Finance

US Job Openings Rise Slightly as Hiring and Quitting Rates Decline

Job openings in the US rose more than expected in November, but signs of a slowing labor market also emerged as fewer Americans quit their jobs and hiring continued to decelerate.

According to new data from the Bureau of Labor Statistics released on Tuesday, there were 8.1 million job openings at the end of November, up from 7.84 million in October, marking the highest level since May 2023.

The October figure was revised upward from the initially reported 7.74 million open positions. Economists surveyed by Bloomberg had anticipated 7.74 million job openings for November.

The Job Openings and Labor Turnover Survey (JOLTS) also revealed that 5.27 million hires were made in November, down from 5.39 million in October. The hiring rate dropped to 3.3% from 3.4% in the previous month. Additionally, the quits rate, a measure of worker confidence, decreased to 1.9% from 2.1% in October.

Nancy Vanden Houten, lead US economist at Oxford Economics, described the report as reflecting a "no hire, no fire" labor market.

TECH

Nvidia Unveils New Robot Training Tech, Gaming Chips, and Toyota Partnership

On Monday, Nvidia (NVDA.O) unveiled a range of new products, including artificial intelligence tools to improve robot and car training, enhanced gaming chips, and its first desktop computer, while emphasizing its potential for business growth.

At CES 2025, the prominent annual tech conference in Las Vegas, CEO Jensen Huang outlined how the world's second-most valuable company is bringing the cutting-edge technology behind its highly profitable data center AI chips to consumer PCs and laptops.

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CRYPTO

Why Bitcoin, Ethereum, XRP, and Other Altcoins Just Took a Dive

Cryptocurrency prices fell sharply on Tuesday, wiping out some of Monday's gains as concerns about the bond market intensified.

Bitcoin dropped 4%, reaching an intraday low of $97,700, while Ethereum (ETH), Ripple (XRP), and Solana (SOL) each saw declines of over 5%.

This downturn aligned with a broader risk-off sentiment that also affected other financial markets, particularly equities. The Nasdaq 100 index dropped by more than 1% to $19,635, and the S&P 500 fell by 0.50%. These indices, which are heavily influenced by tech companies, tend to be more sensitive to changes in market sentiment.

Notable tech stocks were also impacted. NVIDIA shares tumbled by 5.4%, erasing more than $175 billion in market value. Tesla shares fell by 3%, while Super Micro Computer dropped by 1.5%.

The sell-off appears to have been triggered by rising U.S. bond yields ahead of key economic reports, including the nonfarm payrolls data and the release of Federal Reserve meeting minutes. The 10-year bond yield rose 1.7% to 4.70%, while the 30-year and 5-year yields climbed to 4.61% and 4.50%, respectively.

Rising bond yields typically signal expectations of a more hawkish Federal Reserve. At its December meeting, the Fed suggested two interest rate cuts in 2025, fewer than previously anticipated. The minutes of that meeting, scheduled for release on Wednesday, January 8, will offer more insight into the Fed’s stance.

Bitcoin and other cryptocurrencies faced additional pressure after a Labor Department report revealed a surge in job vacancies, reaching a six-month high, largely driven by the services sector. This report precedes the official nonfarm payrolls data set to be released on Friday. A stronger-than-expected jobs report could strengthen the Fed’s hawkish stance, as a tighter labor market would likely keep inflationary pressures elevated.

Some analysts warn that soaring bond yields could further harm Bitcoin, altcoins, and other assets. Mark Zandi, Chief Economist at Moody’s, recently cautioned that rising deficits under former President Trump could push bond yields higher, leading to a shift away from riskier assets like cryptocurrencies to safer investments such as money market funds.