Money

Tech layoffs surged in January despite Wall St records

Published

2 years ago

January 27, 2024

While the S&P 500 and Nasdaq reach record highs, and tech giants like Alphabet, Meta, and Microsoft achieve unprecedented market valuations, the tech industry is witnessing a surge in layoffs this January.

According to data from Layoffs.fyi, approximately 23,670 employees have been laid off by 85 tech companies in January, marking the highest number since March when nearly 38,000 tech workers lost their jobs.

The wave of layoffs intensified this week, with SAP announcing changes affecting 8,000 employees, and Microsoft reducing its gaming division workforce by 1,900 positions.

High-profile fintech startup Brex also made headlines by cutting 20% of its workforce, and eBay eliminated 1,000 jobs, accounting for 9% of its full-time employees. eBay’s CEO, Jamie Iannone, attributed the move to the need for better team organization and nimbleness.

Google jobs

Earlier in the month, Google confirmed several hundred job cuts across its organisation, and Amazon announced the elimination of hundreds of positions spanning its Prime Video, MGM Studios, Twitch, and Audible divisions.

Unity disclosed its plans to cut approximately 25% of its staff, while Discord, known for its popular messaging service among gamers, is shedding 17% of its workforce.

The recent layoffs are attributed to companies’ efforts to reposition themselves for AI-driven strategies.

The tech industry witnessed a surge in AI demand, leading to workforce reductions in areas that companies believe have become less relevant as they invest heavily in AI product development.

Salesforce reduction

Notably, tech giants like Meta and Salesforce experienced significant stock market gains following cost-cutting measures in 2023. Salesforce, which reduced its workforce by about 10% in January 2023, saw its stock nearly double for the year, its best performance since 2009. Meta also witnessed a stock boost after announcing its cuts, achieving its best year since its Nasdaq debut in 2012.

While tech industry layoffs dominate headlines, other sectors are also witnessing workforce reductions, including the banking sector, with Citigroup announcing a 10% workforce cut, and media companies like Paramount and Levi Strauss announcing layoffs to streamline operations and enhance efficiency.

Despite the surge in layoffs, some experts caution against overreacting to the January data, emphasising the need for a nuanced analysis of trends. Investors await the upcoming tech earnings announcements, which may provide a clearer picture of near-term business and consumer spending outlooks.

Money

RBA rate shock: ASX200, Gold and Crypto market

RBA’s interest rate shift impacts ASX200, AUD; gold/silver rebound analyzed amidst upcoming economic data and crypto market navigation.

Published

18 hours ago

February 10, 2026

Harvey Vargas

RBA’s interest rate shift impacts ASX200, AUD; gold/silver rebound analyzed amidst upcoming economic data and crypto market navigation.

The RBA’s latest interest rate decision has sent ripples through the ASX200 and AUD, leaving investors weighing what comes next. We break down how these changes could affect global equities ahead of this week’s crucial non-farm payroll and consumer price index releases.

Zoran Kresovic from Blueberry Markets shares his analysis on the rebound in gold and silver after recent market turbulence, and what factors could drive further gains or sell-offs in the commodities market.

We also dive into the current state of cryptocurrencies, exploring how investors can navigate volatility and what to watch as economic data continues to shape market sentiment.

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#RBA #ASX200 #GoldMarket #SilverRebound #CryptoUpdate #InvestingTips #MarketVolatility #EconomicOutlook

Money

Dow hits record while tech stocks drive market gains

S&P 500 rose 0.7% with Nvidia and Broadcom driving gains; investors await delayed January jobs and inflation reports.

Published

19 hours ago

February 10, 2026

Harvey Vargas

S&P 500 rose 0.7% with Nvidia and Broadcom driving gains; investors await delayed January jobs and inflation reports.

The S&P 500 rose 0.7% on Monday, powered by gains in technology stocks, while the Dow Jones Industrial Average hit new heights. Investors are eagerly awaiting crucial economic reports this week.

Nvidia and Broadcom were among the standout performers, climbing 3% and 4% respectively, continuing the momentum from the previous session. The market rebound comes after significant losses earlier last week, with the Dow exceeding 50,000 for the first time ever on Friday.

Investors now turn their attention to the delayed January jobs report from the Bureau of Labor Statistics, due Wednesday, and the consumer price index for January, expected Friday with a 2.5% annual rise.

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Money

Tech stocks slide as investors rotate into small-cap and value plays

Nasdaq drops 1.84% amid turbulent week; investors pivot to cyclical and value sectors from high-growth tech.

Published

2 days ago

February 9, 2026

Harvey Vargas

Nasdaq drops 1.84% amid turbulent week; investors pivot to cyclical and value sectors from high-growth tech.

U.S. equity markets wrapped up a turbulent week with mixed results. The Nasdaq Composite fell 1.84%, marking its worst week for large-cap technology stocks since November, while the S&P 500 remained largely unchanged. Investors are weighing concerns about artificial intelligence and potential overinvestment in high-growth areas.

Meanwhile, smaller-cap and value-oriented stocks continued to add to their year-to-date gains. Market participants rotated into cyclical sectors that had lagged, reflecting a shift in investor sentiment and appetite for risk outside the traditional tech heavyweights.

Analysts say this rotation highlights the broader market’s evolving dynamics, as growth concerns collide with opportunities in underappreciated areas. Stay tuned for further developments as the market digests these trends.

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