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Eight of the 11 S&P 500 sub-sectors were in the red, with the energy index (.SPNY) leading declines. U.S. markets ended lower on Friday as comments from Fed officials curtailed optimism that the central bank was nearing the end of its aggressive interest rate hikes. Traders now see a 72% chance of Fed hiking its key benchmark rates by 25 basis points in July, according to CMEGroup's Fedwatch Tool. Declining issues outnumbered advancers for a 2.43-to-1 ratio on the NYSE and a 1.82-to-1 ratio on the Nasdaq. The S&P index recorded 11 new 52-week highs and no new low, while the Nasdaq recorded 38 new highs and 40 new lows.

Persons: Eli Lilly, Tesla, Rivian, homebuilding, Sam Stovall, CMEGroup's, Michael Barr, Jerome Powell's, Morgan Stanley, Daniel Zhang, advancers, Shristi Achar, Shubham Batra, Johann M, Vinay Dwivedi, Shounak Organizations: Therapeutics, Nike, Dow, Nasdaq, U.S . Federal Reserve, CFRA Research, Tesla Inc, Reuters, EV, U.S . House Financial, PayPal Holdings, KKR & Co, Alibaba, PDD Holdings, Dow Jones, Adobe Inc, Dice Therapeutics, NYSE, Thomson Locations: U.S, Europe, China, Bengaluru

☆ Stocks making the biggest premarket moves: Alibaba, Dice Therapeutics, Avis and more
▼ + stars: | 2023-06-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Atmus Filtration Technologies — Shares of the air filtration company rose more than 2% after a slew of analysts initiated coverage with bullish ratings, including JPMorgan. The bank said Atmus trades at a "deep discounted valuation vs. peers, despite >80% of aftermarket mix, while its planned expansion into industrial filtration should bridge the valuation gap vs. direct filtration peers over time." Avis Budget — Shares added 3.5% in light volume following an upgrade by Morgan Stanley to overweight from equal weight. Philip Morris International — Shares of the tobacco company rose 1.5% in premarket trading after Citi upgraded Philip Morris to buy from neutral. Carnival — Shares moved 1.5% higher in the premarket, building on gains made last week when it was the S&P 500's best performer.

Persons: Daniel Zhang, Eddie Wu, Alibaba's, Eli Lilly, Morgan Stanley, Adam Jonas, Jonas, Avis, Philip Morris, —, Jesse Pound Organizations: Alibaba, Holding, JPMorgan, Avis Budget, Citi, Warner Bros Discovery Locations: Beijing, China, —

☆ Alibaba CEO Daniel Zhang to step down. Here's what it means for the Chinese tech giant
▼ + stars: | 2023-06-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAlibaba CEO Daniel Zhang to step down. Here's what it means for the Chinese tech giantAlibaba CEO Daniel Zhang plans to step down from his role in September. Eddie Wu will take over as CEO, and Joe Tsai will become chairman. Both Wu and Tsai are Alibaba veterans and close confidants of founder Jack Ma. CNBC's Arjun Kharpal breaks down the moves.

Persons: Daniel Zhang, Eddie Wu, Joe Tsai, Wu, Tsai, Jack Ma, CNBC's Arjun Kharpal

☆ US employers boost hiring in May, but labor market losing steam
▼ + stars: | 2023-06-02 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Outside the COVID-19 pandemic, it was the biggest jump since 2010, reflecting a drop in household employment and a rise in the workforce. "However, the other areas of softness in this report suggests that the labor market is losing steam. The backfilling of these retirements and increased demand for services are some of the factors driving job growth. While not dismissing the household survey, economists said the establishment survey was the more reliable of the two. The fall in household employment combined with a rise of 130,000 in the labor force to boost the unemployment rate.

