A lion seen at the Bronx Zoo on March 22, 2018 in New York City.
James Devaney | Getty Images Entertainment | Getty Images
Here are the most important news items that investors need to start their trading day:
1. In like a lion?
Time to wipe the slate clean with a new month. With a bleak February in the books, investors are wondering what March could bring. The Dow is negative for the year after finishing last month down nearly 4.2%. The S&P 500 and Nasdaq are still positive for 2023 despite falling 2.6% and 1.1%, respectively, in February. On Wednesday, investors will chew over more economic data, as well as earnings reports from home improvement retailer Lowe’s and retail chain Kohl’s. Follow live markets updates.
2. General Motors layoffs
Mary Barra, CEO, GM at the NYSE, November 17, 2022.
Source: NYSE
Just weeks after General Motors executives said they weren’t planning any layoffs, the company laid off about 500 salaried employees. The cuts come on the heels of performance evaluations, and they are part of the company’s plans to trim $2 billion in costs over the next two years. The layoffs affect a “small number of global executives and classified employees following our most recent performance calibration,” according to internal company communications. The auto industry had largely avoided layoffs until recently, with major technology companies dominating the news about job cuts. Last month, GM rival Ford said it would slash about 3,800 jobs in Europe.
3. More retail caution
A Lowe’s Home Improvement Warehouse store is seen on August 17, 2022 in Houston, Texas.
Brandon Bell | Getty Images
Lowe’s is the latest to join the retail caution parade. The home improvement retailer followed its rival Home Depot, as well as big box giants Walmart and Target, in issuing conservative sales guidance for the year. To focus specifically on home improvement, Lowe’s and Home Depot find themselves in a a particularly murky space. Mortgage rates are higher (see below), which is…
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