S&P 500 enters correction territory to close volatile trading week

Taylor Swift has been named Time magazine's "Person of the Year" for 2023, surpassing Barbie and King Charles III. The magazine praised Swift for her ability to bring hope to people around the world during difficult times. Swift expressed her pride and happiness in receiving this recognition and discussed her relationship with Travis Kelce. Additionally, Swift's "Eras Tour" was a major success, grossing $2.2 billion in North American ticket sales and becoming StubHub's biggest tour in its history. She also broke her own Spotify record by becoming the most-streamed artist in a single day.

Not all countries have experienced the same recovery from the effects of the pandemic. The US economy has shown strong growth, outperforming other advanced economies such as the European Union, the United Kingdom, Japan, and Canada. Energy prices, fiscal and monetary policy, and China's economic slowdown have contributed to the diverging paths of these economies. The US has benefited from lower inflation, generous government support, and shifting consumption patterns, allowing consumers to continue spending despite rising prices. However, the US economy is expected to slow down in the final months of the year as pandemic savings decline and borrowing costs remain high. Meanwhile, China's economic recovery has faltered due to weak consumer spending, a slump in real estate, and muted global demand for its goods. Government spending and improving retail sales may provide some boost, but the property downturn and weakening exports will continue to hinder growth.

Economists are predicting that the jobs report for November will show a net gain of 180,000 jobs. However, employers are becoming more cautious and reducing job postings and hiring. This cautiousness is reflected in the federal jobs reports, which show moderate employment growth compared to the high gains seen earlier in the pandemic recovery. In October, 150,000 jobs were added and the unemployment rate increased to 3.9%. The expected jobs report for November is also anticipated to show employment growth of 180,000 positions and a steady jobless rate of 3.9%. The return of striking autoworkers and actors to the workforce may boost these numbers. The labor market is currently in a wait-and-see state, and the report could provide insights into whether it is returning to a more balanced and steady state or cooling more rapidly than expected. Job cuts remain higher than in the past decade, but layoffs are not increasing significantly. Despite the modest growth, the US labor market is well-positioned for future improvement, but high interest rates are holding it back. Many investments are not reaching their potential until interest rates decrease. Employers expect business activity to pick up in the latter half of 2024, assuming inflation continues to decrease and the Federal Reserve starts cutting rates.

According to cybersecurity researchers at Microsoft, Russian propagandists used the popular platform Cameo to disseminate celebrity videos that were manipulated to support their misinformation campaigns. These videos, featuring American celebrities like Elijah Wood and Mike Tyson, were edited to appear as if they were attacking Ukrainian President Volodymyr Zelensky. The manipulated videos, which included emojis and links, were widely shared on pro-Russian social media channels and amplified by Russian media outlets. The Microsoft researchers observed at least seven of these manipulated videos since late July 2023. The videos were edited to resemble interviews with news outlets or the celebrities' own social media accounts, making it seem like they were part of a plea to Zelensky to seek help for substance abuse. The Russian embassy in the US did not respond to requests for comment, and the celebrities named in the report have not commented either. Cameo stated that such videos would violate their Community Guidelines, and they would take steps to remove the content and suspend the purchaser's account if violations are substantiated.