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.

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What's to Come With Inflation Hitting a 40-Year High in March
Beth Ann Bovino, the U.S. chief economist at S&P Global Ratings, joined Cheddar to break down the March CPI data and outline the bright spots of consumer spending amid rising costs. She noted that with consumers switching more to services coming out of quarantine rather than purchasing goods, it could create a lessening of demand that will help reduce inflationary pressures going forward, but the Fed will still have to move aggressively. "We expect now that the Fed is going to raise rates about 6 to 7 times — a 50-point basis hike is basically baked in the cake right now," Bovino said. "Could there be a second 50-point basis? Certainly, we wouldn't be surprised."
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