The US dollar is on the ropes this week, with key technical levels coming into play. Meanwhile, gold and silver are soaring again, crude oil is modestly higher, and stocks are mixed. Bitcoin just recaptured $90,000.
The dollar is squarely in focus today, with the US Dollar Index (DXY) breaking below the critical 96 level yesterday – and trying to cling to it this morning. I covered what’s driving this significant move in my Chart of the Day column here…but suffice it to say the precious metals market is paying close attention. Gold prices were surging around $170 at last check, after hitting a fresh record above $5,300 an ounce earlier.
AMZN, ASML, SBUX (1-Year % Change)
Data by YCharts
Job cuts keep piling up at Amazon.com Inc. (AMZN), with the online retail and cloud services provider slashing 16,000 positions. Management said the cuts would “strengthen our organization by reducing layers, increasing ownership, and removing bureaucracy,” and they follow a wave of layoffs announced back in October. All told, AMZN is paring its workforce by around 30,000. Amazon stock is up just 3.9% in the last year.
ASML Holding NV (ASML) stock surged after the chipmaking equipment maker reported record bookings. The Dutch firm said it had 13.2 billion euros in Q4 bookings, far ahead of the 6.8 billion euro forecast from analysts.
ASML sells high-end semiconductor equipment to companies like Intel Corp. (INTC) and Nvidia Corp. (NVDA), making it a prime beneficiary of the Artificial Intelligence (AI) spending boom. The company is also planning its own round of layoffs – 1,700 employees, or roughly 4% of its global workforce. ASML stock has risen 112.8% in the past year.
Finally, the turnaround at coffee giant Starbucks Corp. (SBUX) appears to be accelerating. CEO Brian Niccol has focused on improving service, cutting wait times, and restructuring the menu to make it simpler. That helped boost global sales by a greater-than-expected 4% in the most-recent quarter, sending Starbucks stock up 9% in early trading. The shares had lost 1.7% in the 12 months through yesterday.
