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Stock futures rise with NASDAQ’s 3-day win streak – World Bank warns of global recession – Goldman Sachs to lay off 3200 workers – Coinbase to cut 20% of workers – Guinness awards Elon Musk regrettable world record
Wall Street’s three major stock futures rose after the NASDAQ composite clinched its first three-day winning streak since November, rising 1.01% on Tuesday.
On Wednesday, futures tied to the Dow Jones Industrial Average gained 92 points, or 0.3%, while the S&P 500 and Nasdaq 100 futures both advanced 0.3%, CNBC reported.
Stocks in premarket trading saw Tesla rise nearly 2% after registering with Texas to expand its EV factory in Austin, and Goldman Sachs named the stock a top pick for 2023, while Salesforce slid 2.8% after Bernstein downgraded shares, and use car seller CarMax fell 2% after a downgrade by J.P. Morgan.
The benchmark U.S. 10-year Treasury note was down -0.045% to yield 3.576% as of 8:44 AM EST.
In oil markets, Brent crude futures were up +0.5 in trading at $78.75 per barrel as of 8:21 AM ET, while West Texas Intermediate crude futures were up +1.52 at $76.28 as of 8:48 AM CT.
A warning from the World Bank on Tuesday as the financial group sharply lowered its forecast for global economic growth, projecting the world economy will spend by only 1.7 percent this year. During the pandemic recession of 2020, the global economy shrank by 3.2%, then bounced back strongly in 2021. If the projection proves true, it will become a second global recession in the same decade, something that hasn’t happened in over 80 years since the 1930s, CNN reported.
Goldman Sachs, one of Wall Street’s largest banks, announced plans to lay off up to 3200 employees this week as its profits have taken a hit since markets tumbled in the last year due to aggressive interest rate hikes from the Federal Reserve. The decision comes amid struggles in retail banking, a downturn in investment banking, and a challenging economy, NPR reported.
Coinbase announced it will lay off 950 employees – about 20% of its workforce, amid a continued downturn in the crypto market, as well as the broader economy, NPR reported. In June, Coinbase also laid off 1100 employees. Following those cuts, the company said in September it had around 4700 employees.
Elon Musk has achieved another milestone as Guinness World Records has officially crowned him with the title of the “largest loss of personal fortune,” Fox reported. The world record comes after the Tesla and Twitter billionaire “lost $132 billion of personal wealth since 2021, the highest amount of anyone in world history,” Guinness tweeted.
