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By Staff Reporters

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Mass firings at tech companies continue as Accenture (NYSE:ACN) just announced plans to lay off around 19,000 people, or 2.5% of its current workforce, in the next 18 months. Over half of the departures will consist of people in non-billable corporate functions, the professional services firm said.

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Despite strong gains early this week, antifungal drug developers lost steam even after Cidara Therapeutics (NASDAQ:CDTX) won FDA approval for its candidemia treatment Rezzayo. Shares of Cidara (CDTX) and its rival in antifungal space Scynexis (NASDAQ:SCYX) jumped amid concerns of a fast-spreading fungal infection caused by yeast species Candida auris in the U.S. New approval of Rezzayo for fungal disease candidemia and invasive candidiasis has failed to reignite the interest, with Cidara (CDTX) and Scynexis (SCYX) trading at least 20% lower. Meanwhile, Cidara (CDTX) has not replicated its regulatory success on the financial front, reporting lower-than-expected financials for Q4 2022 on Thursday.

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The following is a round-up of today’s market activity:

• The S&P 500^® Index was up 11.75 (0.3%) at 3948.72; the Dow Jones industrial average was up 75.14 (0.2%) at 32,105.25; the NASDAQ Composite was up 117.44 (1.0%) at 11,787.40.
• The 10-year Treasury yield was down about 11 basis points at 3.391%.
• CBOE’s Volatility Index was up 0.35 at 22.61.

The energy sector led declines Thursday as crude oil futures fell back under $70 a barrel, with financials and consumer staples also losing ground. Technology and communications stocks managed to hold onto gains.

Finally, gold futures surged over 2% to a one-year high near $2,000 an ounce.

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Filed under: "Ask-an-Advisor", Accounting, Alerts Sign-Up, Career Development, Information Technology, Investing | Tagged: Accenture, Accounting, anti-fungal, candida, CBOE, cidara, DJIA, DOW, European stocks, fungus, gold, NASDAQ, NYSE, Rezzayo, S&P 500, Volatility Index |