Dow Jones Heads Lower as IBM Cuts Jobs, Apple Stock Holds Its Ground on Podcast Plans

The Dow Jones Industrial Average (DJINDICES: ^DJI) was down Friday morning ahead of the Memorial Day holiday. While many U.S. states are in the process of reopening after imposing lockdowns to slow the spread of the novel coronavirus, the full scope of the economic impact is still unknown. The Dow was down about 0.45% at 11:40 a.m. EDT.

Many companies are turning to layoffs to adjust to depressed demand. International Business Machines (NYSE: IBM) has joined that club, with reports indicating that the tech company has let potentially thousands of employees go. Meanwhile, Apple (NASDAQ: AAPL) is taking steps to grow its services business amid a slump in iPhone demand. The company is reportedly looking to use exclusive podcasts to promote its Apple TV+ streaming service.

The pandemic has wreaked havoc on the U.S. economy, leading to more than 38 million unemployment insurance filings since the crisis began. Industries that took a direct hit, like restaurants and travel, bore the brunt of the job losses early on. But as the ripple effects permeate through the broader economy, companies of all stripes may be forced to pare down their headcounts.