Here are the most important news items that investors need to start their trading day:
1. Taking stock
U.S. stock futures slipped Friday morning ahead of the final trading session of the week as some disappointing earnings results from Intel (down 11% premarket) and others weigh on what’s been a winning week so far. The S&P 500 is up 1.1% in the past four days, and the Dow Jones Industrial Average is up 0.5%. The Nasdaq Composite has outperformed the other two, gaining 1.3% through Thursday’s close. Follow live market updates.
2. Growth era
A person picks out clothing in a store as retailers compete to attract shoppers and try to maintain margins on Black Friday, one of the busiest shopping days of the year, at Woodbury Common Premium Outlets in Central Valley, New York, U.S. November 24, 2023.
Vincent Alban | Reuters
We knew the economy was good, but not this good. U.S. GDP rose at a 3.3% annualized rate during the fourth quarter, far outpacing expectations for 2% growth. For all of 2023, the U.S. economy accelerated at a 2.5% annualized pace, compared to a 1.9% increase in 2022. At the start of the year, economists were projecting few if any gains in 2023. “This year has been like Rock ‘Em Sock ‘Em Robots, and the economy is knocking the blocks off the economists, always outperforming,” said Dan North, senior economist with Allianz Trade Americas.
3. Deep cuts
The Microsoft logo is seen at the Microsoft store in New York City.
Mike Segar | Reuters
A wave of job cuts continues to ripple through corporate America. On Thursday, Microsoft, Levi’s and Paramount all said they’d be reducing their workforces. Microsoft plans to lay off 1,900 workers from its gaming unit. Levi’s said it would be cutting up to 15% of its global staff. Paramount didn’t disclose the size of its cuts but indicated in an internal memo a need to be “leaner” and “spend less.” Thursday’s announcements are just the latest in a string of similar efforts as profit pressures appear to catch up to…
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