Welcome to Markets Desk, here's what's moving the needle this Wednesday.
Uber is cutting ten percent of its corporate workforce, roughly thirty-three hundred employees, in its third round of layoffs this year. CEO Dara Khosrowshahi said the cuts are targeting management and coordination layers, a clear signal the company is streamlining for efficiency over headcount.
Turning to labor markets, ADP's August private payrolls report came in well below expectations, with just thirty-eight thousand jobs added — the weakest reading since January. That's a meaningful deceleration, and it's going to sharpen focus on Friday's official nonfarm payrolls number as traders weigh the Fed's next move.
On the biotech front, United Therapeutics received FDA acceptance of its supplemental new drug application for nebulized Tyvaso to treat idiopathic pulmonary fibrosis. That's a significant regulatory milestone — acceptance means the agency has agreed to formally review the filing, which could expand the drug's approved use into a condition with very limited treatment options.
That's the tape. Markets Desk, signing off the floor.
