Good evening, this is Markets Desk with your top stories of the hour.
The dollar is finding its footing after a shaky open, with the DXY edging fractionally higher on Tuesday after April JOLTS job openings came in at a twenty-three month high — an unexpected show of labor market resilience that markets read as hawkish fuel for the Fed. Cleveland Fed President Beth Hammack added to that tone with pointed comments reinforcing patience on rate cuts.
Shifting to equities, optical component makers are surging after Nvidia's Jensen Huang singled out Marvell in broadly bullish remarks about the data center buildout. That enthusiasm is spilling across the sector, lifting names like Lumentum and Coherent sharply, as investors recalibrate just how deep the infrastructure spending wave runs beneath the headline AI names.
And speaking of AI infrastructure, Mercor's chief executive is drawing attention after revealing his ten billion dollar startup now spends more on AI compute tokens than on employee salaries. He's suggesting this could soon become the norm across corporate America — a data point that raises serious questions about productivity returns and the long-term structure of labor costs in the technology sector.
That's the tape. Markets Desk, signing off the floor.
