The stock market closed lower on Friday following the release of stronger-than-expected nonfarm payrolls. Such increased by 272,000 in May, above the 190,000 estimates and 175,000 figure in April. In contrast, unemployment rate reached 4%, its first time since January 2022.
This further complicates the Federal Reserve’s stand on interest rate cuts this year.
Overall, S&P 500 fell 0.1% to 5,347, while NASDAQ declined 0.2% to 17,133.
Tweet of the Day
Nvidia CEO shows off $40,000 chip pic.twitter.com/y0qb1jj40d
— Historic Vids (@historyinmemes) May 27, 2024
Chart of the Day
Here is the one-year chart of Meta Platforms (META) as of May 14, 2024, when the stock was at $472.
Meta Platforms reported strong performance last quarter, highlighted by advancements in AI, with the release of Llama 3. Llama 3 answers complex questions, creates animations from still images, and generates high-quality images in real-time as you type.
In last quarter’s earnings call, management stated that about 30% of the posts on Facebook feed are delivered by Meta’s AI recommendation system. And for the first time ever, more than 50% of the Instagram content is AI recommended. This AI integration has contributed to the surge in daily active users across Meta’s apps, surpassing 3.2 billion, with notable increases in the US for WhatsApp.
The company is getting better at the placement and number of ads based on its perception of a user’s interest. AI is also making ad modeling improvements that are delivering better results for advertisers.
META is part of our Growth Portfolio and Aggressive Growth Portfolio.