Persons: payrolls, Sal Guatieri, Nonfarm, Mike Blake, Gus Faucher, Conrad DeQuadros, DeQuadros, Daniel Zhao, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci, Paul Simao Organizations: Labor Department, BMO Capital Markets, Fed, Reuters, Leisure, Treasury, REUTERS, Reuters Graphics Reuters, Financial, Writers Guild of America, Labor Department's Bureau of Labor Statistics, PNC Financial, Brean, Thomson Locations: WASHINGTON, U.S, Toronto, Oceanside , California, Pittsburgh , Pennsylvania, New York

☆ The US labor market is still red-hot, adding 339,000 jobs in May
▼ + stars: | 2023-06-02 | by ( Madison Hoff | Andy Kiersz | ) www.businessinsider.com time to read: +4 min

The unemployment rate climbed to 3.7% in May, according to the jobs report on Friday. This monthly job growth came in far above the forecast of 180,000. Job openings data for April was released by the BLS on Wednesday. Data from the Job Openings and Labor Turnover Survey (JOLTS) showed that after a few months of job openings consecutively falling, there was an uptick from March to April. The number of layoffs and discharges fell by 264,000 from March to April to 1.6 million, according to the latest JOLTS report.

Persons: —, Daniel Zhao, Glassdoor's, Nick Bunker, Nela Richardson Organizations: Service, payrolls, Labor Statistics, BLS, Bureau of Labor Statistics, Federal Reserve, Labor, Bank of America Institute, Bank of America

☆ Jobs report: What to expect from the May data
▼ + stars: | 2023-06-01 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

But despite all that, the labor market has kept humming right along. And that’s largely expected to be the case, again, in Friday’s monthly jobs report from the Bureau of Labor Statistics. Private sector employment increased by 278,000 jobs in May, according to ADP’s monthly National Employment Report, frequently seen as a proxy for the government’s official number. Labor turnover data released Wednesday showed that the US employment market remained tight in April. The government’s May jobs report is scheduled for Friday at 8:30 a.m.

Persons: ” Daniel Zhao, that’s, ” Julia Pollak, “, Pollak, ”, Michael Feroli, Matthew Martin, ” Pollak, it’s Organizations: Minneapolis CNN, Federal Reserve, Bureau of Labor Statistics, “, ”, Commerce Department, CNN, Labor, JPMorgan, Oxford Economics, Challenger, Conference Locations: Minneapolis, April’s

☆ The ‘great resignation’ — a trend that defined the pandemic-era labor market — seems to be over
▼ + stars: | 2023-05-31 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Quits started to surge in early 2021 as Covid-19 vaccines rolled out to the masses and the U.S. economy started to reopen. Business' demand for workers outstripped the supply of people looking for a job, giving workers an unprecedented amount of power in the labor market. We are much closer to the labor market we had in 2019, which was hot but not overheating. Conditions are still favorable for job seekersIt's unclear if the labor market will cool further from here. While quits and job openings told different labor market stories in April, quits are generally a less volatile and more reliable indicator, economists said.

Persons: Quits, Julia Pollak, Pollak, Daniel Zhao Organizations: Getty Images Workers, Business, Employers, Glassdoor, Federal, BLS Locations: U.S

☆ China's internet giants bet big on A.I. as Beijing looks to rival U.S. on tech 'paradigm shift'
▼ + stars: | 2023-05-23 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

"This kind of computing power needs to be provided as a kind of public service or infrastructure. China, specifically, "has some of the most advanced AI tech in the world," he added. "We believe this is a Game of Thrones also playing out in the China Tech market as the gloves are on for this battle," Ives said. Many innovative vendors are going after this market and China tech is now in the midst of a secular shift around AI." The comments from some of China's top tech companies last week hint at how Beijing is seeking to ramp up its rivalry with the U.S. on AI.

Persons: BABA BABA, Robin Li, Baidu, Ernie Bot, OpenAI's ChatGPT, Tencent, Martin Lau, Lau, Alibaba, Daniel Zhang, Dan Ives, Ives, Hao Hong, CNBC's, —, Tencent's Lau, Baidu's Li, Didi, Meituan Organizations: HK, Microsoft, Google, Wedbush Securities, CNBC, China Tech, Big Tech, Baidu, U.S, Nvidia, chipmaker Micron, Grow Investment Locations: China, Beijing, U.S, Alibaba

