⚠️BREAKING: *S&P 500, NASDAQ JUMP ON BOOST FROM ALPHABET, NETFLIX - $DIA $SPY $QQQ $GOOGL $NFLX
Alphabet Inc was the latest to join the list as it said it was cutting 12,000 jobs on Friday. The company's shares rose 4.1%.sectors, climbing 2.7% with information technology in tow, helped by a 2.9% rise in Microsoft.
"Those layoffs are actually a potential positive. Big Silicon Valley firms are good at managing earnings and these layoffs create the potential for some interesting guidance going forward."Still, concerns about corporate earnings remain as the U.S. economy shows signs of a slowdown and recession worries increase.
Wall Street's main indexes ended the previous session lower after resilient labor market data renewed concerns the Federal Reserve would continue its aggressive rate-hiking cycle despite recent evidence pointing to easing price pressures.
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