Punch business news today

Here are some of the top business news stories from today:

Market News

• The Dow Jones Industrial Average fell 0.4% to 34,033.56, while the S&P 500 declined 0.3% to 4,144.14. The Nasdaq Composite dropped 0.5% to 13,741.93. (Source: CNBC)
• The yield on the 10-year Treasury note fell to 1.53%, its lowest level since February 2021. (Source: Bloomberg)

Economy

• The US economy added 379,000 jobs in February, exceeding expectations and marking the 12th consecutive month of job growth. The unemployment rate fell to 6.2%. (Source: Bureau of Labor Statistics)
• The US trade deficit widened to $68.2 billion in January, the largest since 2008, as imports surged and exports declined. (Source: Census Bureau)

Tech

• Tesla's stock price surged 12% after the company reported a surprise profit in the fourth quarter and announced plans to increase production at its California factory. (Source: Reuters)
• Facebook's parent company, Meta, announced a major restructuring, cutting 11,000 jobs, or about 13% of its workforce, as the company faces increased competition and regulatory scrutiny. (Source: The New York Times)

Finance

• JPMorgan Chase agreed to pay $2.5 billion to settle claims that it misled investors about the quality of mortgage-backed securities it sold during the financial crisis. (Source: The Wall Street Journal)
• Wells Fargo agreed to pay $3.7 billion to settle claims that it engaged in widespread fraud and misconduct in its mortgage and auto lending businesses. (Source: Bloomberg)

Retail

• Amazon announced plans to acquire MGM Studios, the owner of the James Bond film franchise, for $8.45 billion. (Source: The Hollywood Reporter)
• Target announced that it will raise its minimum wage to $15 per hour for all employees, effective April 1. (Source: CNBC)

Energy

• Oil prices fell 2.5% after the International Energy Agency warned that the global energy market is facing a "perfect storm" of supply and demand imbalances. (Source: Bloomberg)
• ExxonMobil announced plans to invest $20 billion in low-carbon energy projects over the next decade, including wind and solar power, as the company seeks to reduce its carbon footprint. (Source: The Wall Street Journal)

These are just a few of the top business news stories from today.