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☆ US retailers cut most number of jobs in April -report
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - U.S. retailers replaced technology firms in cutting the most number of jobs in April, as companies show little signs of easing their belt-tightening drive in an uncertain economy. Higher interest rates to counter the impact of inflation have muddied the outlook for the U.S. economy, forcing Corporate America to undertake stringent measures to protect itself from any fallout from a potential recession. So far this year, major retail and consumer companies including Gap Inc (GPS.N) and Walmart (WMT.N) have announced job cuts. The report also said job cuts last month fell 25% to about 67,000 - the lowest so far in the year, taking total layoffs to around 337,000 jobs since the start of the year. Reporting by Akash Sriram and Tanya Jain in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Google, Meta executives push back against Canada online news bill
▼ + stars: | 2023-05-04 | by ( Sam Jabri-Pickett | ) www.reuters.com time to read: +2 min

[1/2] A Google logo is displayed at the entrance to the internet based company's offices in Toronto, Ontario, Canada September 9, 2018. REUTERS/Chris HelgrenTORONTO, May 3 (Reuters) - Google and Meta would withdraw access to news articles in Canada if legislation compelling internet companies to pay news publishers is passed, company executives told Canadian lawmakers on Wednesday. Meta would also end the availability of news content in Canada if the bill is passed as currently drafted, said Rachel Curran, head of public policy for Meta in Canada. Curran said Facebook feeds sent Canadian publishers more than 1.9 billion clicks in the 12 months ending April 2022, worth an estimated $230 million in free marketing. The bill introduced in April 2022 by Heritage Minister Pablo Rodriguez is the latest legislation aiming to make digital media platforms pay for linking news content.

☆ Futures waver as PacWest slide offsets Fed pause optimism
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +3 min

The Fed over the past 14 months has raised rates by 500 basis points to tame price pressures in its most aggressive policy tightening since the 1980s. The KBW Regional Banking index (.KRX) and S&P 500 Banks index (.SPXBK) have lost around 29% and 15% so far in 2023. Investors will also monitor weekly jobless claims for further clues on the state of the labor market. Qualcomm Inc (QCOM.O) slumped 6.7% after third-quarter forecasts missed estimates, while Etsy Inc (ETSY.O) gained 3% on beating expectations for quarterly revenue. Reporting by Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Canada online news bill is 'unreasonable,' Google executive says
▼ + stars: | 2023-05-03 | by ( Sam Jabri-Pickett | ) www.reuters.com time to read: +2 min

Introduced in April 2022, the bill, known as Bill C-18, is the latest legislation that aims to make digital media platforms pay their fair share for linking news content. Both eventually struck deals with Australian media companies after amendments to the legislation were offered. Since the Australian law took effect, the tech firms have approved more than 30 deals with media outlets compensating them for content-generating traffic. Canada's news industry has called for tighter regulation of tech companies to prevent them from elbowing news businesses out of the online advertising market. News industry says it has suffered financial losses as firms like Google and Meta steadily gain greater market share of online advertising revenue.

☆ Factbox: Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +8 min

read moreSpotify Technology SA (SPOT.N):Music streaming service Spotify is cutting 6% of its workforce, or roughly 600 roles. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. Workday Inc (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse is planning to cut about 3,000 jobs in the second quarter, Reuters reported. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

☆ Italy wary of raising taxes on web firms, fearing U.S. reaction
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

ROME, May 2 (Reuters) - Italy must be cautious about taxing web companies more heavily as it risks retaliation from the United States, Deputy Economy Minister Maurizio Leo said on Tuesday. A tax on digital companies including U.S. tech giants has been effective since 2020 and is worth some 300 million euros ($329 million) per year. "We cannot go beyond that," Leo told a parliamentary hearing. At the end of 2019, just few weeks before Italy's tax was approved by parliament, Washington said the levy unfairly targeted U.S. firms. Leo told lawmakers the issue should be addressed as part of talks to implement a global minimum tax aimed at stopping big business from hiding profits in tax havens.

