STOCK MARKET NEWS: Microsoft, Amazon layoffs, Party City bankruptcy, inflation eases

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Symbol Price Change %Change
MSFT $240.73 0.38 0.16
AMZN $97.35 1.30 1.35

Microsoft confirmed it will cut 10,000 workers citing “macroeconomic” conditions. The tech giant joins Amazon which disclosed it will be cutting 18,000 workers starting today.

Breaking News

Dow tumbles on weak retail sales

U.S. stocks fell sharply as investors weighed a 1.1% drop in retail sales, the weakest read in over a year, raising fresh recession fears. The data comes as layoffs mount with both Amazon and Microsoft shedding a combined 28,000 workers.

Dow Jones Averages.



The Dow Jones Industrial Average lost over 600 points as Honeywell, IBM and Coca-Cola led the drop, while Travelers and Goldman posted modest gains.

The S&P 500 and Nasdaq Composite lost 1.5% and 1.2%, respectively.

Symbol Price Change %Change
HON $204.45 -7.79 -3.67
IBM $140.57 -4.62 -3.18
$59.76 -1.93 -3.12
TRV $183.80 -1.20 -0.65
GS $349.97 0.05 0.01
AMZN $95.82 -0.23 -0.24
MSFT $236.34 -4.01 -1.67

Southwest forced into $1 billion upgrade

Southwest Airlines Co.



After stranding millions of travelers over the holiday, Southwest announced a plan for sweeping upgrades.

Developing Story

Treasury Secretary Janet Yellen is taking a softer approach with the Chinese in hopes of easing tensions between the most populous nation and the U.S.

Another airport malfunction

Jetblue Airways Corp.



A JetBlue plane was involved in a second scary incident at New York’s JFK airport.

Consumers struggle with inflation

Symbol Price Change %Change
WMT $142.33 -2.08 -1.44
TGT $163.61 1.51 0.93
M $23.32 0.41 1.81
KSS $31.18 1.13 3.76

The nation’s retailers are feeling the brunt of persistently high inflation, according to a fresh report.

Party City files for chapter 11

Party City filed for bankruptcy as higher inflation and heavy debt is forcing the supplier to reorganize.

Bed Bath & Beyond is another retailer that is working to avoid Chapter 11 by closing stores and cutting workers.

Inflation cools further

Inflation at the wholesale level, similar to consumer prices, showed more signs of cooling positive news for the economy.