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European Stocks Open Lower After Consecutive Declines, U.S. Jobs Data in Focus

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European stocks opened lower on Thursday following three consecutive declines in September, with the Stoxx 600 index sliding after closing above 525 points last Friday. Market sentiment has been negatively impacted by weaker-than-expected U.S. economic data, particularly from manufacturing surveys and jobs openings, sparking concerns of a potential slowdown in the world’s largest economy. This has reignited debate over whether the Federal Reserve might cut interest rates by 50 basis points, rather than the anticipated 25 basis points, at its next meeting.

Investors are now closely monitoring upcoming U.S. jobs data, with initial jobless claims set for release on Thursday and the highly anticipated nonfarm payrolls and unemployment rate reports on Friday. A weaker-than-expected jobs report in July had contributed to a broad sell-off at the beginning of August, raising fears of an economic slowdown. However, some analysts, including George Lagarias, chief economist at Forvis Mazars, suggest that while a slowdown is evident, the U.S. economy is still far from entering a recession, implying that the Federal Reserve may avoid aggressive rate cuts.

In addition to the jobs data, the technology sector has weighed heavily on European markets this week, with a 3.2% drop in tech stocks on Wednesday. U.S. chipmaker Nvidia saw a sharp decline earlier this week, dragging down global chip stocks, though the company denied reports of a Department of Justice subpoena related to antitrust issues.

Meanwhile, Wall Street index futures were relatively stable early Thursday after a volatile start to the month. In Asia-Pacific markets, losses continued, with Japan’s Nikkei 225 posting the steepest decline amid softer wage growth in August, potentially providing the Bank of Japan with more room to consider a rate hike.

 

A 34-Year-Old’s Summer Side Hustle as a Private Yacht Chef Earned Her Over $15,000 Last Year

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Kesi Irvin, a 34-year-old New Jersey native, has transformed her passion for travel into a lucrative summer side hustle as a private chef on yachts, earning over $15,000 last year. Irvin’s unconventional career began after she left her Wall Street job in 2015 to pursue a life of travel. Initially planning a one-year career break, she extended her adventures indefinitely, funding them through her work on yachts and later through her travel blog, “Kesi To and Fro,” which now serves as her primary income source.

Irvin’s yacht chef career started when she applied for a position with Yacht Week, despite having no professional culinary experience. Her application emphasized her skills as a home chef and her ability to learn quickly. Luck was on her side when she was called in to replace a crew member at the last minute. This opportunity led to more jobs as guests recommended her to friends, and fellow crew members introduced her to online job boards for seasonal yacht positions.

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As a private chef, Irvin spends her summers sailing in Europe, working on five charters this year alone. Each charter typically lasts a week, and Irvin’s daily routine involves preparing meals in tight boat kitchens, often requiring creativity and resourcefulness due to limited space and supplies. Her dishes, such as tuna poke bowls and brunch spreads, have become popular among guests. In addition to her culinary duties, Irvin explores local markets and cities when the yacht docks, enjoying the unique experiences each location offers.

While Irvin’s primary income now comes from her travel blog, which includes group trips, paid writing, and brand collaborations, she values her yacht chef role for its consistency and the opportunity to save money while earning. This side hustle complements her digital nomad lifestyle, providing financial stability in an otherwise unpredictable income stream.

Irvin’s journey showcases the possibilities of combining passion with work, turning what started as a temporary escape from the corporate world into a fulfilling and profitable career. Her story is an inspiration for those looking to break away from conventional career paths and create a life that aligns with their passions.

 

Wall Street Rallies as Jobs Data Eases Economic Slowdown Fears

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Wall Street’s major indexes surged nearly 2% on Thursday, fueled by a stronger-than-expected jobs report that alleviated concerns about a looming economic slowdown. The data revealed a sharper-than-anticipated drop in new unemployment benefit applications last week, dispelling fears that the labor market was unraveling.

This positive shift in sentiment helped stabilize megacap and growth stocks, which had been in free fall following a disappointing July jobs report that had sparked recession concerns. Nvidia led the gains with a 4.4% surge. According to Skyler Weinand, Chief Investment Officer at Regan Capital, “Just because the labor market is cooling off doesn’t mean we’re entering into a recession.”

All major S&P sectors saw gains, with information technology and communication services leading the charge. Global markets also began to recover from the earlier week’s volatility, triggered by concerns over interest rate hikes and weak demand in the U.S. Treasury market.

J.P. Morgan raised the likelihood of a U.S. recession by the end of the year to 35%, up from 25%, citing reduced pressure in the labor market.

By late morning, the Dow Jones Industrial Average had risen 589.53 points (1.52%) to 39,352.98, the S&P 500 gained 99.37 points (1.91%) to 5,298.87, and the Nasdaq Composite climbed 360.42 points (2.23%) to 16,556.23.

On the earnings front, Eli Lilly jumped 7.9% after raising its annual profit forecast, driven by the success of its weight-loss drug Zepbound, which surpassed $1 billion in quarterly sales. Under Armour surged 19.2% following a surprising first-quarter profit. Conversely, Bumble saw its shares plummet 32.6% after slashing its annual revenue growth forecast, while Warner Bros Discovery and Monster Beverage also faced significant declines.

Investors are now looking ahead to comments from Richmond Fed President Thomas Barkin for insights into the Federal Reserve’s next moves.