>>Biden Refusing To Negotiate Over Debt Ceiling Extension
(Washington, DC) -- President Biden isn't giving in to House Speaker Kevin McCarthy's demand for negotiations to raise the debt limit. White House press secretary Karine Jean-Pierre told reporters yesterday that Biden is happy to meet with McCarthy on the budget, but the question over whether the debt ceiling is increased is not negotiable. She said it's Congress' obligation to do so to avoid a default on the federal government's debt in the coming months. House Republicans passed a bill this week pairing a package of spending cuts with a one-point-five-trillion increase of the nation's borrowing limit. The bill is dead on arrival in the Senate.
>>Amazon Shares Slip After Warning About Cloud Customers
(Seattle, WA) -- Amazon shares slipped Thursday evening after surging earlier on first quarter earnings that beat expectations. Amazon CFO Brian Orlavsky's comments on the company's earnings call appeared to have spooked investors. Orlavsky said Amazon Web Services, or AWS, customers are spending less in response to what he called "tough economic conditions in the first quarter." AWS unit revenue grew 16-percent during the first quarter, down sharply from a 37-percent annual growth rate in the first quarter of last year.
>>Pending Home Sales Drop In March
(Chicago, IL) -- Pending home sales are down. The National Association of Realtors reported Thursday that its Pending Home Sales Index dropped to its lowest level since December last month. It was the first decline since November. Contract signings month over month rose in the South, but dropped in three other regions. NAR's chief economist said limited housing supply isn't meeting demand and added that nearly 30-percent of all home sales are above list price. The NAR predicts home prices will level and mortgage rates will get better as the year progresses.
>>Dropbox To Layoff 500 Workers
(San Francisco, CA) -- More layoffs are underway in the tech industry. File storage company Dropbox announced it plans to cut 500 jobs after slower than expected growth. The CEO says the San Francisco-based company needs to focus more on artificial intelligence-powered products, and doing so will require hiring workers with different skill sets. Meta, Google and Twitter also announced layoffs this year.