The streaming media sector continued to cut down on costs. Paramount announced a 15% job cut after it posted weak quarterly results. On Tuesday, the firm said it would shut down Paramount Television Studios. All active projects will move to CBS Studios.
Paramount will complete 90% of its job cut by the end of September.
Alphabet (GOOG) announced the release of four Google Pixel 9 phones. They are the Pixel 9, 9 Pro, 9 Pro XL, and Pixel 9 Pro Fold. These models will all feature an on-device artificial intelligent assistant called Gemini Nano. Google said that Gemini Nano is the most efficient model for powering AI on a device.
Google also unveiled the Pixel Watch 3 and Pixel Buds Pro 2.
On the economic front, the consumer price index report this morning will set the market’s mood for the rest of the day. Stock markets already anticipate inflation rates will hold steady. Readers may express doubt about the accuracy of the CPI report.
So have stock markets.
Stocks in the food industry, like McDonald’s (MCD) and Domino’s Pizza (DPZ), are not performing well on the markets. Automotive stocks like Ford (F) and Stellantis (STLA) lost 15.6% and 34% YTD, respectively. Regardless of the CPI report, consumers will cut back on big-ticket items.
