TLDR

MARKET RECAP → Stocks closed lower Wednesday as investors braced for big tech earnings reports after the close, including Microsoft (MSFT) and Meta (META).

U.S. ECONOMY GROWS AT 2.8% PACE, BELOW EXPECTATIONS → The U.S. economy grew at a 2.8% annualized rate in Q3, slightly missing expectations as consumer and federal spending boosted activity while inflation showed signs of slowing. 📉

DROPBOX CUTS 20% OF GLOBAL WORKFORCE → Dropbox (DBX) announced a 20% workforce reduction to streamline operations amid slowing demand, affecting 528 roles globally. 💼

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

U.S. Economy Grows at 2.8% Pace, Below Expectations

📉 U.S. GDP grew 2.8% in Q3, slightly missing the 3.1% forecast, driven by strong consumer spending and increased federal spending, especially in defense.

📊 The Fed’s preferred inflation metric, the PCE price index, rose 1.5%, suggesting inflation has eased but remains above target, keeping markets on alert for potential rate adjustments.

🏦 Despite growth, the Fed is still expected to cut rates next month, as high spending, a declining savings rate, and inflationary pressures continue to challenge consumers.

TODAY’S TOP NEWS

Dropbox Cuts 20% Of Global Workforce

📉 Dropbox (DBX) announced a 20% reduction in its global workforce, impacting 528 employees, as part of a shift to streamline operations and address underperforming areas.

🛠 CEO Drew Houston noted that the move aligns with a strategy to make Dropbox a “flatter, more efficient” organization, following a similar 16% staff cut in 2023 due to economic and industry challenges.

💼 Affected employees will receive 16 weeks of pay, plus additional benefits based on tenure, as Dropbox adapts to ongoing macroeconomic headwinds and internal restructuring needs.

BULL VS. BEAR

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