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By Staff Reporters

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Amazon just began laying off thousands of more employees as the online retailer and cloud computing giant continues the largest job cuts in its history just months after an initial round of 10,000 job cuts. The Seattle Times and multiple other outlets reported Amazon made the staff reductions in its human resources and stores division, as the company is expected to lay off about an added 8,000 employees. Doug Herrington, Amazon’s worldwide retail chief, said in a memo the company would begin to notify employees by email Wednesday, according to Bloomberg. 

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Dow 33,296.96 -1.81%

10-Year 3.363% -1.0 bps

Bitcoin $20,762.78 -2.45%

Kraft Heinz $39.66 -6.31%

*Stock data as of market close, cryptocurrency data as of 3:00am ET.

Markets: Stocks tanked yesterday, with the Dow plunging, the S&P having its worst day since mid-December, and the NASDAQ coming down from a seven-day rally. As investors started heeding recession signals again after new data revealed weak retail sales during the holiday season last month, companies that sell consumer staples were hit especially hard.

Investors processed a slew of mixed economic data, as retail sales fell more than expected, producer price inflation cooled, industrial production dropped more than anticipated, home builder sentiment unexpectedly improved, mortgage applications jumped, and business inventories rose as expected.

Meanwhile, in afternoon action the Fed released its Beige Book, showing little change in activity from its last report. News on the equity front was mixed, as United Airlines topped Q4 estimates, and an optimistic outlook from J.B. Hunt took some of the sting off its earnings miss, while Moderna announced upbeat results from a key trial of its RSV vaccine.

Treasury yields were lower, and the U.S. dollar was nearly unchanged, while crude oil prices lost steam throughout the day to finish lower, and gold traded to the downside.

Asia finished mostly higher, and European markets were mixed, after the Bank of Japan held its monetary policy steady and offered dovish commentary.

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Filed under: Alerts Sign-Up, Financial Planning, Investing | Tagged: Amazon, Amazon downsizes, beige book, DJIA, Doug Herrington, J. B. Hunt, markets dive, Moderna, NASDAQ, S&P500, Seattle Times |