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US stocks rise but eye weekly losses as wave of tech layoffs continues

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Reuters / Brendan McDermid

  • US stocks traded higher Friday but are on track to notch weekly losses. 
  • The Dow this week is down more than 3.6%, while the S&P 500 is down approximately 2.5%.
  • Google parent Alphabet announced it will slash 12,000 jobs, or about 6% of its global workforce.

US stocks traded higher Friday but are on pace for weekly losses as the wave of layoffs in the tech sector continued.

Google parent Alphabet will slash 12,000 employees, or about 6% of its global workforce, joining the trend of headcount reductions so far enacted by AmazonMicrosoft, Meta, Salesforce, and other tech giants. 

The Dow this week is down more than 3.6% and remains on pace for its worst week since September, while the S&P 500 is down approximately 2.5% and could clock in its worst week since December.  The Nasdaq is off more than 2% for the week.

Here’s where US indexes stood as the market opened 9:30 a.m. on Friday: 

Here’s what else is going on: 

In commodities, bonds, and crypto: 

  • Oil prices climbed, with West Texas Intermediate rose 0.52% to $80.74 a barrel. Brent crude, the international benchmark, inched higher 0.39% to $86.53 a barrel.
  • Gold edged higher 0.10% to $1,9245.20 per ounce.
  • The 10-year yield climbed 6.7 basis points to 3.468%.
  • Bitcoin moved lower 0.18% to $21,074.98.
Read the original article on Business Insider
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