Highlights: The S&P 500 and Dow snapped their four-day winning streak as new data showed weaker economic activities and a cooling labor market, which sparked concerns about the likelihood of a recession. Bond yields and the dollar also fell on Tuesday as a result. 

Job openings tumbled below 10 million in February for the first time in nearly two years (2 min read)

The number of job openings in the US fell to 9.93 million in February, below the expected 10.4 million and the first time the figure has dipped below 10 million since May 2021. It was a drop of 632,000 from January, according to the US Labor Department's Job Openings and Labor Turnover Survey (JOLTS). The latest data suggests that the Federal Reserve’s attempts to slow the labor market may be starting to work. The new figures bring the ratio of job openings to available workers down to less than 1.7 to 1 from nearly 2 to 1 in the last month.

Gold races past $2,000/oz after weaker U.S. data (2 min read)

Gold prices rose above $2,000 per ounce on Tuesday as the dollar and yields fell after weaker US economic data boosted bets for slower rate hikes, despite concerns over oil-led inflation. Spot gold and US gold futures climbed close to 2%, while other precious metals such as silver, platinum, and palladium also jumped in price. Precious metal experts believe the gold price will likely remain strong and stabilize at its current level or even higher. Markets currently see a 40% chance of another US rate hike in May and a 60% chance of a pause.

AMC Stock Dives, APE Preferred Shares Soar On Stock Conversion Settlement (1 min read)
​
AMC Entertainment has settled a shareholder lawsuit that will allow the movie theatre chain to convert its AMC Entertainment Preferred shares (APE) into common stock. Plaintiffs in the lawsuit will receive common shares in exchange for the agreement, and the settlement will lift a "status quo order" that will allow the conversion of APE stock into AMC stock. However, raising the status quo order still requires court approval. The news sent AMC’s stock price plummeting more than 23% and APE’s soaring about 13% on Tuesday.

Walmart lays off 2,000 warehouse workers (2 min read)
​
Walmart is laying off over 2,000 workers at five US warehouses that fulfill website orders as part of a broader cost-cutting effort. The company said it was adjusting staffing levels to better prepare for customers' future needs. The move comes as Walmart is expected to see slower sales and profit growth, squeezing margins at a time when core lower-income shoppers continue to be hit by inflation, which could dent its sales this year. In contrast to its e-commerce rival Amazon, Walmart has not initiated or planned any large-scale layoffs.

BlackRock Looks to Offer 'Buffer ETFs' That Aim to Limit Investors' Losses (2 min read)
​
BlackRock, the world's largest ETF issuer, plans to launch two buffer ETFs designed to limit investors' downside by capping potential gains. The BlackRock Large Cap Moderate Buffer ETF and the BlackRock Large Cap Deep Buffer ETF will track the iShares Core S&P 500 ETF, using options to reduce potential fluctuations. The buffer ETF category, which has attracted more than $20 billion in assets since its launch in 2018, is currently dominated by Innovator ETFs. BlackRock is likely to compete by cutting fees and investing in marketing efforts.

AI and Robotics ETFs Are Hotter for Traders Than Crypto in 2023 (2 min read)
​
According to a recent survey, investors are looking to add AI and robotics-focused ETF strategies to their portfolios, with 56% planning to do so in 2023, up from 46% in 2022. ETFs tracking robotics and AI pulled in roughly $105 million in March, while other thematic strategies, such as clean energy, electric cars, and cloud computing, all saw outflows. The Global X Robotics & Artificial Intelligence ETF (BOTZ) led most of the inflows and was up 24% so far this year. This follows a recent rally in AI stocks that has sparked investor interest in the industry.

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

Thanks,
Thomas

No longer want to receive these emails? Click here to unsubscribe.