☆ Exclusive: Biden, Harris planning 1st 2024 fundraisers as soon as next week
▼ + stars: | 2023-05-02 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

WASHINGTON, May 2 (Reuters) - U.S. President Joe Biden and Vice President Kamala Harris are gearing up for their first fundraising events as soon as next week to help kick off their 2024 reelection campaign, according to people briefed on the plans. The Biden campaign declined to comment. While Biden has largely focused on his presidential duties since announcing his bid for re-election, his campaign operation is coming to life. The first events being planned for Biden are designed to be intimate, small-group functions of fewer than 40 high-dollar donors, and are expected to generate some $2.5 million for Biden, according to the sources. "You raised more money for me last time than I raised in my whole life," Biden told top volunteer fundraisers for his campaign last week in Washington.

☆ I make almost $5,000 a month renting out clothes online I hardly wear. It only takes a few hours a day — here's how I got started.
▼ + stars: | 2023-05-02 | by ( Lola Christina Alao | ) www.businessinsider.com time to read: +7 min

I'm a size 14 and most of the clothes were in a size 8 or a size 10. It's become one of my most popular items. I started with a portfolio of around 20 items from my closet that I was happy to rent out. I'd love to wear them myself, but as a full-time mom, I don't do enough to wear these types of clothes. On Hurr, I rent items out for four days, and on By Rotation, I rent them out for three days.

☆ Reid Hoffman's new AI startup Inflection launches ChatGPT-like chatbot
▼ + stars: | 2023-05-02 | by ( Krystal Hu | ) www.reuters.com time to read: +2 min

May 2 (Reuters) - Inflection AI, the AI startup founded by LinkedIn co-founder Reid Hoffman and former Deepmind (GOOGL.O) researcher Mustafa Suleyman, has released its first AI chatbot product, the company said on Tuesday. Similar to the viral chatbot ChatGPT, Inflection's AI chatbot, named Pi, uses generative AI technology to interact with users through conversations, in which people can ask questions and share interests. Inflection AI said it developed the technology in-house and its Pi chatbot is built on prioritizing human conversations with a high level of emotional intelligence. Pi uses user data, including conversational content, to train its AI systems, according to its terms of service. Chatbot powered by generative AI technology has become a crowded field since OpenAI's ChatGPT burst into the scene last November.

☆ Wall Street near flat after First Republic news, awaiting Fed
▼ + stars: | 2023-05-01 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The Fed, which has been raising rates to cool inflation, is expected to hike rates an additional 25 basis points on Wednesday. REUTERS/Brendan McDermidEnergy (.SPNY) was down the most of the major S&P 500 sectors, falling 1.3% as crude oil prices declined , . First-quarter results from S&P 500 companies have mostly beaten expectations, easing economic concerns. The S&P 500 technology index (.SPLRCT) climbed 0.2% on Monday, offsetting some of the day's weakness. The S&P 500 posted 35 new 52-week highs and one new low; the Nasdaq Composite recorded 88 new highs and 188 new lows.

☆ Wall Street near flat ahead of Fed decision; regional banks fall
▼ + stars: | 2023-05-01 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

JPMorgan will pay the U.S. Federal Deposit Insurance Corp $10.6 billion to take control of most of the regional bank's assets. The S&P 500 banks index (.SPXBK) was up 0.5%, but the KBW regional banking index (.KRX) was down 2.2%. Investors have been on edge about the banking system's health following the collapse of two other regional banks in March. First-quarter results from S&P 500 companies have mostly beaten expectations, easing economic concerns. The S&P 500 posted 35 new 52-week highs and one new low.

JPMorgan Chase & Co's (JPM.N) shares rose 3.1% to a near two-month high after the deal was announced earlier in the day. The S&P 500 Banks index (.SPXBK) gained 1.1%, while the KBW Regional Banking index (.KRX) shed 1.5%. Shares of regional banks PNC Financial (PNC.N) and Citizens Financial (CFG.N), that were among the bidders for First Republic, dropped 4.7% and 5.2%, respectively. "But regional banks will face higher cost of doing business for some time until confidence is rebuilt or there is a different regulatory scheme." Analysts now expect first-quarter earnings for S&P 500 companies to fall 1.9% from a year earlier, compared with a 5.1% fall expected at the start of April, according to Refinitiv data.

