In his late 20s, he returned to school, resetting his life every decade. "I strip my life back to the bolts," he told Harvard Magazine in 2022. This led to his thriving academic career.
To assess a career shake-up, executive coach Cynthia Pong suggests some questions, including:
"Have you considered leaving your field most days?" and "What unique skills would you bring elsewhere?" These distinguish fleeting frustration from chronic misalignment.
At the end of the day, sometimes, taking a step back can send you further.
💰 Be a Better Investor
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👩🏽⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.