On Wednesday, we saw some positive movement in the markets. The DOW gained 1.6%, the S&P 500 rose by 1.49%, the Nasdaq Composite jumped by 1.54%, and the Russell 2000 also saw a 1.65% increase. (How to buy NASDAQ stocks)
Tesla (NASDAQ: TSLA) made headlines by announcing discounts on its Model 3 and Model Y electric vehicles in the US. This move comes as the company faces concerns about slowing demand and EV tax incentives.
US chipmaker Micron Technology (NASDAQ: MU) announced plans to reduce its workforce by around 10% as part of cost-cutting measures following projections of a rapid drop in sales.
Microsoft's (NASDAQ: MSFT) attempt to acquire Activision Blizzard (NASDAQ: ATVI) is facing legal challenges from gamers who claim the deal would create an industry monopoly. The $69bn deal is also being scrutinized by antitrust regulators.
On a brighter note, consumer sentiment data was better than expected, reaching an eight-month high of 108.3.
In other developments, the co-founder of crypto exchange FTX, Sam Bankman-Fried, has arrived in the US to face criminal charges related to the exchange's operations and collapse. Two of Bankman-Fried's former associates have already pleaded guilty to fraud charges and are cooperating with prosecutors.
Finally, US Bitcoin miner Core Scientific (NASDAQ: CORZ) has filed for bankruptcy, with the company's shares having lost over 99% of their value in 2022.
Dig a little deeper into the market update:
Video gamers sue to stop Microsoft's Activision Blizzard buy
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