Here are the most important news investors need to start their trading day:
1. January rally loses steam
Like many New Year’s resolutions, the January stock market rally fizzled out after just a few weeks. All three major indexes are headed for a losing week, while the Dow turned negative for the young year. Investors face a mixed bag of corporate earnings, unclear signals from big banks, the prospect of a recession and no indication that the Federal Reserve will begin its aggressive rate hikes despite its recent success in slowing inflation. . Next week brings an even bigger slate of earnings, as well as the Fed’s next rate-setting meeting. Read Live Market Updates Here,
2. Google joins the tech layoff spree
Google CEO Sundar Pichai speaks at a panel at the Americas CEO Summit hosted by the US Chamber of Commerce on June 09, 2022 in Los Angeles, California.
Anna Moneymaker | Getty Images
Alphabetof Google said on Friday morning that it would lay off 12,000 employees, it has become the latest tech giant to unveil significant job cuts. CEO Sundar Pichai told employees in a memo that the decision was based on a “rigorous review” of the company’s business, and that the layoffs would affect a variety of sectors and product areas. “As a nearly 25-year-old company, we go through tough economic cycles,” Pichai said. Google’s announcement comes two days after Amazon began laying off 18,000 people and Microsoft said it would eliminate 10,000 jobs.
3. Netflix’s Wild Ride
netflix It gave markets a lot to chew on when it reported quarterly earnings after Wednesday’s bell. First, said streaming giant Reed Hastings, who helped found the then-DVD-rental-by-mail company in 1997. Give Up Your Co-CEO Role and became the acting president. Operating chief Greg Peters now joins Ted Sarandos as co-CEO. netflix too Nearly 7.7 million new customers reported In the most recent quarter, that easily surpassed Wall Street’s expectations of about 4.6 million. That could be bad news for Netflix’s streaming rivals for once. but, As CNBC’s Alex Sherman explains, all streamers are effectively united against a common enemy: slow growth. A good quarter for Netflix could be a good one for others.
4. Crypto Contagion Claims Origin
Barry Silbert, founder and CEO of Digital Currency Group
Anjali Sundaram | CNBC
The crypto world is a land of confusion. creditor origination filed for Chapter 11 bankruptcy protection Thursday late night. The filing follows months of speculation as to whether Genesis would file for bankruptcy. The lender is a key part of Barry Silbert’s digital currency conglomerate, which has come under increasing pressure since the collapse of Three Arrows Capital and Sam Bankman-Fried’s empire, including Alameda Research and FTX. More than 100,000 creditors are listed, according to bankruptcy documents, with liabilities ranging from $1.2 billion to $11 billion.
5. NATO is considering tanks for Ukraine
Ukraine has repeatedly asked its Western allies for battle tanks.
Sean Gallup / Staff / Getty Images
Ukraine’s allies in NATO are considering whether to supply German tanks to aid the country’s military in a protracted war against the Russian invaders. German Chancellor Olaf Scholz has been wary of provoking Russia, a major energy supplier, and Germany could veto the move on its own. Poland, which has two German Leopard tanks, said it was ready to send them to Ukraine if Germany opposed the move. “At the moment we are trying to agree not only to have these tanks being sent to Germany by Poland or other countries, but also to do so ourselves,” Poland’s deputy foreign minister told Reuters. Read live updates of war Here,
— CNBC’s Carmen Renicke, Ryan Brown, Sarah Whitten, Rebecca Picciotto, Rohan Goswami, Mackenzie Siglos and Natasha Turak contributed to this report.
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