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Stock futures are rising Friday morning as the market closes out a tumultuous week. The Dow Jones Industrial Average is up 1% so far this week after a Fed-related selloff and rebound. The S&P 500 Composite Index rose 0.3%, and the tech-heavy Nasdaq Composite Index fell 0.6%, showing that there is only a short time left to absorb the big gains in tech stocks (more on that below). Follow live market updates.
The Amazon logo outside the Amazon office in Dublin city center, Ireland, February 15, 2023.
Arthur Widak | Nurfoto | Getty Images
A UPS driver makes a delivery in Miami Beach, Florida on January 30, 2024.
Joe Radle | Getty Images
January’s layoffs were the highest since early last year, with a total of more than 82,000 layoffs, according to a new report from outplacement firm Challenger, Gray & Christmas. These cuts were a 136% increase from December, making it the second-highest layoff total in the data set dating back to 2009. The report also found that the level of planned employment is low, likely to strain an already tight labor market. On Friday, the Labor Department will release statistics on nonfarm payrolls, which are expected to slow by 185,000 jobs.
A banner of sporting goods brand parent company Amer Sports (AS.N) is displayed in front of the New York Stock Exchange (NYSE) during the company’s IPO in New York City, USA, on February 1, 2024.
Brendan McDiarmid | Reuters
It wasn’t an ace for Amer Sports on Thursday. The Finnish manufacturer of Wilson tennis rackets and Arc’teryx outerwear went public on the New York Stock Exchange, with opening and closing prices of $13.40 after setting a discount price in its initial public offering. This increase resulted in a first-day hit rate of just 3%. There were early signs of little interest on the seller side, with only a small portion of the offering traded at the time of its debut. That may be the result of apathy toward Amer itself or the broader still-tepid IPO market.
Small Business Administration Commissioner Isabella Guzman is seen from the window of Maria Empanada on South Broadway as she gives an interview to a local television station on May 3, 2022 in Denver, Colorado.
Rj Sangosti | The Denver Post | Getty Images
Inflation, anyone? Despite continued macroeconomic headwinds, small business owners are feeling optimistic about the start of the year. According to the Goldman Sachs 10,000 Small Business Voices survey, 75% of small business owners say they are optimistic about their financial trajectory in 2024, up from 68% a year ago. Twenty-eight percent of respondents said the economy was in good or good shape, and more than half expected jobs to be created this year.
Lewis Hamilton of Mercedes competes in the F1 Abu Dhabi Grand Prix to be held at Yas Marina Circuit in Abu Dhabi, United Arab Emirates on November 26, 2023.
Jakub Porzycki | Nurfoto | Getty Images
F1 legend Lewis Hamilton is leaving his long-time home of Mercedes to take on red rivals in the Ferrari paddock. According to the team, Hamilton has “activated the release option” in his contract and will leave Mercedes at the end of the 2024 season. This is a major change in the racing world. Hamilton and Mercedes have become almost synonymous over the past decade, and it means Carlos Sainz, one of Ferrari’s top performance drivers and hugely popular, will lose his place within the team. This is the kind of circuit-side drama that F1’s growing fan base knows and loves as the sport gains new audiences, particularly in the US, and drives revenue for league owner Liberty Media. It is.
– CNBC’s Lisa Kailai Han, Annie Palmer, Jonathan Vanian, Kif Leswing, Jeff Cox, Gabrielle Fonrouge, Kate Rogers and Sam Meredith contributed to this report.
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