6/23/22
More job cuts at a big streamer. And a rough electric start for Toyota. Some healthy gains on Wall Street led by Salesforce, Inc and Merck shares.

The Dow gained 194, about two-thirds of a percent, to close at 30,677.
The Nasdaq was up 179, over 1.5%.
The S&P jumped ahead almost 1%, gaining 35.

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Oil dropped another $2 / barrel today after Fed Chair Jerome Powell tried yet again to put out the inflation fire. He said interest rate hikes will not slow economic growth. Economists say if the US goes into a recession, gasoline demand will fall, and so will prices.

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Netflix just cut another 300 jobs. It’s latest round of layoffs axes another 3% of its workforce. The streaming media company says the cuts were made so that customers’ “costs are growing in line with Netflix’s slower revenue growth.”

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Just two months after Toyota released its new electric BZ4X, it’s recalling all of them, saying the wheels could fall off. The bolts can loosen too much, losing a wheel. It’s Toyota’s first global electric car, and a big player in launching the carmaker into the EV space.

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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.