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Topline
Google-parent Alphabet and online retailer Wayfair on Friday became the latest tech stocks to rally after issuing massive layoff announcements to help curb costs ahead of a potential recession—a phenomenon analysts believe will continue throughout the year, boosting market values but potentially pushing millions of people into unemployment.
Key Facts
Heading up gains on Friday, Wayfair stock skyrocketed more than 22% after the firm announced it will cut 10% of its global workforce, representing some 1,750 employees, “to be more agile” amid reduced sales, said CEO Niraj Shah, who lost his billionaire status as shares collapsed 80% last year.
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