US April job openings plunge: labor market gradually normalizing
April job openings drop to 8.06 million - lowest since Feb/2021, below estimate of 8.35 million and previous 8.36 million
Job openings rate in Construction sector down 1.4 percentage points in past 2 months
The only previous time this rate declined was in Feb/2019
In March/2022, there were about 2 job opportunities per unemployed worker. Now, that ratio is 1.2…
~80% of the decline comes from fewer job openings
20% due to rising unemployment rate
Quit rate stable at 2.2% for 6 months while hiring rate continues to trend down → Labor market still rebalancing
=> Job market normalizing as businesses no longer desperately short of labor!
OPEC+ agrees to extend production cuts to avoid supply surplus amid low demand
OPEC+ countries will extend production quotas this year for members through all of 2025
Quotas include the official cut of 2 million bpd as agreed at end of 2022.
UAE raises production quota by 300,000 bpd to 3.519 million bpd.
Oil prices down nearly 10% in 5 days, nearing 2024 low on concerns of weakening global demand.
Biden administration announced purchase of 3 million barrels of oil yesterday as prices fell
E*Trade considers banning Meme-Stock king Keith Gill from trading platform
Summary of Keith Gill's return to X and Gamestop surge:
In mid-May/2024, for the first time since June/2021, "Roaring Kitty" returns to X
FYI: "TheRoaringKitty" is Keith Gill's personal account.
Read details of the May incident here: Legend "The Roaring Kitty" returns: GameStop stock and memecoin surge
Gamestop and other meme stocks surged, exchanges halted Gamestop trading to cool the frenzy
GME stock up 100% yesterday then slightly down in early trading today…
Today, Keith posts image on Reddit showing Gamestop position worth 100 million USD
NYSE exchange experienced technical glitch in yesterday's session: Berkshire Hathaway drops 99.97% due to NYSE technical glitch
1 investor tried to buy and order executed after glitch fixed, they paid 648,000 USD for the stock, all in margin
E*Trade considers banning Keith Gill from platform over concerns of stock manipulation around increasing GameStop buy trades
Massachusetts securities regulator investigating "Roaring Kitty" trading activities after recent GameStop trades
Crypto Market: Bitcoin surges, money pours into spot Bitcoin ETFs
BTC nears 71,000 USD
Capital inflows into Bitcoin ETF increase again
Bitcoin ETF funds see inflows equivalent to 1521 BTC today - the 15th day of BTC ETF inflows.
Australia has the first spot Bitcoin ETF that directly holds BTC
Other news
Mexico's stock market ETF drops 11% after Mexico's stock market experiences the worst day since 2008.
Mexico's Peso also loses 4.5% against the US Dollar
Boeing faces trade secret lawsuit with potential damages up to 235 million USD.
FDIC warns that 63 banks are on the verge of illiquidity due to unrealized losses up to 517 billion USD
Databricks in talks to acquire Tabular, facing competition from Snowflake
Elon Musk has asked Nvidia to prioritize shipping processors to X and xAI before Tesla.
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