Job slowdown and more AI worries
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Why are US job openings slowing and what does it mean for next week’s non‑farm payrolls?
US job opening slowed markedly in December. So how does that reflect on next week's non farm payrolls and the potential for more cats from the Fed? Tech stocks take a beating after Alphabet's CapEx spend is revealed, and the Bank of England and ECB both on hold. And Michelle Bullock up in Parliament today. What'll she have to say about the prospect of further hikes from the RBA? It's Friday, it's the 6th of February 2026. It's the morning call from NAB. Morning. Well, US equities fell further over now, naught point nine percent drop in the SP, the Nasdaq down over one percent. Big falls in Europe as well, down two percent in Spain, for example. We've got a six basis point fall in ten year treasury yields, down to four point two one percent.
Australian ten years are at four point eight five percent this morning. That's a small move down from yesterday, just one basis point. So spot gold one point nine percent lower, silver down over ten. 10%. Uh WTI is down two and a half percent. So is Brent, which is below sixty seven seventy a barrel now, and the US dollar up slightly, about 0.2% on the DXY. But the Aussie is down a third of one percent, below sixty-nine point eight US cents now. The pound is down three quarters of one percent. And Abs Taylor Nugent is here today. Happy Waitangi Day to you, Taylor. Uh obviously a big day for New Zealand. I'm celebrating with a package. Good morning, Phil. You're not a big fan of pineapple lumps.
How is Alphabet’s massive AI‑driven capex affecting tech stocks and market sentiment?
Clearly. Today is the day. Taken from a uh Fisher Fisher and Pikle fridge, obviously. So look, let's um let's uh let's talk about shares in the US. Alphabet shares down three percent after yesterday's earnings, even though their numbers were very good. So the earnings per share was uh two dollars eighty two and the consensus was for two dollars sixty three because annual revenue You exceeded, wait for it four hundred billion dollars. But the same story we've been hearing a lot lately. Markets are just nervous about how much money is being invested in AI.
Yeah, no good. That's that's exactly right. Th those themes that have been been talking about for the kind of past few days are are still the the ones that are kind of dominating the the narrative in in markets overnight. Um that concern about the returns on on the size of these in investment pipelines certainly seems to be to to be front and center. We got kind of an extension of that sell off today with tech again leading. Um there has been a little bit of a a request. Recovery uh d in intraday though. We did see the S P five hundred down around one and a half percent at at one point. It's it's you know down closer to one percent at at the moment. So a little bit of an improvement there. I think the other thing to call out, well, you know, a lot of the themes are are similar here.
You were talking, you know, with Ken yesterday about uh it being a fairly, fairly narrow um sell off, and there certainly does seem to be a bit more a bit more breadth to it today, um with with you know, um eight of eleven industries in the S P five hundred lower. So not just a tech story today, a bit of a a broader risk sentiment theme as well. Um and I think the the overlay of some some job starter that was, you know, in general on the soft side of expectations has has fed that um that breadth in the risk of sentiment a little bit.
Yeah.
What do the latest JOLTS job‑opening numbers reveal about US labor market softness?
Just on a w final figure on Alphabet. So they're they're spending projected spending on CapEx this year, a hundred and eighty five billion from a which is a big number. I mean the revenue of four hundred billion is a big number as well, but but that's getting on for half of your earnings going into CapEx, which is land grab type scenario, isn't it? Which uh means someone's gonna get their fingers burnt. But let's look at those job numbers, because we've seen big moves in in yields as a result of it.
Yeah, that's right. And that that openings number from from Jolts was kind of, you know, the most uh most notable uh data point from that survey. Uh so we see saw job openings fall to six point five million.
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Chapters
8 chapters
1
Why are US job openings slowing and what does it mean for next week’s non‑farm payrolls?
0:01–1:28
2
How is Alphabet’s massive AI‑driven capex affecting tech stocks and market sentiment?
1:28–3:12
3
What do the latest JOLTS job‑opening numbers reveal about US labor market softness?
3:12–5:21
4
How are the Bank of England and the ECB responding to inflation and why did they keep rates on hold?
5:21–7:45
5
What insights might RBA Governor Michelle Bullock provide in today’s parliamentary testimony?
7:45–9:43
6
Will the RBA likely raise rates in May and what market pricing suggests about that move?
9:43–11:37
7
How are German factory orders and Australian trade‑balance trends influencing regional growth outlooks?
11:37–13:30
8
What are the broader geopolitical headlines (US politics, global conflicts) that could shift market dynamics today?
13:30–15:10