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US stocks rise as investors assess widespread tech layoffs and brace for more earnings

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  • US stocks moved higher on Monday as investors assess corporate earnings and more tech layoffs.
  • Spotify said it would cut 6% of jobs, or about 600 employees, after job cuts from Microsoft, Amazon, and Alphabet.
  • Meanwhile, activist investor Elliott Management took a multi-billion dollar stake in Salesforce.

US stocks were mostly higher to start the week, looking to extend big gains from Friday as investors assess a stream of corporate news and earnings results.

More layoffs hit the tech sector on Monday, with Spotify cutting 6% of its workforce, or about 600 employees. The job cuts from Spotify are after Amazon, Alphabet, Salesforce, and Microsoft all cut jobs in recent weeks. Shares of Spotify jumped more than 5% after the news.

In other corporate news, activist investor Elliott Management took a multi-billion dollar stake in Salesforce after the stock fell 50% from its peak. Shares of Salesforce jumped 4% in early Monday trades.

Investors have their eyes on fourth-quarter earnings, with 89 S&P 500 companies set to report this week. Of the 57 companies that have reported earnings so far, 67% beat profit estimates by a median of 5%, while 67% beat revenue estimates by a median of 2%, according to data from Fundstrat.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Monday:

Here’s what else is happening this morning:

In commodities, bonds and crypto:

  • West Texas Intermediate crude oil rose 0.43% to $81.99 per barrel. Brent crude, oil’s international benchmark, jumped 0.72% to $88.26.
  • Gold fell 0.43% to $1,920.00 per ounce.
  • The yield on the 10-year Treasury rose five basis points to 3.53%.
  • Bitcoin rose 0.15% to $22,793, while ether dropped 0.87% to $1,622. 
Read the original article on Business Insider
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