Jack Pitcher
speaker
112 appearances
3 recordings
1 series
first heard Aug 2024
last heard Nov 2024
Jack Pitcher’s voice in public audio — every appearance, attributed to the second.
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Appearances
Hey, listeners, it's Saturday, November 2nd.
I'm Jack Pitcher for The Wall Street Journal, and this is What's News in Markets, our look at the biggest stock moves of the week and the news that drove them.
Let's get to it.
A stock market rally on Friday helped stem the bleeding from a volatile week as investors assess earnings reports and brace for Tuesday's election.
On Thursday, the tech-heavy Nasdaq had its worst sell-off in more than two months, dropping almost 3%.
The culprit?
Earnings reports from Microsoft and meta platforms that highlighted the steep costs of AI spending.
Then the monthly jobs report and strong quarterly results from Amazon helped calm investors' nerves on Friday.
While the U.S.
economy added fewer jobs than expected in October, likely due to a major strike at Boeing and two destructive hurricanes, the unemployment rate stayed steady at 4.1%.
It was the latest sign that the soft landing investors are hoping for, where the Federal Reserve lowers interest rates without a recession, is coming to fruition.
Even with Friday's gains, the indexes ended down for the week.
The S&P 500 fell 1.4%, while the Nasdaq was 1.5% lower.
The Dow Jones Industrial Average slipped 0.2%.
One of this year's hottest stocks had a spectacular collapse this week.
Supermicro Computer is a server maker that has benefited from the AI boom.
But then on Wednesday, Supermicro said its auditor, Ernst & Young, has resigned.
According to a filing by Supermicro, the big four accounting firm said that it was no longer willing to be associated with financial statements prepared by Supermicro's management.
It's a rare step for an accounting firm to take.
Supermicro said it doesn't agree with EY's decision to resign, but takes the firm's concerns seriously.
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