Remy Blaire brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Friday, April 5.
Full Video Transcript Below:
REMY BLAIRE: I’m Remy Blaire reporting from the New York Stock Exchange. Here’s what we’re watching today on TheStreet.
Stocks looking to rebound after all of the major indexes finished in the red again on Thursday. The Dow, S&P, and Nasdaq all fell by more than one percent.
Additionally, investors are reacting to the newly released March jobs report. The U.S. added 303,000 jobs in March, above Wall Street expectations of 200,000. The unemployment rate also ticked lower from 3.9 percent to 3.8 percent. This report marks the 39th straight month of job growth, highlighting just how strong the U.S. labor market is.
In other news - after announcing it would be ending its electric car venture back in February, Apple (AAPL) is laying off 614 employees who worked on the project. The move involves workers from eight different Apple facilities and becomes effective on May 27th.
While Apple didn’t specify the cuts came from its Special Projects Group, which oversaw the EV project, none of the cuts came from Apple’s headquarters in Cupertino. The cuts are from Apple’s smaller offices in Santa Clara - which are more likely to house employees who work on confidential projects. According to the San Francisco Chronicle, the job titles that were cut include machine shop managers, hardware engineers, and product design engineers.
Known as “Project Titan,” Apple scrapped its car-making division after a decade of development. While Apple never confirmed it was making a car, it’s estimated that the project cost the company billions of dollars with over 2,000 employees assigned. At the time the project was canceled, Apple moved the employees working on Project Titan to its AI division.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Remy Blaire with TheStreet.
