MARKET RECAP → Stocks closed lower Thursday as the Nasdaq (QQQ) fell for its fifth day in a row, marking its longest losing streak since October 2022. While that might sound bad, the tech-heavy index just came off a heady +43% return in 2023, so its no surprise that some strategists are taking this lackluster start in 2024 with a grain of salt. PAYROLLS BEAT EXPECTATIONS → ? In a surprising twist, December’s private payrolls jumped to 164,000, led by leisure and hospitality’s comeback, outpacing expectations and signaling a resilient, yet evolving U.S. job market. BITCOIN TAKES A TUMBLE → ? Bitcoin’s (BTC) value plunged 8%, wiping out $500 million in a market rattled by ETF skepticism and regulatory uncertainties, showcasing the cryptocurrency’s rollercoaster ride in the financial world. SIDE HUSTLES SOAR IN 2024 → ? From AI wizards earning up to $150/hour to savvy tour guides cashing in on travel’s comeback, 2024’s side hustle scene is bustling with opportunities for house helpers and tech gurus alike. |
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| Sean Horgan Head of Investor Relations @ MoneyLion
$shorgan |
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PAYROLLS BEAT EXPECTATIONS |
? Surpassing Forecasts: In December, private payrolls saw an impressive increase of 164,000 jobs, significantly outperforming the Dow Jones estimate of 130,000. This marked a notable jump from November’s revised figure of 101,000, indicating a robust close to 2023 for the U.S. job market. ? Sector-Specific Growth: The leisure and hospitality sector led the charge, adding 59,000 jobs, reflecting a strong recovery from its pandemic-induced slump. Other notable contributors included construction with 24,000 jobs and the ‘other services’ category, which added 22,000 positions. However, manufacturing saw a decline, shedding 13,000 jobs. ? Wage Growth and Job Market Dynamics: Wage growth showed signs of deceleration, with those staying in their jobs seeing a 5.4% increase in pay, while job changers experienced an 8% rise. ADP’s chief economist highlighted a return to pre-pandemic hiring patterns, suggesting a diminishing risk of a wage-price spiral in the current economic climate. |
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? Steep Slide in Bitcoin Value: Bitcoin (BTC) experienced a significant 8% drop on Wednesday, erasing all the gains that came earlier in January. This slump led to the liquidation of $500 million in positions across various derivatives exchanges, highlighting the market’s volatility and sensitivity to regulatory news.
? ETF Speculation and Market Impact: Market jitters were fueled by speculation around the approval of a spot Bitcoin ETF. Financial services firm Matrixport dampened hopes, predicting the SEC would reject all ETF applications in January, citing a lack of critical requirements needed for approval. ? Rapid Price Fluctuations: Bitcoin’s price fluctuated dramatically, dropping from a morning high of $45,500 to a low of $40,550, before partially recovering to $42,200. This volatility was accompanied by a $2 billion fall in open interest, attributed to liquidations and traders reducing exposure on both long and short positions. |
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SIDE HUSTLES SOAR IN 2024 |
? House Helper Hustle: With more people returning to offices post-pandemic, the demand for house helpers surged. These roles, encompassing tasks like personal shopping, lawn mowing, and car washing, offered pay ranging from $15 to $30 per hour. Platforms like Nextdoor, Facebook (META) community groups, Poplin, and hampr provided avenues for finding such gigs.
? AI Expertise Pays Off: The AI sector witnessed a boom, especially post-ChatGPT’s launch in 2022. Freelancers with AI skills, particularly in niche areas like book cover design or email outreach, found lucrative opportunities on platforms like Fiverr and Upwork, earning between $50 to $150 per hour.
? Tour Guide Trend: The travel industry’s rebound fueled a demand for local tour guides. Experts in their hometowns or cities capitalized on this trend by offering unique tours on platforms like Viator or ToursByLocals. Prices varied, with some tours starting at $58, and others costing up to $445 for a group.
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Apple stock selloff extends on second rating downgrade this week (investing.com) Peloton shares jump as it partners with TikTok to offer short-form fitness classes, other content (CNBC)
Mobileye shares plunge after chipmaker warns of order pullback (CNBC) St. Louis Fed names Alberto Musalem as its new president (CNN) ESPN remains silent after Aaron Rodgers’ ugly attack on Jimmy Kimmel (CNN)
SpaceX charged with unlawfully firing employees critical of Elon Musk (Mashable)
Google appears to be working on an ‘advanced’ version of Bard that you have to pay for (The Verge) |
And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife) |
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