Traders work on the floor of the New York Stock Exchange during morning trading on January 04, 2023 in New York City.
Michael M. Santiago | Getty Images
Here are the most important information investors need to start their trading day:
1. Chewing things
US stock markets rebounded a bit on Wednesday, with the S&P 500 up 0.75%, the Nasdaq up 0.69% and the Dow jumping 133 points. But while the session was positive, it was not without its turmoil as investors took into account the (pretty strong) new jobs data and Fed minutes (more on this below). below). The December jobs report also arrives Friday morning, so market watchers have yet another big data point to analyze this week. Read live market updates here.
2. Amazon plans bigger job cuts
Amazon CEO Andy Jassy speaks at the GeekWire Summit in Seattle on October 5, 2021.
david ryder | Bloomberg | Getty Images
Amazon plans to lay off more than 18,000 employees, far more than originally planned. In November, CNBC reported that Amazon, which employs more than 1.5 million people, planned to lay off 10,000 people. The move comes after several other tech companies cut payrolls, including Selling power, which announced Wednesday morning that it would cut 10% of its workforce. Amazon CEO Andy Jassy announced the cuts Wednesday night after a news report about the layoffs blew up the company’s plans to disclose the job cuts. “However, as one of our teammates leaked this information to the outside, we decided it was best to share this news sooner so you can hear the details directly from me,” Jassy wrote in a post. on the company blog.
3. “A Little Time”
The Federal Reserve released the minutes of its December policymaking meeting on Wednesday. While the central bank didn’t exactly give investors what they wanted, it didn’t rock the boat too much either. “Participants generally observed that tight policy should be maintained until incoming data provided assurance that inflation was on a sustained downward path to 2%, which is expected to take some time,” says a summary of the minutes. The Fed is expected to raise rates again at its next meeting, which ends Feb. 1, though traders believe that could be a smaller increase than December’s half-point hike.
4. Cox joins the mobile fray
In this photo illustration the Cox Communications logo seen displayed on a smartphone screen.
Raphael Henrique | SOPA Images | Light flare | Getty Images
Cox Communications, the private cable and internet giant, will join its listed rivals in offering nationwide mobile service to its customers. Cox, which has 7 million customers in 18 states across multiple regions of the United States, intends to offer plans priced similarly to Comcast and Charter to their customers. Cable and Internet providers have stepped up their mobile offerings in order to continue using their broadband services, especially as more and more people are abandoning cable in favor of streaming services. Learn more about CNBC’s Lillian Rizzo here.
5. Congress in limbo
U.S. House Republican Leader Kevin McCarthy (R-CA) receives a pat on the back from one of his House colleagues ahead of a fourth ballot for a new Speaker of the House the second day of the 118th Congress at the US Capitol in Washington, US, January 4, 2023.
Evelyn Hockstein | Reuters
The U.S. House of Representatives entered its third day without a speaker on Thursday, leaving much of the federal government in chaos and confusion. Until a speaker is chosen, no member of the House can be sworn. Kevin McCarthy, the Republican leader, failed three more times on Wednesday in his bid to take the gavel as a small but stubborn faction of far-right lawmakers continued to vote. against him, despite renewed endorsement from former President Donald Trump. It’s unclear when Republicans will break the deadlock. The Democrats, who named their new leader, Hakeem Jeffries of New York, as their speaker, showed no willingness to bail them out.
– CNBC’s Alex Harring, Jordan Novet, Jeff Cox, Lillian Rizzo, Christina Wilkie and Chelsey Cox contributed to this report.
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