Morning Business Report: Stocks fall amid midterm election results as Disney plans thousands of layoffs

Stocks moved lower as midterm election results came in, with investors weighing how changes in congressional control could affect technology companies and artificial intelligence investments.

(LILAMAX)- Stocks moved lower as midterm election results came in, with investors weighing how changes in congressional control could affect technology companies and artificial intelligence investments.

Traders are betting that Democrats could slow the expansion of data centers, which have become a major part of the artificial intelligence industry. Meanwhile, affordability remains a major concern for Americans. A recent CNN poll found that 88% of voters considered the cost of living a crucial or major factor in their voting decisions. Disney is reportedly preparing to eliminate several thousand jobs as the entertainment company looks to reduce expenses.

According to CNBC, some managers have been directed to cut costs by as much as 20%. The planned reductions come as Disney faces declining box office revenue, increased competition from streaming services and weaker international demand for its theme parks. The company is also navigating challenges associated with adopting artificial intelligence. The layoffs would mark the latest round of job cuts since Josh D’Amaro became Disney’s CEO earlier this year.

Technology stocks rebounded Tuesday following recent market volatility.

Investors have been closely watching technology and artificial intelligence companies amid concerns that stock valuations climbed too high during the industry’s rapid expansion. Those concerns have contributed to sharp swings in technology shares as investors reassess the potential returns from AI investments.

As Generation X begins entering its 60s, many workers are expressing concerns about their ability to retire comfortably.

A study from the Transamerica Center found that the median Generation X worker has approximately $113,000 saved for retirement.Some older workers told Business Insider they have experienced significant financial setbacks, including substantial pay cuts and bankruptcy.Others have taken time away from work to develop artificial intelligence skills in hopes of improving their employment prospects.The findings highlight financial challenges facing workers approaching retirement age.

McDonald’s is welcoming the holiday season with a new selection of festive beverages.

The fast-food chain has introduced several seasonal drinks, including the Red Bull Frosted Cranberry Energizer and cookie butter-flavored coffees. The beverages debuted this week at participating McDonald’s locations nationwide.The seasonal offerings are part of the company’s holiday menu as restaurants prepare for increased consumer activity during the winter months.