Truss Quits, Twitter Cuts Job? | Catch My Job

Here are the top news investors need to start the trading day:

The good news: Stocks are on pace to have their best week since the start of last month. Bad news: US markets are on a two-day losing streak, and things weren’t looking so great before Friday. After a promising start to the week, when stocks were boosted by relatively strong earnings reports from major banks and others, bond yields jumped, sending stocks lower. On Thursday, the 10-year Treasury yield hit 4.239% for the first time in 14 years. Yields on the 2-year and 30-year also hit levels not seen in more than a decade. Read live market updates here.

That didn’t matter Snap reported adjusted earnings per share as Wall Street expected a loss. Or that his income has increased, or that the number of users has increased. All of that just wasn’t good enough, and it doesn’t look like it’s going to get any better as the advertising market tightens. Snap shares, already down 77% since Thursday’s close, fell 25% in after-hours trading. The company’s 6% year-over-year increase in revenue was the first time quarterly sales growth has fallen into single digits since the social media company went public in 2017. The user gain was offset by a decline in revenue per user. “We have found that our advertising partners in many industries are reducing their marketing budgets, particularly in the face of headwinds in the operating environment, cost pressures from inflation and rising costs of capital,” Snap told shareholders.

The Washington Post reported Thursday night that Elon Musk plans to eliminate 75 percent Twitter7,500 employees if he takes over the company. One former executive said the cuts would be so drastic that users could be exposed to security threats and images of children in sexual abuse situations. But, the Post added, the current regime at Twitter is planning dramatic layoffs of its own — about a quarter of the company’s workforce — and the completion of Musk’s $44 billion deal to buy the social network would spare them from making painful decisions. Twitter’s top lawyer, in response to the Post article, told employees in an email that the company’s plan was put on hold after the merger agreement was signed. Musk has until October 28 to finish the job. Elsewhere, Bloomberg reported that the Biden administration was considering a national security review of Musk’s Starlink satellite Internet service and his Twitter contract.

More details: Shuttle bus drivers on Facebook are losing their jobs

Ukrainian forces have continued to occupy territory in the Kherson National Region, while Russian forces are withdrawing and evacuating the area. The Ukrainian government has accused the Russians of forcibly removing Ukrainians, but the Kremlin has denied this. Volodymyr Zelenskyi, Ukraine’s president, also warned that Russia could attack the Kherson hydroelectric dam. His comments come as Ukraine tries to repair its electricity infrastructure after a wave of Russian missile and drone attacks on city centers and other important hubs. Read live war news here.

After just a month and a half in the job, Liz Truss said on Thursday that she will step down as UK Prime Minister. Although her tenure was short, it was consequential. Her government’s economic plans to cut taxes have shaken British markets to their core and severely weakened the pound at a time when the country was already struggling with rising living costs. So who’s next? Rishi Sunak, a former finance minister who was Truss’ runner-up, is considered the favorite to succeed her. Penny Mordaunt, who finished a surprising third in the Conservative leadership race, is also in the mix. Defense Secretary Ben Wallace is the favorite, but it is unclear whether he would run. And there’s always Boris Johnson. Seriously. CNBC’s Karen Gilchrist breaks down the current state here.