Paramount Skydance layoffs begin, Etsy CEO to step down

Yahoo Finance's John Hyland tracks Wednesday's top moving stocks and biggest market stories in this Market Minute.

Nvidia (NVDA) became the first company ever to reach $5 trillion market capitalization.

Paramount Skydance (PSKY) will cut 1,000 jobs in its first round of job cuts.

Etsy (ETSY) stock is under pressure after the company announced that its CEO will step down.

Stay up to date on the latest market action, minute-by-minute, with Yahoo Finance's Market Minute.

Video Transcript

00:04 Speaker A

It's time for Yahoo Finance's market minute.

00:07 Speaker A

US stocks are rising ahead of the Federal Reserve rate decision and earnings from Alphabet, Meta and Microsoft after the bell.

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Meanwhile, Nvidia has become the first company to reach a $5 trillion market valuation.

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The stock has climbed more than 50% just this year.

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Plus Paramount Skydance is beginning a planned round of job cuts involving 1,000 workers today.

00:29 Speaker A

It's all a part of the company's effort to slash about $2 billion in costs.

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And Etsy shares are under pressure after the company announced CEO Josh Silverman will step down from his position and move to the role of executive chairman.

00:43 Speaker A

Etsy's revenue is projected to rise just 1% in 2025. That's a sharp deceleration from a pandemic fueled boom in sales.

00:52 Speaker A

And that's your Yahoo Finance market minute. For more on what's trending on Yahoo Finance, you can scan the QR code below to track the best and worst performing stocks of the trading session.

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