Intel, however, is moving against the tech trend. The chipmaker jumped nearly 4% in early trading following a Bloomberg report that it is in investment talks with Apple. This comes after news of a $5 billion investment from Nvidia earlier this month. Intel shares are now trading at a 14-month high, signaling renewed confidence in its strategic pivot.
Will Jobless Claims Shift Fed Expectations?
Markets are watching Thursday’s weekly jobless claims data closely. Initial filings eased last week after a brief spike, but concerns over a weakening labor market persist. Fed Chair Jerome Powell said this week that labor market deterioration is becoming a more dominant concern than sticky inflation, influencing the Fed’s recent decision to begin rate cuts.
Salvatore Ruscitti of MRB Partners noted the importance of claims data, stating a “meaningful spike” would be required to shift equity sentiment significantly. Still, traders remain sensitive to any signs of softening employment, particularly with the Fed now emphasizing its full employment mandate.
Small caps, as tracked by the iShares Russell 2000 ETF (IWM), have broken below an August uptrend after hitting a record high Tuesday. Technical signals from Mott Capital point to growing downside risk in the segment.