Ash ExantusChief Financial Educator, Ash Cash Enterprises · Financial Empowerment Leader | Public Affairs Strategist | Media Executive | Advocate for Economic Equity & Financial Literacy | Champion for Formerly Incarcerated Communities

US Job Reports: The Tech Earnings Tidal Wave is Coming

12 Aug 2024 · 1 min

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In this brief commentary, the narrator explains how the latest U.S. jobs report—showing rising unemployment and a slowdown in job creation—has heightened investor fears of an economic slowdown. This concern was compounded by disappointing earnings from major technology companies and the news that Warren Buffett’s Berkshire Hathaway sold nearly half of its Apple holdings. The combination of weak labor market data, underperforming tech earnings, and a high‑profile divestiture created a perfect storm that triggered a market panic, which was evident in the trading activity the following day.

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The US jobs report from Friday showed rising unemployment and slower job creation. And so that's what, you know, people have been worried about. And this spooked investors who worry it might signal an economic slowdown. Add to that some disappointing tech earnings and news that Warren Buffett sold almost half of Berkshire Hathaway's Apple stock, and you've got a recipe for a market panic. And that is exactly what you saw yesterday.