It was a rough day on Wall Street, Thursday, with the S&P 500 finishing down 1.16%, the Dow dropping 1.02%, and the Nasdaq falling 1.47%.
As investors gear up for the release of important US jobs data that could impact the Federal Reserve's monetary policy decisions, European stocks and Wall Street equity futures experienced slight increases on Friday morning.
On the business front, Samsung has reported its lowest quarterly profit in eight years due to a decline in demand. The global economic slowdown appears to be having a greater impact on electronics demand than previously anticipated. Samsung has been struggling with weak demand for its memory chips, smartphones, and displays as consumers cut back on holiday spending due to rising interest rates and inflation.
In other news, Bed Bath & Beyond (NASDAQ: BBBY) is reportedly preparing to file for bankruptcy in the coming weeks following poor sales and increased competition from larger online and big-box retailers.
Meanwhile, Peloton Interactive (NASDAQ: PTON) has announced that it will be paying $19m in fines over a dangerous treadmill defect.
On a brighter note, financial firm Citadel has reported record profits for 2022. Its market-making arm, Citadel Securities, made a record $7.5bn in revenue, while the hedge fund division saw a 38% increase in returns. This solidifies Citadel's position as one of the largest trading units in the US.
Dig a little deeper into the market update:
Peloton to pay $19M in fines over dangerous treadmill defect
Another strong month of hiring would put Fed in a tough spot
Mercedes to build its own electric vehicle charging network
Greenbrier Companies Inc (NYSE: GBX) reports earnings today. Check out this week’s earnings preview.
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