☆ Meta plans $7 billion bond issue - Bloomberg News
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 1 (Reuters) - Meta Platforms Inc (META.O) is planning to raise $7 billion in a second bond offering, Bloomberg News reported on Monday, citing a person familiar with the matter. The five-part bond issue's longest 40-year security could yield 215 basis points over Treasuries, according to the report. Meta, which did not immediately respond to a Reuters request for comment, raised $10 billion in its first corporate bond issue last year. The company beat expectations for first-quarter profit and revenue on Wednesday, and its shares gained about 13% last week. Reporting by Yuvraj Malik in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

The S&P 500 Banks index (.SPXBK) gained 1.4%. Big banks such as Bank of America (BAC.N) and Wells Fargo & Co (WFC.N) rose 0.3% and 2.8%, respectively. First Republic's woes kicked off last week on a bleak note, but upbeat earnings from Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O) and Meta Platforms Inc (META.O) helped the benchmark S&P 500 (.SPX) notch its second consecutive month of gain on Friday. Analysts now expect first-quarter earnings for S&P 500 companies to fall 1.9% from a year earlier, compared with a 5.1% fall expected at the start of April, according to Refinitiv data. The S&P index recorded 21 new 52-week highs and no new low, while the Nasdaq recorded 48 new highs and 47 new lows.

☆ Futures muted as Fed caution sets in, JPMorgan to buy First Republic
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +4 min

The rescue comes less than two months after a deposit flight from U.S. lenders Silicon Valley Bank and Signature Bank forced the Fed to step in with emergency measures to stabilize markets. Apple Inc (AAPL.O) is set to report later this week. Markets should take today's news in stride knowing that the repeated bank failures should now have the Fed back on its heels and defanged moving forward." ET, Dow e-minis were down 14 points, or 0.04%, S&P 500 e-minis were down 3.75 points, or 0.09%, and Nasdaq 100 e-minis were down 13.5 points, or 0.1%. Reporting by Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Futures muted ahead of Fed meet this week; First Republic Bank shares tank
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +3 min

Analysts now expect first-quarter earnings for S&P 500 companies to fall 1.9% from a year earlier, compared with a 5.1% fall expected at the start of April, according to Refinitiv data. Meanwhile, First Republic Bank's (FRC.N) shares tanked 38.5% in premarket trading. The rescue comes after the collapse of Silicon Valley Bank and Signature Bank in March, amid a deposit flight, forced the U.S. central bank to step in with emergency measures to stabilize markets. The KBW Regional Banking index (.KRX) and the S&P 500 Banks index (.SPXBK) have lost 22% and 10%, respectively, so far this year. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis remained unchanged, and Nasdaq 100 e-minis were down 1 point, or 0.01%.

☆ Big Tech’s Rebound Plays to Individual Investors’ Growth-Stock Bets
▼ + stars: | 2023-04-30 | by ( Hannah Miao | ) www.wsj.com time to read: 1 min

Shares of large U.S. technology companies are powering the broader market higher again, vindicating many individual investors who bet big on growth stocks. Together, Advanced Micro Devices Inc., Google parent Alphabet Inc., Amazon.com Inc., Apple Inc., Meta Platforms Inc., Microsoft Corp., Netflix Inc., Nvidia Corp. and Tesla Inc. comprise roughly a quarter of the S&P 500’s market cap, according to FactSet. That means they have an outsize influence on the direction of the major stock index.

☆ Big Tech Earnings Spark Hope That Worst Is Over
▼ + stars: | 2023-04-29 | by ( Meghan Bobrowsky | ) www.wsj.com time to read: 1 min

Google eked out an operating profit for its cloud business for the first time this quarter. Photo: robyn beck/Agence France-Presse/Getty ImagesResults from the big tech companies have sparked investors’ hopes that the worst of the postpandemic hangover is fading, but they also show how much growth has slowed. Companies as varied as Amazon .com Inc., Google-parent Alphabet Inc., Meta Platforms Inc. and Intel Corp. signaled to investors in recent days that the brutal slowdown in sales growth that began as people emerged from the pandemic and re-engaged with daily routines was coming to an end.

But the benchmark S&P 500 (.SPX) advanced for the week as well as the day and registered a second consecutive monthly gain. For the month the S&P rose 1.5% while the Dow added 2.5% and the Nasdaq was barely higher. For the week the S&P rose 0.9% in line with the Dow's weekly gain and the Nasdaq rose 1.3%. While the S&P 500 bank index closed up 1.1%, shares in First Republic tumbled in the regular session and after the close. The S&P 500 posted 25 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 66 new highs and 136 new lows.

