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By Staff Reporters
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Ark Invest, the firm led by prominent stock picker Cathie Wood, bought up millions worth of Tesla during the electric vehicle maker’s worst daily dip in more than two years as Wood continues to double down on what initially brought her riches.
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Amazon’s ongoing layoffs will affect more than 17,000 workers, according to a report from The Wall Street Journal. That’s significantly more than previously rumored — in November, The New York Times reported that the company was aiming to cut its workforce by around 10,000. In September 2022, the company said it had around 1.5 million employees in total.
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U.S. equities finished modestly higher, paring some of the losses that have weighed on the markets to start of 2023.
Treasury yields continued to drop, and the U.S. dollar gave back some of yesterday’s rally, while crude oil prices plunged to extend a recent decline and gold traded to the upside.
Equity news remained sparse, with Dow member Salesforce announcing plans to cut its workforce by about 10%, while Alibaba rallied on signs China may be easing its clampdown on the tech sector.
The economic calendar offered some lackluster data points, as manufacturing activity remained in contraction territory for the second-straight month, and mortgage applications fell for a second-consecutive week as interest rates jumped, while job openings came in above forecasts. Elsewhere, the Fed released the minutes from its December monetary policy meeting, indicating its commitment to continue to raise rates until more progress is made in curbing inflation.
Asia finished mixed, and Europe added to yesterday’s solid start to 2023.
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CITE: https://www.r2library.com/Resource/Title/082610254
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Financial Planning, Investing | Tagged: Amazon, Amazon Layoffs, ARK, ARK invest, Cathie Wood, equity markets, layoffs |
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