And there goes the economy....

[neverfstop]

Global stocks tank....

"Markets are melting down"
www.cnn.com/business/live-news/global-stock-markets-plunge/index.html


Unemployment rise spurs fears of slowdown, yet recession signals have been wrong — so fa
apnews.com/article/economy-recession-jobs-unemployment-c7f1985b1ab3a7b781920c2693cd0438


So much for our "soft landing"- bleh Happy Monday!

[neverfstop]

MAGNIFICENT 7 SHED $1 TRILLION
www.msn.com/en-gb/money/other/magnificent-seven-set-to-shed-1-trillion-in-value-led-by-apple-nvidia/ar-AA1og2MG


Looks like the AI bubble is bursting.

[stuffandthings]

🙄 Stock markets are such touchy babies. We still have historic unemployment, people! It was ONE weaker-than-expected jobs report and it came after a month of STRONGER than expected jobs growth.

[rubytue]

I’m with stuffandthings. This is on day. One morning.

But, I’m signing Alanis in my head right now because I’m also sitting on an early retirement offer, and we got the numbers this morning. 🎶 It’s like a market crash, on your retirement date 🎶

[bee20]

rubytue, ooh, that sounds super exciting. If you retire on a low day I'd feel pretty confident that you won't hit sequence of return risk and accidentally outspend your money.

My favorite is that all the trading platforms are crashing since everyone is logging in to see what is happening and make some trades. I logged into my main account and it glitched and showed me $0.00. After that whatever it actually is will look great!

[picksthemusic]

Aug 5, 2024 9:35:57 GMT -5 stuffandthings said:

🙄 Stock markets are such touchy babies. We still have historic unemployment, people! It was ONE weaker-than-expected jobs report and it came after a month of STRONGER than expected jobs growth.

Plus, it's summer and not a lot of hiring is going on since all those that usually do hiring are on vacation.

[icedcoffee]

I have 3 open positions on my team. Come work for me! #anecdotes

[picksthemusic]

Aug 5, 2024 11:13:12 GMT -5 icedcoffee said:

I have 3 open positions on my team. Come work for me! #anecdotes

My work BFF from my old job just got hired on at my new job too! lol

[rubytue]

Aug 5, 2024 10:52:38 GMT -5 bee20 said:

rubytue , ooh, that sounds super exciting. If you retire on a low day I'd feel pretty confident that you won't hit sequence of return risk and accidentally outspend your money.

Oh I want to make it work sooooo bad. But I had a number in my head my pension needed to hit. And the estimate is like $800 below that. My number would have covered the mortgage and health insurance. H could have covered the rest of the expenses, and then I’d have a second career for the fun things in life. But, it’s just not there… 

Plus, there are a limited number of slots available. And given the order they will fill the slots, it’s 50/50 is there would be any slots left by the time they got to my group. So, I think I need to stop. 

my take away is that the early retirement offered by the government sounds far better when it’s just a dream and something we talk about than it is when you sit down with the hard numbers. Also, listen kids, when you parents told you to pay off your mortgage by 50… do it. We bought this house at 47, and it’s finally a true forever home (one level). 

[bee20]

rubytue, well darn.
icedcoffee, I also have 3 openings, and we've had 2 offer rejections in the last week because people are too spooked to move in an uncertain economy. People are concerned of devil you don't know and being the new guy if things turn down.

For all this talk of melting down, it seems like the S&P is still up 9-10% YTD, after a drop in the last month of... 6%. Panic at less than double digit drops seems like it's just for the clicks.

[aurora]

Count me in the "one day" group. I mean sure, the stock market downturn might last days or weeks, and for individual stocks maybe even longer, but for most of us it's the long term that matters. I just choose not to look at my account on days like today. 😄

[aurora]

Actually now I'm thinking today is a good day to buy...

[basilosaurus]

Aug 5, 2024 11:13:12 GMT -5 icedcoffee said:

I have 3 open positions on my team. Come work for me! #anecdotes

can I do it this from the other side of the world? I'm not kidding. They've recently created a digital nomad visa which would be really nice to get.

[Pibs]

I'd really love for this to be a one day thing. But last week husband's company announced they're laying off 15k people. He's getting more details today and it's really a correction for how they hired like mad during COVID without considering how things would change when life became more "normal post-COVID" which makes sense. I was dealing with the layoff thing but this on top of it is making me nervous. 😝

[definitelyO]

Pibs - we had a significant lay off the end of Q1 2023 to correct from covid hiring... Hope that his job is safe.

aurora - my DH Was just saying the same thing - good day to buy.

[icedcoffee]

Aug 5, 2024 18:17:16 GMT -5 basilosaurus said:

Aug 5, 2024 11:13:12 GMT -5 icedcoffee said:

I have 3 open positions on my team. Come work for me! #anecdotes

can I do it this from the other side of the world? I'm not kidding. They've recently created a digital nomad visa which would be really nice to get.

I wish! We don’t even hire from every state in the US. 🫠

[Pibs]

Aug 5, 2024 18:57:00 GMT -5 definitelyO said:

Pibs - we had a significant lay off the end of Q1 2023 to correct from covid hiring... Hope that his job is safe.

aurora - my DH Was just saying the same thing - good day to buy.

Thank you. ❤️ They've done smaller layoffs and pay cuts in the past few years. Everything seemed to be back on track after that, but now it's suddenly not. It's going to be interesting for awhile!

[jlt19]

Ugh. We had a global “all hands” today and while last weeks Q2 earnings were good, they’re moving forward with a “restructuring” that will affect 3% of us, which is roughly 1,000. But this was around the market open, so who knows what may be now.

Thing is, there are 2 people on my team (roughly 20 of us?) that are LITERALLY useless if not more work for the rest of us. But will they go around and find these types ? Doubtful. It’ll probably be people that are super valuable and those of us left will be screwed.

I mean, I know I’m safe because of the terms of a position I recently took, so I’m grateful of course, but still preemptively annoyed.

[definitelyO]

Aug 5, 2024 19:20:50 GMT -5 Pibs said:

Aug 5, 2024 18:57:00 GMT -5 definitelyO said:

Pibs - we had a significant lay off the end of Q1 2023 to correct from covid hiring... Hope that his job is safe.

aurora - my DH Was just saying the same thing - good day to buy.

Thank you. ❤️ They've done smaller layoffs and pay cuts in the past few years. Everything seemed to be back on track after that, but now it's suddenly not. It's going to be interesting for awhile!

I'm pretty sure we just got an alert across our HR team about your DH's company.  We're in their supply chain...  fingers crossed!

[cville]

Oh look, stocks are very slightly bouncing back today. Maybe it's not the apocalypse. 🙄