☆ Alibaba to cut 7% of workforce in its cloud unit as it pursues IPO for the division
▼ + stars: | 2023-05-23 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Alibaba Cloud, the cloud computing subsidiary of Alibaba, unveiled its ChatGPT-style product Tongyi Qianwen during the 2023 Alibaba Cloud Summit on Tuesday morning. Alibaba is cutting 7% of the workforce in its cloud computing division as the unit gears up for an initial public offering. Last week, the company announced plans for a full spin-off of its cloud computing unit and said it intends for the division to become an independent publicly listed company. Alibaba's CEO Daniel Zhang has long-seen cloud computing as a key part of the e-commerce giant's future but it currently accounts for just 9% of the group's total revenue. TikTok owner ByteDance began moving its international operations off of Alibaba's cloud which continues to weigh on the company's cloud business.

Persons: Alibaba, Daniel Zhang, Zhang, ByteDance Organizations: Alibaba, CNBC, Synergy Research, Microsoft, Google Locations: China, Asia, Pacific

☆ Alibaba misses revenue estimate, approves cloud unit spinoff
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +3 min

"We would love nothing more than to see one of these little Alibabas...becoming another big Alibaba, as big as the group company is right now," said Alibaba Group chairman Daniel Zhang on an earnings call. Alibaba logged revenue of 208.20 billion yuan ($30.12 billion) for the three months ended in March, compared with a Refinitiv consensus estimate of 210.3 billion yuan. Net income attributable to ordinary shareholders was 23.52 billion yuan for the quarter, reversing a year earlier loss of 16.24 billion yuan. Revenue for Alibaba's cloud division in the recent quarter was 18.6 billion yuan, down 2% year-on-year. The company has opened up registration to test the technology to enterprise customers of Alibaba Cloud.

☆ Alibaba plans to list cloud division as quarterly revenue misses expectations
▼ + stars: | 2023-05-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

In this article BABABABA Follow your favorite stocks CREATE FREE ACCOUNTAlibaba Cloud, the cloud computing subsidiary of Alibaba, unveiled its ChatGPT-style product Tongyi Qianwen during the 2023 Alibaba Cloud Summit on Tuesday morning. Bloomberg | Bloomberg | Getty ImagesAlibaba announced plans to spin off its cloud division as a separate, publicly traded company, while the e-commerce titan's quarterly revenue missed expectations. In its Thursday report, Alibaba said it plans to spin off its cloud division as a newly listed company, subject to restructuring certain assets, liabilities and contracts, and regulatory approvals. Dan Ives, an analyst at Wedbush Securities, said Alibaba's cloud spin-off plan was a "no brainer strategic move that we believe adds to the sum of the parts valuation on BABA." "We believe this was a step in the right direction for the Alibaba story," Ives told CNBC in emailed comments Thursday.

☆ MSG: The world's most misunderstood ingredient
▼ + stars: | 2023-05-10 | by ( Maggie Hiufu Wong | ) edition.cnn.com time to read: +12 min

Case in point – he has the letters “MSG” tattooed on his arm, and his restaurant’s menu includes a signature drink called the MSG Martini. “Things just taste better with MSG, whether it’s Western food or Cantonese food,” the chef tells CNN. You’ve probably been playing with glutamate, inosinate and guanylate in your own cooking without even realizing it. We season our food with MSG a little bit – it’s different from heating water and adding MSG and serving it with noodles,” he says. “Our mission from the very beginning was to show people what Cantonese food is and what Cantonese food can be – it’s always going to be playful, fun and approachable,” says Eng.

☆ Montana Republicans are appealing to anti-California sentiment to pass a slew of bipartisan pro-housing policies
▼ + stars: | 2023-04-14 | by ( Eliza Relman | ) www.businessinsider.com time to read: +7 min

Montana Republicans are aligned behind zoning reform and other pro-housing policies. And everybody in Montana is asking this question of, you know, how can we keep Montana feeling like Montana?" Preventing a 'California-style housing crisis'Montana's ultra-conservative GOP governor, Greg Gianforte, recently called the housing crisis "probably the number one issue faced by working Montanans." Conservative supporters of pro-housing policies in the state have successfully tied anti-California sentiment to anti-sprawl and pro-housing policies. "The fear is that in 25 years, we're going to have a California-style housing crisis," Cotton said.

