Here is a rundown of Cheddar News' top market stories of the day.
TECH LAYOFFS
Multiple outlets are reporting that Microsoft will begin a series of planned layoffs on Wednesday that could cut around 5 percent of its workforce, or 10,000 employees. CEO Satya Nadella warned the cuts were coming, and said the next couple of years were likely to be challenging, as the tech sector contracts after a decade plus of rapid growth. Amazon is also set to move ahead with plans to cut 6 percent of its 350,000 corporate employees.
ADOBE'S DATA DEBACLE
Adobe is facing backlash from customers who are concerned the software company is using personal images and video to train artificial intelligence models such as OpenAI’s Dall-E. Chief Product Officer Scott Belsky denied the accusations in an interview with Bloomberg, saying: "We have never, ever used anything in our storage to train a generative AI model."
UNITED AIRLINES EARNINGS
United Airlines' fourth quarter earnings beat Wall Street estimates on the heels of a rebound in travel demand. The company reported a 31 percent increase from the same period before the pandemic. The gains were made despite the airline flying 9 percent fewer trips and a litany of other challenges, from winter storms to labor shortages to supply chain disruptions.
UNIVERSITY BANS TIKTOK
The University of Texas at Austin is blocking access to TikTok on its Wi-Fi and wired networks. The move is a response to Gov. Greg Abbott's requirement that all state agencies delete the app from government-issued devices. The administration said it is also seeking to eliminate risks to information on the university's networks. University of Texas at Dallas and Texas A&M University System have since implemented similar restrictions.
Edward Moya, chief market strategist with Oanda, joined Cheddar News to discuss Thursday's gains as investors were surprised by a jump in weekly job claims and as Wall Street braces for key inflation data and the Fed's latest policy announcement.
Rebecca Walser, financial planner and wealth strategist, offers some tips on how to bring everyday spending in line with budgets by avoiding certain purchases.
The number of Americans applying for unemployment benefits last week rose to its highest level since October 2021, but the labor market remains one of the healthiest parts of the U.S. economy.
Stocks are drifting Thursday, continuing this week’s lull as Wall Street waits for several big events next week.
Apple's new iOS 17 has some promising upgrades in store for group chats. Previously, when a iMessage group chat contained an Android user, it would lose features such as text editing and threaded replies. Now group chats will retain those features, even when there is a "green bubble" in the mix.
Workers at the Barnes & Noble in Manhattan's Union Square, one of the retail chain's signature stores and home to its corporate offices, have voted to unionize.
U.S. and British cybersecurity officials warned Wednesday that a Russian cyber-extortion gang's hack of a file-transfer program popular with corporations could have widespread global impact. Initial data-theft victims include the BBC, British Airways and Nova Scotia's government.
Wilson Aerospace, a Colorado-based tools company with close ties to NASA, is suing Boeing for allegedly stealing trade secrets over the past two decades.
Apple recently acquired augmented reality company Mira following its launch of the Vision Pro headset. Cheddar News explains how Apple is looking to tap into the AR market long dominated by Meta.
Fiserv President and Chief Executive Frank Bisignano spoke to Cheddar News about what the transfer to the New York Stock Exchange means for his company and how Fiserve plans to use its partnership with the exchange in the fintech space. "We do believe that we could do a lot here creatively with the stock exchange," he said. "
