Netflix cutting 1,000 jobs.

Netflix is cutting 1,000 jobs, or 6% of its workforce, as the streaming giant faces a perfect storm of stagnating viewing time, slowing subscriber growth, and intensifying competition. This move comes as the US economy grapples with its fastest inflation in five months, prompting traders to bet on further Federal Reserve interest-rate hikes, which has also affected the Bloomberg Dollar Spot Index, causing it to drop 0.3% on Wednesday.