Amazon Layoffs, Tesla Misses Deliveries and much more: Weekly recap 1/2-1/6

Shopify 60 day trial

It was a turbulent week for the stock market, as the new year kicked off with losses in the first trading week of 2021. Tesla Inc., the electric-car maker, fell after investors worried about the number of its delivery misses, which sent the stock down 8.4 percent over the week. Amazon.com Inc. announced it would be laying off more than 1,000 corporate employees, as the company looks to manage expenses in 2021.

The Dow Jones Industrial Average dropped 2.7 percent for the week, while the Nasdaq Composite fell 4.9 percent and the S&P 500 dropped 3.2 percent. The drop was driven in part by a rise in long-term bond yields, which sparked anxiety over inflation. The 10-year Treasury note yield rose to 1.17 percent, the highest level since March and up from around 0.9 percent in late December.

In other news, Apple and Google both reported strong earnings. Apple beat expectations with its fiscal first-quarter earnings, as iPhone revenues rose 21 percent year-over-year. Google parent Alphabet Inc. reported a 19 percent rise in revenues, with its cloud-computing business powering the company’s growth.

European stocks dropped as well, with declines closely mirroring those in the U.S. markets. The Stoxx Europe 600 dropped 3.2 percent for the week. France’s CAC 40 dropped 4.4 percent, while Germany’s DAX fell 3.4 percent and the FTSE 100 dropped 1.4 percent.

Oil prices also dropped for the week, with Brent crude sinking 4.1 percent to .93 a barrel. West Texas Intermediate crude, meanwhile, dropped 4.7 percent to .31 a barrel. Gold rose, with spot prices hitting seed_expre=’Amazon Layoffs, Tesla Misses Deliveries and much more: Weekly recap 1/2-1/6′ temperature=’1′ top_p=’1′ model=’text-davinci-003′ presence_penalty=’0′ frequency_penalty=’0′ min_char=’500′ max_tokens=’2048′ max_tokens=’2048′ max_seed_tokens=’500′ max_continue_tokens=’500′ images=”2″ headings=”3″ videos=”on” static_content=”on”,854.86 an ounce, up from seed_expre=’Amazon Layoffs, Tesla Misses Deliveries and much more: Weekly recap 1/2-1/6′ temperature=’1′ top_p=’1′ model=’text-davinci-003′ presence_penalty=’0′ frequency_penalty=’0′ min_char=’500′ max_tokens=’2048′ max_tokens=’2048′ max_seed_tokens=’500′ max_continue_tokens=’500′ images=”2″ headings=”3″ videos=”on” static_content=”on”,800.64 the previous week. The U.S. dollar weakened slightly, driven by a stronger euro. The euro-dollar exchange rate moved from 1.2336 to 1.2351.

👉👉TRY SHOPIFY FOR FREE👈👈