JPMorgan Chase Cuts Jobs, Paramount Shares Pop, Stocks Make Big Moves Midday
JPMorgan Chase Cuts 500 Jobs
The largest bank in the United States, JPMorgan Chase, cut about 500 jobs this week, including tech and operations roles. The layoffs come as the bank faces increasing competition from rivals and a slowdown in its lending business.
Paramount Shares Pop After BDT Capital Bets on Media Giant
Paramount shares popped after BDT Capital, a hedge fund, took a stake in National Amusements, the controlling shareholder of Paramount. The move is seen as a vote of confidence in Paramount’s future.
Ford, Marvell Technology, Gap Lead Stocks Making Big Moves Midday
Ford shares are up after the automaker reported strong earnings. Marvell Technology shares are also up after the chipmaker beat analyst expectations. Gap shares have dropped after the retailer reported earnings that fell short of market expectations.
U.S. Dollar Nears Highest Level in a Year, Oil Prices Rise on Middle East Concerns, U.S. Stock Market Set to Open Higher
The U.S. dollar trades near its highest level in a year against a basket of other currencies. The strong dollar makes it more expensive for Americans to buy imported goods and services. Oil prices are rising on concerns about supply disruptions in the Middle East. The United States has warned that Iran is preparing to attack oil tankers in the Gulf of Oman. The U.S. stock market is set to open higher. Investors are looking ahead to releasing key economic data, including the latest reading on consumer confidence.
