Welcome to 10 Things Before the Opening Bell.
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1. The Great Resignation continues. New data released by the Bureau of Labor Statistics revealed that Americans continue to vacate their jobs at record pace. An all-time high 4.5 million workers quit their jobs in November, up from 4.2 million in October.
Most departing workers came from the accommodation and food services industry, with health care following close behind.
The number of job openings fell slightly in November, decreasing to 10.6 million. The largest decrease in job openings also took place in accommodation and food services, with 261,000 fewer openings.
Some Americans could be holding out for higher wages while others may be out of work due to limited childcare options or health concerns exacerbated by COVID-19. In November, the US added just 210,000 jobs — a dramatic miss compared to analyst estimates of 550,000. The spread of Omicron or new COVID-19 variants could further impact jobs data and labor participation.
Here's what else to know:
- The health care sector saw 52,000 more quits in November than October, and transportation lost 33,000 more workers in November than October.
- Among the millions of Americans who quit their jobs, Insider has reported that Kentucky is at the epicenter of the Great Resignation.
- The data suggests that the shortage of workers in low-wage positions, in particular, is likely to persist in 2022.
2. Tech stocks look set to keep falling, with the prospect of rate hikes to blame. Rising bond yields are nudging investors out of high-growth names, but the focus is on Friday's jobs report. Check out what's happening on the market.
3. Goldman Sachs named the stocks it sees offering explosive sales growth and fat margins through 2023. The bank expects red-hot inflation in 2022 to hurt some stocks, but it could also help some investors outperform. These are its 21 stock-picks with high-profit margins.
4. Earnings on deck: RPM International, The Simply Good Foods, and Landec, all reporting.
5. Wharton professor Jeremy Siegel said stocks will rally in 2022. He thinks stocks will rise even as the Federal Reserve hikes rates — "there is no alternative in an inflationary environment."
6. Cathie Wood's Ark Invest dumped more Tesla stock. The firm sold 39,262 shares this week, worth about $45 million, after the EV maker surged on record quarterly deliveries. Wood has since loaded up on shares of Teladoc and Palantir.
7. Sales of Bored Ape Yacht Club NFTs jump past $1 billion. Heightened celebrity interest has pushed massive sale prices for the digital tokens collectibles since they launched last April. High-profile stars like Stephen Curry and Eminem have acquired Bored Apes.
8. Oil prices hit their highest level in six weeks after key meeting. OPEC+ agreed to keep the February production hike modest, at 400,000 barrels-per-day. The coalition is moving forward with its plan to gradually ease the pandemic's supply curbs.
9. Influencer Shawnee Sande shared how inventors and business owners can get in early on the metaverse. Digital worlds are bustling with commerce and creators, and there's a way to earn money in it no matter your job. Here are three steps Sande believes can help anyone monetize their skills in the digital realm.
10. Wedbush said certain tech stocks "will be up 20% in 2022." Dan Ives explained why "unparalleled" growth prospects around cloud, cybersecurity, and 5G sectors could defy Fed tapering and rate hikes — and he shared his 11 favorite names in the space.
Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.
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