US stocks rise but eye weekly losses as wave of tech layoffs continues

• US stocks traded higher Friday but are on track to notch weekly losses.
• The Dow this week is down more than 3.6%, while the S&P 500 is down approximately 2.5%.

US stocks traded higher Friday but are on pace for weekly losses as the wave of layoffs in the tech sector continued.

Google parent Alphabet will slash 12,000 employees, or about 6% of its global workforce, joining the trend of headcount reductions so far enacted by Amazon, Microsoft, Meta, Salesforce, and other tech giants.

The Dow this week is down more than 3.6% and remains on pace for its worst week since September, while the S&P 500 is down approximately 2.5% and could clock in its worst week since December. The Nasdaq is off more than 2% for the week.

Here's where US indexes stood as the market opened 9:30 a.m. on Friday:

• S&P 500: 3,912.10, up 0.34%

• Dow Jones Industrial Average: 33,063.12, up 0.06% (18.56 points)

• Nasdaq Composite: 10,917.07, up 0.60%

Here's what else is going on:

• Crypto lender Genesis filed for bankruptcy, and has more than 100,000 creditors.
• Wedbush's Dan Ives said Tesla stock could rally 35% thanks to the success of recent price cuts in China.
• JPMorgan's Jamie Dimon isn't getting a raise, with his pay frozen at $34.5 million amid macroeconomic headwinds.
• FTX recruited some customers in Africa by signaling crypto would protect them from inflation.
• Shares of Netflix rallied after co-CEO Reed Hastings stepped down and subscriber numbers jumped.
• Alameda Research and Genesis' multi-billion dollar relationship reportedly began years ago.

In commodities, bonds, and crypto:

• Oil prices climbed, with West Texas Intermediate rose 0.52% to $80.74 a barrel. Brent crude, the international benchmark, inched higher 0.39% to $86.53 a barrel.
• Gold edged higher 0.10% to $1,9245.20 per ounce.
• The 10-year yield climbed 6.7 basis points to 3.468%.
• Bitcoin moved lower 0.18% to $21,074.98.