Economy
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More than 184,000 tech-sector employees have lost their jobs since the start of 2023
More than 184,000 global technology-sector employees have been laid off since the start of 2023, according to data compiled by the website Layoffs.fyi. The website’s tally of 2023 global tech layoffs has gone up more than sevenfold since mid-January. The data show that 2023 has surpassed 2022 for global tech redundancies, with 625 tech companies……
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Office building credit crunch could hit wider U.S. economy, former Deutsche Bank property lender says
Toby Cobb has been in the catbird seat of the commercial real-estate market for decades, holding the reins on who gets loans during boom years, and the cards when things go bust. Cobb was Deutsche Bank’s co-head of U.S. commercial real estate in the run up to the global financial crisis of 2008. In its…
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Gold prices post a modest climb, but hold below $2,000 an ounce after U.S. GDP data
Gold futures ended with a modest gain on Thursday, but marked a fourth finish in five sessions below $2,000 an ounce, after a reading on first-quarter U.S. GDP came in lower than expected. The data may have raised some concerns that a potential recession could hurt consumer demand for precious metals, but banking sector worries…
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10- and 30-year Treasury yields rise by most in more than a week, paring Tuesday’s steep decline
Treasury yields ended mostly higher on Wednesday, paring some of the steep declines seen in the prior session, as traders considered the Federal Reserve’s most likely next steps at its May 2-3 policy meeting. Meanwhile, Treasury’s $43 billion auction of 5-year notes was strong and produced a “good result,” even though the statistics were rather…
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Stocks fall worldwide on U.S. recession, banking and debt-ceiling risks
Equities dropped in the U.S., Asia and Europe on Tuesday as a combination of recession, banking, and debt-ceiling risks facing the world’s largest economy came together and dented the appetite for risk-taking. The decidedly risk-off sentiment began in Asian markets outside of Japan after California’s First Republic Bank reported a disappointing 41% first-quarter drop in…
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U.S. stocks close lower, Nasdaq ends at lowest in almost a month as investors digest earnings
U.S. stocks closed lower on Tuesday as investors digested a mixed picture of corporate earnings along with data suggesting a slowing economy and a consumer that’s under pressure from inflation. How stocks traded On Monday, the Dow Jones Industrial Average rose 66 points, or 0.2%, to 33875, the S&P 500 increased 4 points, or 0.09%,…
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Even without an ‘earnings apocalypse,’ stocks still need to drop 15%, says strategist
Stocks got off to a cautious start on Monday, as investors face the who’s who of earnings this week. We’ve largely heard from the banks thus far and the news hasn’t been as bad as expected, but this week it’ll be the turn of the all-powerful tech sector, along with other important corners of the…
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Treasury yields slip to lowest levels in over a week ahead of busy week of earnings, economic news
Treasury rates fell to their lowest levels in more than a week on Monday as a mild risk-off mood boosted demand for most government paper ahead of key U.S. economic data later in the week.However, yields on 1- and 2-month Treasury bills jumped as traders positioned for the possibility of two more rate hikes by…
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Worried the IRS is going to audit your tax return? If you make less than $400,000, you can probably relax.
Some clarity is emerging regarding statements from Biden administration officials that no one making less than $400,000 will see higher audit rates by the Internal Revenue Service, which is about to step up its scrutiny of wealthy taxpayers. The Inflation Reduction Act — the tax and climate package enacted last summer — earmarked $80 billion…
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Banks increased lending for second straight week, Fed data show
The numbers: Total bank lending rose to $12.09 trillion in the seven days ended April 12 from $12.08 trillion in the prior week, the Federal Reserve reported Friday. This is the second straight weekly increase. Deposits at banks fell to $17.18 trillion from $17.26 trillion in the prior week. They are down from $17.43 billion…