Morning Brief

Jobless claims, China stocks dip, OpenAI funding

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Initial jobless claims for the week ending in September 28 showed more Americans filed for unemployment benefits than anticipated. The figure came in at 225,000, slightly above the estimated 221,000. This report comes ahead of September's jobs report, which could trigger a sell-off for US markets (^DJI,^GSPC, ^IXIC) as investors grow increasingly concerned about a slowing economy.

  • The Hang Seng (^HSI) ended the day lower after a stimulus-fueled rally pushed the index up 25% over the last month. 
  • OpenAI's valuation soared to $157 billion after its latest funding round, putting it on par with companies like AT&T (T), Uber (UBER), and Goldman Sachs (GS). The $6.6 billion in new funding is one of the largest ever funding rounds for a private company, and comes nearly a year after OpenAI's board fired then rehired CEO Sam Altman.
  • Shares of Levi Strauss & Co. (LEVI) are tumbling after the company slightly missed third quarter revenue expectations and trimmed its full-year revenue guidance. The company is also weighing the sale of its Dockers brand.

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