The S&P closed higher on Wednesday after the FOMC minutes confirmed the Federal Reserves’ focus on inflation. The stock market was volatile following the release of the minutes. In other news, job openings fell less than expected. The Dow was up 0.4%, the S&P rose 0.75%, and the NASDAQ increased 0.69%.
In corporate news, Amazon (NASDAQ: AMZN) is laying off more than 18,000 employees, more than the initial 10,000 layoffs planned.
According to people familiar with the situation, Luxshare Precision is set to receive its first big order from Apple (NASDAQ: AAPL) as the company looks to diversify its supply chain and add another manufacturer for iPhone Pro production following recent issues with Foxconn. Luxshare has reportedly been producing smaller amounts of the iPhone 14 Pro Max due to production issues at Foxconn.
Dell (NYSE: DELL) is aiming to stop using China-made chips by 2024 as it looks to diversify its supply chain amid ongoing US-China tensions.
Salesforce (NYSE: CRM) saw a 3.6% increase after announcing a restructuring plan to reduce operating costs, improve operating margins, and continue advancing the company's commitment to profitable growth. As part of the plan, the company will cut its workforce by around 10%.
Etsy (NASDAQ: ETSY) saw a 3.1% increase after being upgraded to "Buy" from "Hold" at Needham. The firm argued that Etsy's model has successfully retained pandemic buyers and noted the benefits of diversification in categories and the company's relative value proposition. Needham also noted that margin pressures could abate and allow for expansion in 2023 and beyond.
Dig a little deeper into the market update:
US job openings stayed high in a sign of economic resilience
Salesforce cuts about 10% of its workforce
Walgreens Boots Alliance Inc (NASDAQ: WBA), Silvergate Capital Corp (NYSE: SI), Simply Good Foods Co (NASDAQ: SMPL), Helen of Troy Limited (NASDAQ: HELE), Conagra Brands Inc (NYSE: CAG), and Constellation Brands, Inc. (NYSE: STZ), are among some of the companies reporting earnings today. Check out this week’s earnings preview.
Check out our recent articles:
State of the ARKK: Should You Invest in ARK Innovation ETF?
Is Amazon Still a Good Investment?
