Reuters / Brendan McDermid
- US stocks traded higher Friday but are on track to notch weekly losses.
- The Dow this week is down more than 3.6%, while the S&P 500 is down approximately 2.5%.
- Google parent Alphabet announced it will slash 12,000 jobs, or about 6% of its global workforce.
US stocks traded higher Friday but are on pace for weekly losses as the wave of layoffs in the tech sector continued.
Google parent Alphabet will slash 12,000 employees, or about 6% of its global workforce, joining the trend of headcount reductions so far enacted by Amazon, Microsoft, Meta, Salesforce, and other tech giants.
The Dow this week is down more than 3.6% and remains on pace for its worst week since September, while the S&P 500 is down approximately 2.5% and could clock in its worst week since December. The Nasdaq is off more than 2% for the week.
Here’s where US indexes stood as the market opened 9:30 a.m. on Friday:
- S&P 500: 3,912.10, up 0.34%
- Dow Jones Industrial Average: 33,063.12, up 0.06% (18.56 points)
- Nasdaq Composite: 10,917.07, up 0.60%
Here’s what else is going on:
- Crypto lender Genesis filed for bankruptcy, and has more than 100,000 creditors.
- Wedbush’s Dan Ives said Tesla stock could rally 35% thanks to the success of recent price cuts in China.
- JPMorgan’s Jamie Dimon isn’t getting a raise, with his pay frozen at $34.5 million amid macroeconomic headwinds.
- FTX recruited some customers in Africa by signaling crypto would protect them from inflation.
- Shares of Netflix rallied after co-CEO Reed Hastings stepped down and subscriber numbers jumped.
- Alameda Research and Genesis’ multi-billion dollar relationship reportedly began years ago.
In commodities, bonds, and crypto:
- Oil prices climbed, with West Texas Intermediate rose 0.52% to $80.74 a barrel. Brent crude, the international benchmark, inched higher 0.39% to $86.53 a barrel.
- Gold edged higher 0.10% to $1,9245.20 per ounce.
- The 10-year yield climbed 6.7 basis points to 3.468%.
- Bitcoin moved lower 0.18% to $21,074.98.