Thursday 9th March 2023 - massive down day

 Today’s issue covers a brief overview of the bank stock meltdown, the continued slowdown in tech revenue, and more from the day. 📰

Check out today’s heat map:

Every sector closed red. Utilities (-0.79%) led, and financials (-4.09%) lagged. 🔻

In economic news, initial jobless claims rose by 21,000 to a 5-month high of 211,000. Meanwhile, General Motors sent a letter to its U.S. white-collar employees offering voluntary buyouts as it looks to cut costs further. And Salesforce is cutting hundreds of sales and marketing jobs this week. ✂️

Internationally, Russia’s biggest lender Sberbank saw an 80% decline in its 2022 net profit as sanctions impacted its operations. 🏦

Shares of General Electric rose the most in two years after it issued upbeat guidance for its Aerospace business’ margins and energy business profitability goal. 👍