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Dow, Nasdaq fall as JOLTS fail to rise – 12th January

U.S. indices fell for a second consecutive trading session, as figures released today showed that job openings in the United States continued to fall.

Figures released on Tuesday by the Labour Department showed that Job openings dropped by 105,000 in November to 6.527 million on the last day of month. JOLTs have been on a downward trend since the peak of the COVID-19 pandemic.

This news continues to show that the U.S labour market is struggling to find its feet, with Non-Farm Payrolls showing that 140,000 jobs were lost last month.

As of writing the Dow Jones and NASDAQ were down 0.05% and 0.10% respectively, with the S&P 500 down 0.13z5

Amazon stock up despite being sued by Parler

Shares in Amazon were marginally up on Tuesday, despite the news that conservative platform Parler was suing the tech giant.

The move comes in response to Amazon removing the platform from its AWS cloud hosting service for “clearly encouraging and inciting violence”. This comes in the aftermath of last week’s riots in Capitol Hill.

In a statement regarding the matter, Parler stated that, “This emergency suit seeks a Temporary Restraining Order against defendant AWS to prevent it from shutting down Parler’s account. Doing so is the equivalent of pulling the plug on a hospital patient on life support. It will kill Parler’s business — at the very time it is set to skyrocket”.

Many expected the platform to see a rise in users as many Trump supporters have been removed from Twitter.

Source: Yahoo Finance

BOE Bailey warns of “dark hour” for UK economy

Bank of England’s Governor Andrew Bailey today ruled out that the bank will consider implementing negative rates, whilst suggesting that the British economy was facing difficulties.

Although cutting rates last year, Bailey avoided being drawn into the possibility of negative rates, due to the risks it could pose to markets.

Whilst speaking at an online conference for the Scottish Chamber of commerce, he also added that, “There’s an old saying about the darkest hour is the one before dawn. We’re in a very difficult period at the moment and there’s no question that it’s going to delay the (growth) trajectory”.

The FTSE 100 was down 0.65% on the news.

Quote of the day – “The hard part is discipline, patience and judgement.”

Seth Klarman

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