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December 4th - Meta Platforms (META.O) CEO Mark Zuckerberg is expected to significantly reduce resource allocation to building the metaverse, a strategy he once defined as the companys future and the catalyst for Facebooks renaming. According to sources, management has discussed cutting the budget for the metaverse division, which encompasses the virtual world product Meta Horizon Worlds and its Quest virtual reality business, by up to 30% next year. Such a significant reduction could lead to layoffs as early as January, but a final decision has not yet been made. The sources indicated that the proposed metaverse reduction plan is part of the companys 2026 budget plan. They added that Zuckerberg has asked Meta executives to seek a 10% overall budget cut, a standard requirement in similar budget cycles over the past few years. The sources noted that the metaverse division was asked to undergo even deeper cuts this year because Meta has not seen the competitive fervor it had anticipated across the industry for its metaverse technology.Meta Platforms (META.O) rose about 4% in pre-market trading after CEO Mark Zuckerberg planned to cut the Metaverse budget by 30%.On December 4th, Geek+ (02590.HK) announced that its Board of Directors approved a resolution on December 4th, 2025, to implement the full circulation of its H shares, namely, converting 94,576,081 unlisted Class B ordinary shares into H shares. Upon obtaining all relevant approvals and complying with all applicable laws, regulations, and rules, these unlisted Class B shares will be converted into H shares, and the Company will apply for approval for the listing and trading of these H shares on the Main Board of the Stock Exchange of Hong Kong.U.S. officials: New fuel economy regulations from the Trump administration may lead to a return of station wagons.BMO CEO: Canada’s unemployment rate is likely to remain above 7% until mid-2026, which will present some challenges, especially for consumer credit.

NASDAQ, S&P 500, Dow Jones Analysis – Stocks Keep Moving Higher As Appetite For Risk Grows

Cory Russell

Jan 30, 2023 15:17

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S&P 500 (SPX500)

S&P 500 is currently trying to settle above the 4080 level. Today, traders focused on the economic data from the U.S. PCE Price Index met expectations, while Consumer Sentiment and Pending Home Sales exceeded analyst forecasts. The economy remains in a decent shape despite recession worries, which is bullish for stocks.


The Fed decision, which will be released on February 1, will be the key event for markets in the near term. At this point, traders are not worried about hawkish Fed. The market expects that Fed will raise the rate by 25 bps at the next meeting and will not be able to push the rate above the 5.00% level in 2023. The encouraging economic reports did not change this consensus, which was bullish for S&P 500.


Today’s move is not broad, and several market segments are moving lower. Energy stocks got hit due to the pullback in oil markets.


American Express is the biggest gainer in the S&P 500 today. The stock is up by 12% after the strong earnings report.


Intel  is among the biggest losers in today’s trading session as the company missed analyst estimates on both earnings and revenue and presented disappointing guidance for the first quarter.

NASDAQ (NAS100)

NASDAQ rallied to new highs as Tesla gained 10% amid reports about high demand for Model Y in the U.S.


The general risk appetite is rising, which is bullish for the tech-heavy NASDAQ. Currently, NASDAQ is trying to settle above the resistance at 12,200. In case this attempt is successful, NASDAQ will move towards the next resistance level at 12,450.

Dow Jones (US30)

Dow Jones is today’s laggard due to the sell-off in Intel and Chevron shares. Chevron is down by 4% today as traders take profits near all-time highs and react to the pullback in oil markets.



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