|
The Scion founder is betting against Nvidia, Palantir, and other beneficiaries of the AI boom—and says the record-setting rally is creating leverage that could make the next selloff more violent.
|
RELATED ARTICLES | | |
|
Bank of America was among the prime brokers for the hedge fund, which is run by Leopold Aschenbrenner.
|
|
Dow closes at record on Mideast optimism; SpaceX, AMD drag Nasdaq ReutersS&P 500 is flat as 4-day rally loses momentum; Dow boosted by Nvidia: Live updates: Live updates CNBCDow rallies to another record, but S&P 500 and Nasdaq close in the red MarketWatchStocks hover near record highs and oil prices
|
RELATED ARTICLES | | |
|
Since taking office in May, Warsh has implemented several measures that reverse decades of Fed culture.
|
|
Building out market infrastructure is welcome but the country's economic challenges could remain a deterrent
|
|
The grouping of companies called the Magnificent Seven just did something that they haven't since the introduction of ChatGPT sent the market into an artificial intelligence-sparked frenzy.
|
|
Stocks jumped out of the gate Friday after the release of the August jobs report. But enthusiasm from the few investors that stuck around ahead of the long holiday weekend didn't last, with all three indexes ending in the red.
SEE MORE Hedge Funds' 21 Top Blue-Chip Stocks to Buy Now
The Labor Department this morning said the U.S. added 315,000 new jobs in August, well below July's 526,000. Also in the jobs report: the unemployment rate edged up to 3.7% from 3.5%; the labor participation rate, or the number of people actively seeking work, improved to 62.4% from 62.1%; and average hourly earnings - a key measure of labor cost inflation - was up 5.2% year-over-year, same as it was in July.
"Friday's jobs data provided some moderate relief, with payrolls almost landing precisely on consensus at 315,000 in August," says Douglas Porter, chief economist at BMO Capital Markets." While no doubt a solid advance - and completely inconsistent with recession chatter - other aspects of the report sent some calming signals." Porter points to steady wage growth, an increasing labor force and the rising unemployment rate that suggest "the extreme tightness in the job market may be beginning to moderate - almost exactly what the Fed doctor ordered."
Still, the major indexes, after being up more than 1% each around lunchtime, swung lower in afternoon trading after news reports indicated Russian energy giant Gazprom will indefinitely suspend operations of a natural-gas pipeline to Germany.
Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice.
By the close, the Nasdaq Composite was down 1
|
|
