00:00 Speaker A
Let’s get to the three things you need to know today.
00:02 Speaker A
First up, US stocks have rallied to fresh record highs.
00:05 Speaker A
The driving force behind the gains, at least in the past few days, has been the tech sector.
00:10 Speaker A
But that could change tonight. Investors are going to be watching results from Mag 7 stocks including Tesla, Meta and Microsoft.
00:16 Speaker A
Wall Street will be watching to see if the massive spend on AI is starting to pay off a little bit more.
00:21 Speaker A
Plus, it’s Fed decision day, the central bank will issue its latest rate announcement, widely expected to keep interest rates on pause and direct attention back to the economy.
00:30 Speaker A
But Fed watchers will be asking questions on the path forward.
00:33 Speaker A
The DOJ’s criminal investigation into Powe and the future of Fed leadership.
00:37 Speaker A
And Amazon is cutting 16,000 jobs.
00:40 Speaker A
The e-commerce giant announced the layoffs as it works to quote reduced layers and remove bureaucracy.
00:45 Speaker A
The reductions take Amazon’s announced job cuts to 30,000 in three months after an initial wave in October.
00:50 Speaker A
CEO Andy Jassi has been working to cut jobs following a hiring spree during the pandemic.
00:55 Speaker A
He also said AI will shrink the workforce as Amazon automates more of its operations.
