SPDR S&P 500 ETF Trust Detective The week ended high as investors digested a series of big tech layoff announcements.
on Wednesday, Amazon.com, Inc. amzn has announced layoffs of more than 18,000 employees And Microsoft Corporation msft Said it was cutting 10,000 jobs. Google parent company alphabet inc google Google also announced 12,000 layoffs on Friday as the technology sector continues to prioritize cost-cutting in a tough macroeconomic environment.
The Federal Reserve said that US economic growth and business activity remained soft in the fresh beige book Report released on Wednesday. The Fed said its business contacts across the country “generally expect lower growth in the coming months.”
On Wednesday, the Commerce Department reported US retail sales fell 1.1% The missing economist forecast a decline of 0.8% on a monthly basis in December. Negative retail sales growth is the latest sign that Fed interest rate hikes are weighing on consumers and companies.
On Thursday, the cryptocurrency lender Produce Filing for Chapter 11 Becomes Latest Victim of “Crypto Winter” bankruptcy protection, Genesis Bankruptcy Comes After Crypto Exchange ftx Fell in November and crypto firm blockfi filed for Chapter 11 bankruptcy protection a few weeks later.
communication breakdown, telefonactibolaget lm ericsson addr Eric Shares fell nearly 10% this week after the Swedish telecommunications company warned investors to miss fourth-quarter earnings and expect margin contraction in the first half of 2023.
In the coming week, investors will receive more quarterly reports from Microsoft on Tuesday, Tesla Inc TSLA And AT&T Inc Tea on wednesday and Intel Corporation INTC on Thursday.
Analysts expect S&P 500 companies to report a 3.9% earnings decline in the fourth quarter, the first year-over-year earnings decline since the third quarter of 2020. to factset,
economic numbers: In the wake of tech layoff announcements, Wall Street will get more important economic updates on Thursday when the Bureau of Economic Analysis releases its preliminary fourth-quarter US GDP growth estimates and on Friday when it releases its December personal consumption expenditure price index readings . ,
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