Chipmaker Intel Corp (INTC.O) gained 4.7% after it said gross margins will improve in the second half of the year. Analysts now expect first-quarter earnings for S&P 500 companies to fall 1.9% from a year ago compared with a 5.1% fall expected at the start of April, according to Refinitiv data. The KBW Regional Banking index (.KRX) and the S&P 500 bank index (.SPXBK) gained over 1% each. Advancing issues outnumbered declining ones on the NYSE by a 2.90-to-1 ratio; on Nasdaq, a 2.07-to-1 ratio favored advancers. The S&P 500 posted 24 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 53 new highs and 107 new lows.

☆ Pinterest, Snap tumble 18% as outlooks disappoint investors
▼ + stars: | 2023-04-28 | by ( Noel Randewich | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationApril 28 (Reuters) - Pinterest Inc (PINS.N) and Snap Inc's (SNAP.N) stocks tumbled about 18% each on Friday after the two social media companies' quarterly reports spooked investors worried about weak digital ad spending. It warned results in the next quarter could fall below Wall Street's targets. At least 12 analysts cut their price targets for Snap, while Pinterest saw at least seven price target cuts on its stock. Shares of Meta Platforms have surged 13% since Wednesday, when the owner of Facebook and Instagram forecast quarterly revenue well above analyst expectations. Also on Wednesday Google-owner Alphabet's quarterly results showed ad sales held up better than expected.

Chipmaker Intel Corp (INTC.O) gained 4.6% after it said gross margins will improve in the second half of the year. The benchmark S&P 500 (.SPX) was set for a second consecutive monthly gain on better-than-expected earnings from megacap companies including Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O) and Meta Platforms Inc (META.O). Analysts expect first-quarter earnings for S&P 500 companies to now fall 1.9% year-over-year compared with a 5.1% fall expected at the start of April, according to latest Refinitiv data. The KBW Regional Banking index and the S&P 500 bank index (.SPXBK) gained over 1% each. The S&P index recorded 21 new 52-week highs and two new lows, while the Nasdaq recorded 42 new highs and 97 new lows.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 10, 2023. Chipmaker Intel Corp (INTC.O) gained 6.1% after it said gross margins will improve in the second half of the year. Amazon.com Inc (AMZN.O) fell 3.5% as the company signaled its cloud growth would slow further, overshadowing its better-than-expected quarterly results. Analysts expect first-quarter earnings for S&P 500 companies to fall 2.4% year-over-year compared with a 5.1% fall expected at the start of April. Advancing issues outnumbered decliners by a 3.01-to-1 ratio on the NYSE and a 2.01-to-1 ratio on the Nasdaq.

The main U.S. indexes ended up sharply on Thursday, with the benchmark S&P 500 (.SPX) logging its biggest one-day percentage gain since early January. Analysts expect first-quarter earnings for S&P 500 companies to fall 2.4% year-over-year compared with a forecast for a 5.1% fall at the start of April. ET, Dow e-minis were down 115 points, or 0.34%, S&P 500 e-minis were down 10 points, or 0.24%, and Nasdaq 100 e-minis were down 14.75 points, or 0.11%. Chipmaker Intel Corp (INTC.O) gained 6.5% after it said gross margins will improve in the second half of the year. Colgate-Palmolive Co (CL.N) inched up 0.7% after the toothpaste maker lifted its annual organic sales forecast betting on consistent price hikes.

REUTERS/Brendan McDermidSummarySummary Companies Amazon down after signaling slower AWS growthPinterest, Snap fall on downbeat forecastsIntel gains on upbeat view on marginsMarch PCE index due at 8:30 a.m. ETFutures down: Dow 0.37%, S&P 0.37%, Nasdaq 0.28%April 28 (Reuters) - U.S. stock index futures dipped on Friday as Amazon's warning about a slowdown in its cloud business and downbeat forecasts from Snap and Pinterest dented Wall Street sentiment, while investors awaited a key inflation report later in the day. The main U.S. indexes ended up sharply on Thursday, with the benchmark S&P 500 (.SPX) logging its biggest one-day percentage gain since early January. Analysts expect first-quarter earnings for S&P 500 companies to fall 2.4% year-over-year compared with a forecast for a 5.1% fall at the start of April. ET, Dow e-minis were down 127 points, or 0.37%, S&P 500 e-minis were down 15.25 points, or 0.37%, and Nasdaq 100 e-minis were down 37.25 points, or 0.28%.

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