- Stock futures are higher Thursday morning as the market appears poised to regain ground.
- Cisco announced over 4,000 job cuts, representing a 5% decline in its global workforce.
- Black Americans continue to own a disproportionately low share of homes relative to the population.
Here are the key news investors need to start the trading day:
Stock futures are higher Thursday morning as the market appears poised to regain the ground it lost earlier this week. On Wednesday, the S&P 500 rose 0.96% to reclaim the 5,000 mark, the Nasdaq Composite rose 1.3% and the Dow Jones Industrial Average rose 0.4%. “Looking forward, the market is based more on economic growth and earnings forecasts than interest rates and inflation,” said Dylan Kremer, chief investment officer at Certuity. In global markets, the UK and Japan both fell into technical recession in the fourth quarter. Japan has given up its place as the third largest economy. Follow us for live market updates.
The CISCO brand logo during the Mobile World Congress Barcelona 2023.
Ramon Costa | Sopa pictures | Light rocket | Getty Images
Cisco announced over 4,000 job cuts, representing a 5% decline in its global workforce. The technology company is the latest in a series to announce layoffs aimed at restructuring and cost savings. According to the website Layoffs.fyi, 144 tech companies have laid off nearly 35,000 workers since the new year. Cisco also reported strong fiscal second-quarter results on Wednesday afternoon, coupled with weak guidance.
According to the Centers for Disease Control and Prevention, there has been a spike in drug overdose deaths in the United States during the Covid-19 pandemic, which accelerated significantly in the early months of the public health emergency, including deaths from opioids and counterfeit fentanyl pills .
Patrick T Fallon | AFP | Getty Images
The Federal Trade Commission is investigating the impact that drug wholesalers and companies that buy drugs for health care providers are having on drug shortages. The announcement follows an unprecedented strain on the availability of medicines, ranging from generics to cancer treatments. The FTC and the Department of Health and Human Services are seeking public comment on drug intermediaries and their practices to determine whether they lower drug prices to discourage suppliers from competing in the market.
A home for sale is shown in Austin, Texas on October 16, 2023.
Brandon Bell | Getty Images
Black Americans continue to own a disproportionately low share of homes relative to population size, according to a new study from LendingTree. Between 2021 and 2022, the number of Black-owned homes remained roughly the same, averaging 10.15% of homes in the country's largest metropolitan areas. The biggest barriers to home ownership include income differences and the tax system.
A data analyst who uses AI technology as a work tool for data analysis. Chatbot chat with AI.
Khanchit Khirisutchalual | Istock | Getty Images
Artificial intelligence has increasingly found its way into almost all industries – including the office and the dating world. According to a survey on AI platform Pollfish last month, almost one in three men aged 18 to 34 in the US use ChatGPT for dating advice. And now chatbots are taking a more active role in romance, with tools like YourMove.AI offering everything from messaging to evaluating dating profiles. At the same time, generative AI is becoming more intelligent in ever darker ways. Research shows that AI financial fraudsters are more proficient at phishing emails and other scams, including fake phone calls. Cybersecurity experts say it will take time for companies to get used to it. However, this time means that financial fraudsters are getting better and better.
—Jesse Pound, Lisa Kailai Han, Hakyung Kim, Lim Hui Jie, Clement Tan, Elliott Smith, Jordan Novet, Ari Levy, Ana Teresa Solá, Annika Kim Constantino, Hayden Field and CNBC's Ellen Sheng contributed to this report.
— Follow general market action like a pro on CNBC Pro.
Comments are closed.