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.
Simple Goodness Sisters produces homemade cocktail syrup from their farms in Buckey, Washington. Cheddar News was joined by the sisters and Co-Founders themselves, Belina Kelly and Venise Cunningham, to talk more about the business and make a cocktail themselves!
The baby formula crisis hit a new level of concern in February. A facility that produces 40% of the baby formula in the U.S. was shut down for contamination, leading to bare shelves in supermarkets across the country. However, the issue is now getting attention at the federal level and changes are being made. Lauren Smith Brody, the founder of The Fifth Trimester and co-founder of Chamber of Mothers, joins Cheddar News to discuss.
Modeled after traditional Taiwanese night markets that founder John Wang experienced growing up, the market showcases the borough it calls home and the diversity Queens is known for.
On today's Biz Breakdownm, Ford beats Tesla to the first EV truck Deliveries, massive flight cancelations wrap up Memorial Day Weekend, and Apple announces new IOS 16 features one week before the WWDC.
Catching you up on what you need to know on Tuesday, May 31, 2022, EU leaders agree to ban 90% of Russian oil by year-end, funerals begin in Uvalde, Texas one week after a mass shooting killed 19 children and two adults, and President Biden meets with the world's biggest boy band BTS.
New real estate data shows that mortgage applications are slipping but home listings are increasing 9 percent from a week ago. It comes as sellers worry they might miss out on the hot housing market before it's too late. Skylar Olsen, Senior Director, Principal Economist, at Tomo joined Cheddar's Opening Bell to discuss.
Gas prices are at record highs just as many Americans are getting ready to hit the road for memorial day weekend. The average price for a gallon of gas is now $4.59, with all 50 states above $4 per gallon. Dan Eberhart, CEO of Canary, has tips on how to save money and ease some of the pain at the pump.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Catching you up on today’s top stories with discount chain Dollar General stock jumping on its earnings report and Alaska Airlines pilots going on strike.