With that out of the way, Zhang is cleared to focus on Alibaba's massive corporate overhaul unveiled last month. Current shareholders will be left with a holding company led by Zhang, plus Alibaba's cash-cow Chinese commerce business. After all, Alibaba's U.S. shares are down over 60% in the past two years, while the S&P 500 has stayed largely flat. The sales will eventually reduce SoftBank's stake in Alibaba to 3.8%. In 2022, SoftBank booked a gain of $34 billion by cutting its stake in Alibaba to 14.6% from 23.7%.

☆ Remote Jobs Going Back to the Office, Outsourcing to Cheaper Workers
▼ + stars: | 2023-04-13 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

Finding a remote job is getting more and more difficult. That's because competition for remote work in the US remains fierce, the number of job postings are on the decline, and some of the remote jobs that remain are being outsourced overseas. Companies are moving remote jobs overseasSome companies are embracing remote work, but not in the US. Instead, they're outsourcing jobs overseas and saving on labor costs. For Americans who are eager to snag that remote job, it's not all doom and gloom.

☆ Get ready for a Goldilocks summer featuring a job market that's neither too hot nor too cold
▼ + stars: | 2023-04-12 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +5 min

It's set up a Goldilocks situation heading into summer, where the job market is cooling, but not enough to have an adverse effect on the average American. That could mean a summer of fewer price spikes at the grocery store, and less businesses scrambling to hire, while workers maintain some power in the job market. "We're still in a hot labor market," Nick Bunker, the economic research director for North America at Indeed Hiring Lab, told Insider. Getting to a just-right job marketBunker told Insider the US job market is getting close to something that looks like what we saw prior to the pandemic. If they did, it would represent a job market tipping into the "too cold" zone.

☆ A Swashbuckling Tale of Mutiny Took Him Where ‘the Soul of Man Dies’
▼ + stars: | 2023-04-12 | by ( Alexandra Alter | ) www.nytimes.com time to read: +1 min

Often, his stories take a dizzying turn when Grann introduces a new set of facts or a perspective that undermines the narrative he has presented. Rather than trying to lay down a concrete version of events, Grann often invokes a queasy uncertainty that the truth can ever be known. He’s drawn to unsolvable mysteries and stories that explore the fallibility of our perceptions — including his own. “He looked for stories in which an artful manipulation of the reader was an appropriate way to illuminate the story,” said Daniel Zalewski, Grann’s longtime editor at The New Yorker. “Sometimes they were dark entertainments, but because the stakes were real, there was a gravity to them, and a morality to them.”

☆ Alibaba shows off its generative AI tech, to roll out in all apps
▼ + stars: | 2023-04-11 | by ( Josh Horwitz | ) www.reuters.com time to read: +2 min

Called Tongyi Qianwen, the AI large language model drafted invitation letters, planned trip itineraries and advised shoppers on types of makeup to purchase in a filmed demonstration. Tongyi Qianwen will initially be integrated into DingTalk, Alibaba's workplace messaging app and can be used to summarise meeting notes, write emails and draft business proposals. AI models like Tongyi Qianwen are "the big picture for making AI more popular in the future," he added. On Monday, Chinese AI company SenseTime (0200.HK) unveiled a slew of new AI products including a chatbot called SenseChat. Zhang said that Alibaba and other companies working on AI models were at the "starting line" of a new phenomenon.

☆ Alibaba unveils Tongyi Qianwen, an AI model similar to GPT
▼ + stars: | 2023-04-11 | by ( Josh Horwitz | ) www.reuters.com time to read: +1 min

[1/2] The logo of Alibaba Group is seen at its office in Beijing, China, January 5, 2021. REUTERS/Thomas PeterSHANGHAI, April 11 (Reuters) - Alibaba Group Holding Ltd (9988.HK) on Tuesday unveiled Tongyi Qianwen, an AI large language model similar to GPT that it plans to integrate into all of the company's business applications in the near future. Alibaba Cloud plans to open Tongyi Qianwen to its clients so they can build their own customized large language models. Others including Alphabet Inc's Google (GOOGL.O) and Baidu Inc (9888.HK) have since promoted their AI models and released similar chatbots. Tongyi Qianwen is based on Tongyi, Alibaba's proprietary pre-trained model framework that unifies various AI models.

