Amazon confirms more than 18,000 layoffs, far more than originally expected
Amazon.com Inc.’s ...
Amazon.com Inc.’s AMZN, -0.79% layoffs will affect more than 18,000 employees, the highest reduction tally revealed in the past year at a major technology company as the industry pares back amid economic uncertainty.
The Seattle-based company in November said that it was beginning layoffs among its corporate workforce, with cuts concentrated on its devices business, recruiting and retail operations. At the time, The Wall Street Journal reported the cuts would total about 10,000 people. Thousands of those cuts began last year.
The rest of the cuts will bring the total number of layoffs to more than 18,000 and will be made over the coming weeks.As of September, Amazon employed 1.5 million people, with a large percentage of them in its warehouses. The layoffs are concentrated in the company’s corporate ranks.
Benchmark U.S. crude oil for February delivery fell $4.09 to $72.84 a barrel Wednesday. Brent crude for March delivery fell $4.26 to $77.84 a barrel.
Wholesale gasoline for February delivery fell 10 cents to $2.26 a gallon. February heating oilfell 12 cents to $2.97 a gallon. February natural gas rose 18 cents to $4.17 per 1,000 cubic feet.
Stocks close higher Wednesday despite Fed indications of no rate cuts this year
U.S. stocks finished higher on Wednesday, with both the S&P...
U.S. stocks finished higher on Wednesday, with both the S&P 500 and Dow Jones Industrial Average turning green for the year, as investors parsed minutes from the previous Fed meeting along with more economic data. The S&P 500 SPX, +0.75% advanced 28.83 points, or 0.8%, to close at 3,852.97. The Nasdaq Composite COMP, +0.69% gained 71.78 points, or 0.7%, to finish at 10,458.76. The Dow DJIA, +0.40% gained 133.40 points, or 0.4%, to 33,269.77.
The aircraft was departing after picking up the workers from an oil platform when it crashed about 10 miles offshore of Southwest Pass, Louisiana, about 80 miles southeast of New Orleans.
Energy stocks opened lower as falling oil prices continue to weigh in on the sector. The major market futures are higher ahead of the release of notes from the most recent Federal Reserve Meeting in hopes the Fed will ease their stance on aggressive interest rates.
WTI and Brent crude oil futures continue to trend lower, after slumping in the previous session, amid concerns over weak demand due to a slowing global economy.Additionally, rising COVID-19 cases in China have pushed investors to the edge of their seat as the possibility of the nation reintegrating coronavirus curbs increases. Signs of a weakening global economy are being seen across the world, with nations such as China which recently increased export quotas for refined oil products in the first batch for 2023, signaling expectations of poor domestic demand. Also, Saudi Arabia may further cut the prices for its flagship Arab Light crude grade to Asia in February, after they were set at a 10-month low for this month, as concerns of oversupply continued to cloud the market.
Natural gas futures are slightly higher after plunging more than 10% yesterday as North America continues to experience warmer-than-normal temperatures.
