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Hi everybody, welcome to Jin was street news. According to the US Department of Labor, the number of Americans claiming unemployment benefits increased from 239,000 to 247,000 in the week ended May 31st. The US Census Bureau and the US Bureau of Economic Analysis announced Thursday that goods and services deficit tumbled 55% in April from the previous month.
10-year Treasury yield rises to 4.39% as investors are concerned about the labor market ahead of the jobs report scheduled to be released at 8:30 a.m. Friday. For the US stock market, S&P 500 5.53% and the NASDAQ composite dropped 83%. On Thursday after the bell brought common announced financial results for its second quarter fiscal year 2025 ended May 4th.
The company expects Q3 total revenue and AI semiconductor revenue to rise 5% and 16% respectively quarter over quarter. According to the US Department of Labor, the number of Americans claiming unemployment benefits increased from 239,000 to 247,000 in the week ended May 31st. It sounds alarming. In addition, the number of Americans receiving benefits after an initial week of eight decreased from 1,97,000 to 1,94,000 in the week ended May 24th, but it doesn't look beautiful.
The US Census Bureau and the US Bureau of Economic Analysis announced Thursday that the international trade deficit in goods and services tumbled 55.5% from 138.3 billion in March to $61.6 billion in Apal. exports increased 3% from $281.1 billion in March to $289.4 billion in April. While imports decreased 16.3% from $419.4 billion in March to $351 billion in April.
10-year Treasury yield rises to 4.39% after the US Department of Labor reported the weekly jobless claims at 8:30 a.m. Thursday as investors are waiting for the jobs report scheduled to be released at 8:30 a.m. Friday. Rising the interest rate due to the weak economic data makes investors nervous because investors are now questioning whether the US government deals with a huge government debt successfully or not.
So if the jobs report looks ugly then the 10-year Treasury yield swords and the US dollar index tumbs. I'm going to run away from the US stocks for a while. The US dollar index dropped to 98.35 after the weekly job lossless claims were reported. But fortunately, it's rebounding ahead of the jobs report.
For the US stock market, S&P 500 fell.53% and the Dow Jones industrial average lost.25%. The tech heavy NASDAQ drop 83%. It looks something like a double top, but it's too early to call. We have to look at the US jobs report, 10-year Treasury yield, and the dollar index very carefully. On Thursday, after the bell, Broadcom announced financial results for its second quarter fiscal year 2025 ended May 4th.
The company reported $15 billion of revenue for the quarter, up 1% sequentially, above its previously estimated revenue of $14.9 billion. Operating income decreased 7% from $6.26 billion in Q1 to $5.83 billion in Q2. When it comes to the guidance, the company expects current quarters revenue to be 15.8 billion, up 5% quarterover.
Shares of Broadcom fell 4.2% on Thursday in extended trading. Broadcom President and CEO Haktan said during the conference call quote Q2 semiconductor revenue was $8.4 billion with growth accelerating to 17% year up from 11% in Q1. Driving this growth was AI semiconductor revenue of over $4.4 billion.
Turning to our Q3 outlook, we forecast AI semiconductor revenue to be $5.1 billion. Now turning to nonAI semiconductors in Q2 revenue of $4 billion was down 5% year. NonAI semiconductor revenue is close to the bottom and has been relatively slow to recover. Overall, we forecast nonAI semiconductor revenue to stay around $4 billion.
Okay, this is the end of today's news. Thank you for watching. Have a great weekend.
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