Here are the most important news items that investors need to start their trading day:
1. Dow in the dumps
The Dow Jones Industrial Average dropped for the third day in a row Wednesday. The 30-stock index ticked down 43.10 points, or 0.11%. It was led lower by Intel, which lost more than 8% after the company posted operating losses in its semiconductor manufacturing business. The S&P 500 fared better, inching higher by 0.11% and notching its first winning session of the week. The Nasdaq Composite also ended the day positively, adding 0.23%. In another sign of a resilient economy, ADP data released Wednesday showed private payrolls grew more than expected in March. Follow live market updates.
2. Amazon layoffs
Attendees walk through an expo hall during Amazon Web Services’ Reinvent conference at the Venetian in Las Vegas on Nov. 29, 2022.
Noah Berger | Getty Images Entertainment | Getty Images
Amazon’s cloud computing division is cutting hundreds of jobs in its physical store technology and sales and marketing units. Amazon Web Services, the company’s lucrative cloud service unit, has seen its sales growth decelerate in recent quarters as companies cut their cloud spend. The layoffs come after Amazon said it would remove cashierless checkout systems in its U.S. Fresh stores. The AWS unit includes teams overseeing the cashierless tech.
3. It’s Iger’s world after all
Bob Iger poses with Mickey Mouse attends Mickey’s 90th Spectacular at The Shrine Auditorium on October 6, 2018 in Los Angeles.
Valerie Macon | AFP | Getty Images
Disney shareholders on Wednesday overwhelmingly reelected the company’s full board, ending a monthslong fight by activist Nelson Peltz. The election is a stamp of approval for the board’s decisions, from bringing back CEO Bob Iger to his efforts to reinvigorate the $223 billion media company. Peltz and his company, Trian Partners, wanted to throw two board members out and give Peltz and former Disney CEO Jay Rasulo board seats, citing share…
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