Amazon’s layoffs will affect more than 18,000 employees, the highest reduction tally revealed in the past year at a major tech company. In November, the Wall Street Journal reported Amazon would cut about 10,000 people. Meanwhile, Salesforce is laying off 10% of its workforce and reducing its office space in certain markets, admitting it hired too many people as revenue surged earlier in the pandemic.
Ocean carriers are formulating a wide range of new, flexible, long-term contract options, after shippers complained of being “burned” by committing to rigid, highly elevated contracts a year ago. As consumer demand slumped in the U.S. and Europe, and supply chain congestion eased around the world, the second half of 2022 saw container spot rates collapse, leaving signed-up shippers at a significant disadvantage to competitors using the spot market.
Futures are down after stocks posted solid gains yesterday.
The Dow Industrials added 133, the NASDAQ rose 71 and the S&P 500 was up 28.