☆ Alibaba to roll out its rival to ChatGPT across all its products
▼ + stars: | 2023-04-11 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

In this article BABA Follow your favorite stocks CREATE FREE ACCOUNTAlibaba Cloud, the cloud computing subsidiary of Alibaba, unveiled its ChatGPT-style product Tongyi Qianwen during the 2023 Alibaba Cloud Summit on Tuesday morning. Bloomberg | Bloomberg | Getty ImagesStock Chart Icon Stock chart icon Alibaba set to release its rival to ChatGPTAt the 2023 Alibaba Cloud Summit, the company said it will be rolling out the artificial intelligence-powered chatbot into all Alibaba products from enterprise communication to e-commerce in "the near future." It did not reveal a timeline. "We are at a technological watershed moment driven by generative AI and cloud computing, and businesses across all sectors have started to embrace intelligence transformation to stay ahead of the game," said Daniel Zhang, chairman and CEO of Alibaba Group and CEO of Alibaba Cloud Intelligence, in a statement. Alibaba first told CNBC it was working on a ChatGPT rival in February.

☆ Alibaba unveils Tongyi Qianwen, its AI-powered answer to ChatGPT
▼ + stars: | 2023-04-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Alibaba showed off its answer to the ChatGPT craze on Tuesday, demonstrating new software that it plans to eventually roll out across all its platforms. The Chinese tech giant unveiled Tongyi Qianwen, a large language model that will be embedded in its Tmall Genie smart speakers and workplace messaging platform DingTalk. Alibaba Group CEO Daniel Zhang speaking Tuesday as the Chinese tech giant showed off its answer to the ChatGPT craze, demonstrating new software it plans to integrate across its enterprise and consumer platforms. In draft guidelines issued Tuesday to solicit public feedback, the country’s cyberspace regulator said generative AI services would be required to undergo security reviews before they can operate. Most of those units, including its cloud services business that oversees AI projects, will be authorized to raise capital and pursue public listings.

☆ The resilient job market is finally showing signs of cooling off
▼ + stars: | 2023-04-10 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

The job market is clearly starting to slow down. Mohamed El-Erian said March's jobs report was a win-win for both the stock market and the Fed. "We are making this transition where the stock market was obsessed with interest-rate risk to one that is concerned about credit risk." What's your take on the latest job data? In other news:Traders works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 5, 2020.

☆ The rise of remote work helped a former teacher with $80,000 in student debt switch to her dream job and get a $20,000 pay raise without moving
▼ + stars: | 2023-04-09 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Jackie Carbo thought her dream job in tech wasn't reachable, and she had more than $80,000 in student debt. But the rise of remote work made it possible for her to make a higher-paying career shift. The geographic flexibility is among the reasons researchers cite when explaining a correlation they have found between remote work and happier employees. She even decided to start a blog to document her travels and share tips about how to balance working remotely with traveling. Has remote work helped change your life?

☆ The job market is clearly starting to slow down
▼ + stars: | 2023-04-07 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

The US added 236,000 jobs in March less than the revised gain for February. The job gain in March was also below February's revised gain. While the payroll gain in March was below February's job creation, the labor market is still showing some strength, according to today's report and Job Openings and Labor Turnover data. Job openings tumbled by 632,000 in February to 9.9 million. However, the level is still above the 7 million openings in February 2020 before the pandemic.

☆ China's Alibaba invites businesses to trial AI chatbot -media
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +2 min

Alibaba has opened up registration for businesses to conduct testing for its AI application, STAR Market reported without specifying details. Alibaba Cloud did not respond immediately to an emailed request for comment. A formal launch is expected at an Alibaba Cloud event on Tuesday. Others to have joined the AI chatbot race include Baidu Inc (9998.HK), with its Ernie Bot application open only to trial users at the moment. Last week Alibaba announced that it will restructure into six standalone divisions, each with its own board and CEO.

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