HeatMap 1 Feb 2023 - layoffs and 25bps has stoked the market for a few weeks

Today’s issue covers the Fed’s 25 basis point rate hike and outlook, what’s got Peloton’s wheels spinning again, and Zuckerberg’s “Meta-than-expected” earnings report. 📰

Check out today’s heat map:

10 of 11 sectors closed green. Technology (+2.37%) led, and energy (-1.91%) lagged. 💚

In international news, South Korea posted its worst trade deficit in its history in 2022 at $47.5 billion. Falling semiconductor prices and rising prices of its energy imports proved to be a double-whammy for the world’s tenth-largest economy. Meanwhile, the OPEC+ Joint Ministerial Monitoring Committee committee held its virtual meeting and did not change its recommendation for members to maintain their current production output policy. 🌏

FedEx rallied 4% on the news that it’s expanding cost-cutting measures by laying off more than 10% of its officer and director team. Joining the club was Rivian, which cut 6% of its workforce, and DraftKings, which cut 140 jobs. Intel is taking another approach to reducing expenses after a disastrous quarter, reducing the compensation of its management teams between 5% and 15%. ✂️