đ đŹ Unemployment Hits Two-Year HIGH
Happy Sunday!
Rickie writing to you again - itâs been a while! While Humphreyâs coming home from a friendâs wedding, I figure I come in and say whatâs up.
Between Q1-Q2 2023, I decided to invest heavily into big tech, in both the Nasdaq and individual stocks (and yes, NVDA is currently carrying my portfolio). Of course, I love the short-term gains, but my largest position is in the Nasdaq, and I plan on holding that for the long term. I may start selling off some individual positions to balance my holdings out a bit.
I also invested a small amount of money in crypto, and at one point, I must have been down 80%. Luckily, the majority of that money was in BTC, and the last few months in crypto have lifted my portfolio out of the trenches. I donât think Iâm going to invest a lot more money in crypto, thoughâitâs just too volatile. I'm going to stick to relatively safer assets.
Thatâs my update! Enjoy the Sunday Primer!
â Humphrey, Tim, Rickie
Market Report
In February, the US unemployment rate climbed to a two-year high of 3.9%, even as the economy added 275,000 nonfarm jobs.
Despite a rise in unemployment and a slowdown in wage gains, the labor force saw an increase, suggesting a more moderate economic expansion without significant inflation risks.
Redditâs Planned IPOÂ Valued at $6.5 Billion
Reddit Inc. is aiming to raise up to $748 million in an IPO, targeting a valuation of up to $6.5 billion. The company plans to offer 1.76 million shares to its early users and moderators without a lockup period.
The company reported a net loss of $91 million on revenue of $804 million in 2023, compared with a net loss of about $159 million on revenue of $667 million a year earlier.
Biden Signs $460 Billion Funding Package That Averts Shutdown
President Joe Biden recently signed a $460 billion funding package into law, ensuring that a significant portion of the US government will be funded until September. This move comes just in time as the formal deadline expired at midnight Friday.
With parts of the government funding set to expire on March 22, upcoming negotiations are expected to focus on critical areas like the Defense and Homeland Security departments.
Fed Is âNot Farâ From Confidence Needed to Cut Rates, Powell Says
During a Senate Banking Committee hearing, Fed Chair Jerome Powell indicated that the central bank is nearing the confidence level required to begin interest rate cuts, aiming for more assurance that inflation will stabilize around the 2% target.
In light of recent strong job growth and a surge in January prices, Powell emphasized the need for further evidence. The Fed's next forecast update, which may include anticipated rate cuts, is expected at the March 19-20 meeting.