October 6, 2023

TLDR

MARKET RECAP → Stocks rose Friday despite stronger-than-expected US jobs data and rising Treasury yields. Technology (XLK) and Utilities (XLU) stocks were among the best-performing sectors, while Gold and Bitcoin (BTC) closed out the week on a positive note.

JOBS IN FOCUS → 📈 September’s job market boomed with hospitality leading the charge, government sectors hiring in droves, and Hollywood’s drama causing a dip in the information sector.

AMAZON IN ORBIT → 🌌 Amazon’s (AMZN) Project Kuiper took a giant leap with its first satellite prototypes launch, marking its entry into the competitive space internet arena against SpaceX’s Starlink.

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

Today’s S&P 500 Heatmap

Source: finviz.com

Today’s Top News

JOBS IN FOCUS

🍹 Hospitality’s High: Leisure and hospitality sectors led the job growth in September, with bars and restaurants showing the strongest growth, adding 61,000 jobs. The total net job gain in this sector was a whopping 96,000, surpassing the

combined figures of August and July.

🏛️ Government’s Gain: Government hiring surged in September, recording a net gain of 73,000 jobs. A significant chunk of this, 29,000 to be precise, was attributed to state government education. Quite the leap from the 6,000 jobs added the previous year.

🎬 Drama in Motion: The information sector faced job losses, primarily due to a dip in employment in motion picture and sound recordings. Blame it on labor disputes, with the Screen Actors Guild strike putting a pause on productions.

Source: shutterstock

AMAZON IN ORBIT

🚀 Lift-off for Kuiper: Amazon (AMZN) successfully launched its first pair of satellite prototypes for the ambitious Project Kuiper, aiming to establish a global satellite internet network. The launch marked a significant step since the tech giant’s announcement of its plan over four years ago.

💰 Billion-Dollar Bet: Amazon’s commitment to Project Kuiper is evident with its planned investment of over $10 billion. The company recently initiated construction on a $120 million pre-launch processing facility in Florida and has earmarked $7.4 billion for Kuiper launches in the next five years.

🛰️ Space Race Heats Up: While Amazon is making strides, it’s playing catch-up to SpaceX’s Starlink satellite internet service, which boasts over 2 million customers. Amazon aims to kickstart beta testing of its network by the end of 2024, ensuring the space internet race remains fiercely competitive.