Title: Morning Report: ChatGPT’s Code Interpreter Showcases Its Abilities, Fisker Adds Further Debt
Pre-market action on Monday morning reveals mixed trading for the three major U.S. indexes. The Dow is up 0.11%, the S&P 500 is down 0.01%, while the Nasdaq Composite has experienced a 0.19% decline.
OpenAI recently introduced its code interpreter, a model powered by ChatGPT that allows users to utilize the Python programming language. This interpreter enables the uploading and downloading of data, which Bloomberg’s Joe Weisenthal put to the test on Sunday night.
Weisenthal sought to gain insights into recession risks based on Sahm’s Rule, analyzing the unemployment rate’s correlation with economic downturns. By uploading a simple time series of the unemployment rate and posing the question regarding the proximity to a recession, ChatGPT’s code interpreter calculated an inflation indicator score of 0.17 percentage points. This figure falls below the threshold of 0.5, indicating that a recession trigger is not imminent.
Although it is vital to verify the accuracy of ChatGPT’s responses, Weisenthal’s example effectively highlights the capabilities of AI. However, whether AI can deliver even more accurate results and perform better remains a matter subject to ongoing judgement and evaluation.
In less positive news, electric vehicle manufacturer Fisker Inc. (NYSE: FSR) has announced a $340 million convertible notes offering to an institutional investor. The notes bear a 0% interest rate and feature an original issue discount of 12%. Additionally, the investor has the option to purchase an additional $340 million within the next year.
This development has left current investors less than pleased, leading to a decline of up to 6% in Fisker shares during Monday morning trading.
Now, let’s take a look at the performance of the U.S. markets on Friday.
On Friday, six out of eleven market sectors experienced losses, with consumer staples (-1.34%) and healthcare (-1.16%) witnessing the most significant declines. Conversely, energy (+2.06%) and materials (+0.88%) showcased the strongest gains. The Dow closed the day with a 0.55% decrease, while the S&P 500 and the Nasdaq Composite closed down by 0.29% and 0.13%, respectively.
Two-year Treasuries dipped by 5 basis points, concluding the day at 4.94% on Friday. Meanwhile, 10-year notes observed a 1 basis point increase, resulting in a rate of 4.06%. During Monday’s premarket session, 2-year notes were trading around 4.91%, while 10-year notes traded at approximately 4.06%.
This week’s significant economic event will take place on Wednesday when the Bureau of Labor Statistics unveils the June report on the consumer price index (CPI). In May, the CPI saw a monthly increase of 0.1%, while core CPI (excluding food and energy) rose by 0.4%. Current consensus estimates for June predict a 0.3% increase for both indexes. In terms of year-over-year data, the CPI experienced a 4% rise in May, significantly lower than April’s increase of 4.9%. Core CPI rose 5.3% year over year in May compared to a 5.5% rise in April.
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