After positive data from the Labor Department, the stock markets turned around and ended Thursday above the flat line. — More on that in the “Overall Market” section.
Beyond the overall market, a tech giant announced its latest chip technology with the potential to change the tech market. Meanwhile, a ridesharing leader’s revenue plunged after new laws in the U.K. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, what decision do you think this social media platform should take? — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
- U.S. markets: The stock market ended in the green zone on Thursday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin‘s price stayed at $56K per coin.
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The stock market ended in the green zone on Thursday.
After opening in the red zone, all the three indices turned around and ended the session with positive returns. The markets gained the strength to climb back up after the Labor Department released its weekly job data. The report shows the jobless claims slipped below 500,000 for the first time since the pandemic started. It is a clear sign that the economy is on its way to recovery. Furthermore, the Nasdaq index ended a four-session losing streak as investors shifted back to the technology sector.
Future of Semiconductor and Chip
So, what happened?
Shares of IBM (Ticker: IBM) were up by more than 2% on Thursday. Before the markets opened, IBM revealed its new 2nm chip technology. According to the tech company, the latest technology would enable substantial performance gains while consuming less energy. The 2nm transistor is so small that it is thinner than a human DNA strand. Furthermore, IBM stated that smartphones using a 2nm chip could stay on for four days without needing a recharge. It seems that IBM’s recent invention pleased its large investor base.
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Adjustments Hit Hard
So what happened?
Shares of Uber (Ticker: UBER) were down by more than 8% on Thursday. The dip came after the ridesharing company missed many expectations for its first quarter. After the British Supreme Court decided Uber should treat drivers as workers instead of independent contractors, Uber had to adjust its business model to remain operating in the U.K. According to the company, the business model shift dragged down its lift revenue by 41% compared to 2021. Furthermore, the markets raised concerns that American regulators could soon implement a similar law. Therefore, investors decided to jump out of Uber for now.
So what happened?
After pro-Trump rioters stormed the Capitol in January, multiple social media platforms decided to suspend Donald Trump’s accounts for hate speech dissemination. Although the decision seemed reasonable, it prompted a broad debate on whether Facebook and other platforms could ban or not a public person’s account. To solve the controversy, Facebook created a 20-person independent body Oversight Board. The board would decide if Facebook should or not ban Donald Trump’s account permanently. The Oversight Board supported Facebook’s decision to suspend Trump. However, the committee stated that “it was not appropriate for Facebook to impose the indeterminate and standardless penalty of indefinite suspension.” For the board, the social media company should have followed its standard penalties. Furthermore, the board insisted that it was up to Facebook to review the case and determine the appropriate penalty in this case.
Although the subject seems to be far from a solution, it led to users starting a debate on whether social media companies should also ban other politicians that promote hate speech on their platforms.
If you have any questions, or suggestions let us know by emailing us at [email protected]. We look forward to hearing from you.