"The markets are higher out of the gate, with all three of the major stock market averages seeing green, including a fractional gain in the Nasdaq Composite. Meta Platforms ( Nasdaq: META) is a standout, tacking on 3.5% today on reports that the social media giant will be slashing its capex for its Metaverse initiative. A Bloomberg report suggests Meta could cut its Metaverse budget by nearly one-third."
"The latest Challenger, Gray & Christmas report revealed more than 1 million Americans were laid off in 2025, levels not seen since the pandemic era. Last month, more than 71,000 workers lost their jobs, buoying the total 1.17 million for the year so far, owing to a perfect storm of corporate restructurings, shuttered businesses and economic uncertainty. Here's a look at where things stand as of morning trading: Dow Jones Industrial Average: 47,961.44 Up 75.33 (+0.16%) Nasdaq Composite: 23,471.90 Up 22.81 (+0.08%) S&P 500: 6,859.37 Up 9.65 (+0.14%)"
"Snowflake ( NYSE: SNOW) is tumbling by 8.5% today on the heels of its earnings report as a weaker-than-expected outlook overshadowed robust quarterly revenue. Salesforce ( NYSE: CRM) has the wind at its back after impressing Wall Street with its revenue outlook and AI integration. Hormel Foods ( NYSE: HRL) is rising 5.5% this morning after surpassing earnings estimates. However, the stock remains down 21% YTD."
The Dow Jones, Nasdaq Composite and S&P 500 opened higher, with the Nasdaq posting a fractional gain. Meta Platforms rose 3.5% after indications of a near one-third reduction in Metaverse capital spending. Broader sector movement lacked conviction and showed mixed performance. Challenger, Gray & Christmas data showed more than 1.17 million Americans laid off year-to-date, including over 71,000 last month, driven by restructurings, shuttered businesses and economic uncertainty. Snowflake fell 8.5% after a weaker-than-expected outlook despite strong revenue. Salesforce gained on a bullish revenue outlook and AI integration, while Hormel, Five Below and Palantir showed varied moves.
Read at 24/7 Wall St.
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