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Amazon joins other tech companies in cost-cutting measures

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The stock market fell in the early days of November after the Dow Jones Industrial Average gained 14% in October, its best month since 1976.

On Friday, the Labor Department announced that the US economy had grown 261,000 jobs in October, topping economists’ estimates of 205,000 jobs. Wages rose 4.7% year over year and were up 0.4% from September.

On Wednesday, the Federal Open Market Committee raised its federal funds target range 0.75% between 3.75% and 4%. The move marks the Fed’s fourth 0.75% rate hike in five months as it continues to battle inflation.

Friday, five current and former Twitter employees the company sued, saying workers were not given enough advance notice of the mass layoffs. Tesla CEO Elon Musk acquired Twitter in late October for $44 billion and began the process of laying off around 3,700 employees on Friday.

Amazon also announced Thursday that it will be cold hiring ahead of the busy holiday shopping season, the latest in a string of big-name tech companies to suspend hiring or announce layoffs. Amazon’s hiring freeze came the same day ride-sharing company Lyft announced it was laying off 13% of its employees and payment technology company Stripe announced it was laying off 14% of its staff.

dark cloud

Shares of Twilio traded down 36% on Friday after the cloud-based software company reported a third-quarter net loss of $482 million and spooked investors with soft sell advice.

In the coming week, investors will receive more quarterly reports from Activision Blizzard on Monday, Walt Disney and Occidental Petroleum on Tuesday, and NIO on Thursday.

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Excluding the energy sector, S&P 500 companies are posting their second straight quarter of negative revenue growth, according to FactSet.

Economic figures

Investors will receive key economic updates on Thursday when the US Department of Labor releases its October consumer price inflation index and on Friday when the University of Michigan releases its November consumer sentiment index.

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