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Job openings fell more than expected in March to lowest in nearly two years (2 min read)
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US job openings hit a nearly two-year low in March according to the latest Job Openings and Labor Turnover Survey (JOLTS). The number of job openings fell to 9.59 million, down from February's 9.97 million and below the estimated 9.64 million. At the same time, layoffs jumped as well, pushing the share of the workforce higher. The ratio of open jobs to available workers is now 1.6 to 1 after being around 2 to 1 for most of the last few years. This new data is another sign of reducing pressure on inflation and came as the Fed began its two-day policy meeting.

Oil falls another 5% to five-week low on US debt ceiling, interest rate hike worries (3 min read)
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Oil prices hit a five-week low after slipping another 5%, to less than $72 a barrel, due to concerns over the US economy and potential debt default. Investors are worried that more rate hikes from the Fed could slow economic growth and dent energy demand. Treasury Secretary Janet Yellen also warned the US government could run out of money within a month, adding more pressure on oil prices, as well as the US stock markets.

Chegg shares drop more than 40% after company says ChatGPT is killing its business (2 min read)
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Chegg, an online homework assistance and tutoring company, reported Q1 earnings that beat expectations, but its stock fell more than 40% after the company said ChatGPT is affecting its new customer growth rate. Since March, the company has seen a significant spike in student interest in ChatGPT. As a result, the company is expecting revenue for the current quarter to be much lower than analysts' estimates. Chegg is developing its own AI product, CheggMate, in collaboration with OpenAI, but many doubt there will be a meaningful impact in the near term.

IBM Will Stop Hiring Humans For Jobs AI Can Do, Report Says (4 min read)
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IBM has announced plans to replace around 30% of the company's non-customer-facing positions with AI over the next five years, amounting to around 7,800 lost jobs. The company did not specify whether the move would start immediately but said HR duties such as documenting employee moves and writing employment verification letters would likely be the first to be taken over by AI. IBM’s move came after a recent Goldman Sachs report stating millions of jobs in the US and Europe could be threatened in the coming years if AI lives up to its capabilities.

Trend Following and a Commodity Supercycle (5 min read)
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KFA Mount Lucas Managed Futures Index Strategy ETF (KMLM) is a managed futures fund that trades 11 commodities, six currencies, and five fixed-income sectors using a trend-following approach. The strategy can go long or short based on trends recognized by its rules-based model. It has performed well recently and has shown to be an effective hedge during market stress, offering uncorrelated returns. This article argues that despite KMLM might be too risky for the average investor, it might serve some merit as a small hedging position.

6 best money market funds in May 2023 (5 min read)
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Despite the anticipation of interest rates going lower toward the end of the year, it is still relatively high and money market funds are a low-risk option to earn some decent returns. Some of the top money market funds in the US include Vanguard Federal Money Market Fund, Schwab Value Advantage Money Fund, Fidelity Money Market Fund, Invesco Government Money Market Fund, JPMorgan Prime Money Market Fund, and Vanguard Municipal Money Market Fund. More on each fund and its current yield is available in the article.

That's it for today! You can reply to this email if you have any comments or feedback.

Thanks,
Thomas

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