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

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US stocks rise but eye weekly losses as wave of tech layoffs continues
Reuters / Brendan McDermid

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  • 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:

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Here's what else is going on:

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.
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