Rio Times Global Economy Briefing
The Big Three
The chip trade reversed hard. After a two-day surge, semiconductors were dumped for profit — Micron fell 10.6%, Intel 9% and AMD 6.9% — pulling the Nasdaq down 0.7% while the Dow held roughly flat.
Warsh held the hawkish line in Portugal. The Fed chairman told the ECB’s Sintra forum that prices remain too high, offering no hint of a rate cut even as private hiring came in soft.
The data turned cautious under the surface. Private payrolls rose just 98,000, well below forecast, and the Atlanta Fed’s growth tracker was cut sharply to 1.2% — a day before Thursday’s all-important jobs report.
