MW: Wayfair laying off 1,650 employees, weeks after CEO urged staff to work harder
MARKETWATCH reports: (Wayfair shares climbed in premarket trades Friday after the home-goods retailer announced a plan ...
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MARKETWATCH reports:
April’s sudden selloff in stocks intensified on Thursday, as investors worried about the Federal Reserve’s ability to cut interest rates this year and as oil prices spiked on tensions in the Middle East.
The Dow Jones Industrial Average DJIA skid more than 500 points, or 1.4% — posting its worst day since March 2023, when the regional-bank crisis erupted.
Minneapolis Fed President Neel Kashkari said Thursday that progress on inflation has stalled, which could leave the central bank unable to cut rates this year if the trend continues.
While Kashkari also said he still has two rate cuts penciled in for 2024, investors were alarmed by potential delays in the Fed’s pivot to lower interest rates.
“It’s just a lot of nervousness right now,” said Kent Engelke, chief economic strategist at Capitol Securities Management, in an interview with MarketWatch. “Obviously, the reason why oil rallied was tensions in the Middle East.”
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