Good morning! As you start your day, 10 News is here to break down the biggest financial stories in CNN’s Money Matters. From big wins for tech stocks to Meta layoffs and sweet treats for recent grads, we’ll cover what’s impacting your wallet and what you need to know to stay informed.
Wall Street soars with major gains in the tech sector
Strong earnings in the tech sector rallied all three indices to gains on Wednesday.
The Dow surged 645 points, the Nasdaq climbed 400 points, and the S&P 500 rose 79 points.
But, futures pulled back overnight as investors digested Nvidia earnings after the bell.
NVIDIA beat expectations, but it’s no longer enough to just top expectations.
Wall Street wants signs that AI spending, demand, and the broader buildout still have room to run.
Investors also await Walmart’s earnings as a key sign of consumer confidence. The nation’s largest private employer is considered a leading indicator of consumer confidence and inflation impacts.
Weekly jobless claims and April housing reports are also expected.
Meta Layoffs: Why thousands of jobs are being cut
Thousands of Meta employees will find out this week whether they’re being laid off or reassigned.
The company recently announced plans to cut 10% of its staff, or about 8,000 jobs. It will also close another 6,000 open roles.
Another 7,000 will be shifted into AI-focused roles, according to an internal memo.
Meta says the reduction will help offset steep AI infrastructure costs, which could reach $115-billion this year.
A sweet treat for recent grads
Wear your graduation gear, get free doughnuts.
Krispy Kreme is inviting all high school and college grads to come in for a free three-pack of Original Glazed today.
To get the deal, grads have to be in Class of 2026 regalia- like caps, gowns, or other school-branded gear.
The offer is limited to one three-pack per person and is good both in-store and drive-thru.
Stay tuned for more updates on the stories that matter most to your money.