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Expectations for a series of interest rate cuts this year are fading in the US economy. Better-than-expected retail sales in December dampened investor optimism that the Federal Reserve would ease monetary policy this year, sending the Dow Jones Industrial Average down for the third day in a row. , major U.S. stock averages fell on Wednesday. It was just the latest data point suggesting the central bank may not reverse policies aimed at curbing inflation as quickly as many investors had hoped. On Thursday, weekly jobless claims, two statistics on the health of the housing market, and remarks from Atlanta Fed President Rafael Bostic will likely boost stocks. Follow live market updates here.
Jamie Dimon isn’t buying into the frenzy that sent stocks soaring late last year. JPMorgan Chase’s CEO told CNBC that he thinks it’s “a mistake to think this is all crazy.” He said “very powerful forces” such as Russia’s invasion of Ukraine, Israel’s war with Hamas, attacks on the Red Sea that have affected shipping lanes, and quantitative tightening by the Fed pose risks to the economy this year and next. He said there was. Mr. Dimon previously warned of a looming “hurricane” in 2022, in part because Ukraine and the Federal Reserve rolled back stimulus.
Google will make more job cuts this year, CEO Sundar Pichai warned employees in a memo Wednesday. The move comes amid a wave of cost-cutting, with the company last year cutting 12,000 jobs, or 6% of its full-time workforce. Pichai told employees that the company will not be cutting as many people as last year and that the cuts “will not impact every team.” He said Google needs to cut costs in order to invest in “key priorities” such as AI. “The reality is that creating this investment capacity will require making difficult choices,” Pichai wrote.
Apple has found a way around a potential ban on sales of its latest Watch models in the US The company will remove blood oxygen level measurements from versions of the Apple Watch Series 9 and Ultra 2 that go on sale starting Thursday. It is expected to be. Apple improved the device during a patent dispute with medical device company Masimo over a blood oxygen sensor. While an appeal of the International Trade Commission’s decision to ban the import and sale of watches equipped with this technology is pending, “Apple has decided to proceed with the ruling while still allowing customers to access their Apple Watch with limited interruption.” We are taking steps to ensure compliance,” the spokesperson said.
Sheryl Sandberg will be leaving Meta’s board of directors. Sandberg, an architect of the rise to dominance of social media companies and a backlash against long-overshadowed misinformation and hate speech, served as chief operating officer from 2008 to 2022 and has been on the company’s board since 2012. He was in charge of “With my heart filled with gratitude and my heart filled with memories, I have informed the Meta Board of Directors that I will not be running for re-election this May,” Sandberg wrote on the company’s main platform, Facebook. .
– CNBC’s Sarah Min, Hugh Son, Jennifer Elias, Kif Leswing and Jonathan Vanian contributed to this report.
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