Markets started the day off well into the green but steadily declined during Wednesday's session, giving back most of the gains from the early session. Stocks were able to end the day in positive territory off of their session lows.
The Dow Jones Industrial Average rose 0.28% to 26,150 while the Nasdaq climbed 0.12% to 7,411 and the S&P 500 gained 0.05% to 2,823.
Sears Lays Off 220 at Corporate HQ
Sears SHLD laid off 220 employees at its corporate headquarters in Hoffman Estates, IL Wednesday.
The struggling retailer has been searching for ways to cut expenses amid flagging sales.
"The company continues to achieve significant progress in our restructuring program, with actions taken in fiscal year 2017 to realize $1.25 billion in annualized cost savings," a company spokesperson told CNBC.
Earlier this year the company closed 100 stores across the country.
U.S. Oil Production Tops 10 Million Barrels a Day
Data released Wednesday showed that U.S. oil production topped 10 million barrels a day for the first time in 48 years in November.
The last time the U.S. was producing that much oil was 1970, and it is expected that shale producers will add another 1 million barrels per day this year.
Oil prices were climbing Wednesday with benchmark Brent crude rising 0.06% to $69.06 per barrel and West Texas crude jumping 0.26% to $64.67 per barrel.
Nintendo Switch Sells 15 Million Units in 10 Months
Nintendo's (NTDOY) Switch console is a certified hit, outselling its predecessor, the Wii U, in just ten months since its launch.
Nintendo has sold 14.86 million units of the system in less than a year, to date, the Wii U has sold 13.56 million units.
Nintendo originally forecasts selling 10 million units of the console in the first 12 months, but it is way ahead of schedule.
Fox to Broadcast NFL Thursday Night Football Games for Next Five Years
Fox Sports (FOXA) has agreed to terms with the NFL for the broadcast rights to the league's Thursday Night Football games for the next five seasons beginning with the 2018 season.
Fox will broadcast 11 games between weeks 4 and 15, excluding Thanksgiving night. The games will be simulcast via NFL Network. NFL Network will televise seven of the games exclusively, but Fox will produce all 18 games.
"This agreement is the culmination of over 10 years of strategic growth around Thursday Night Football, a period during which this property has grown from a handful of late-season games on NFL Network to a full season of games and one of the most popular shows on broadcast television with additional distribution via cable and digital channels," said NFL Commissioner Roger Goodell.
The two entities did not disclose the financial terms of the deal, but multiple news source are reporting that the deal is for between $550 million and $650 million per season.
Facebook Bans Crypto Ads
Facebook (FB) issued a broad ban on all advertisements promoting cryptocurrencies, including those for established currencies like bitcoin.
The thinking is that the company wants to curtail the spread of "financial products and services frequently associated with misleading or deceptive promotional practices."
The wide ban may only be temporary however as Facebook figures out how to best stop ads intent on scamming its users.
This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices," wrote Rob Leathern, one of Facebook's ad tech directors. "We will revisit this policy and how we enforce it as our signals improve."
South Korea Assures Investors That Bitcoin Isn't Going Anywhere
South Korea's finance minister assured crypto traders that the country has no plans to shut down cryptocurrency trading, providing a bit of stability for investors who have faced speculation for weeks.
Bitcoin prices rose slightly on the news and were trading at $10,039.
Kim Dong-yeon said that the country's main focus is to regulate the exchanges. That comment came after the country's customs office said that it uncovered illegal cryptocurrency foreign exchange trading that was worth nearly $600 million.
Samsung to Make Chips Designed for Cryptocurrency Mining
Samsung (SSNLF) , the world's largest chipmaker, confirmed that it has begun manufacturing ASIC chips that are used to mine cryptocurrencies.
"Samsung's foundry business is currently engaged in the manufacturing of cryptocurrency mining chips. However we are unable to disclose further details regarding our customers," the company told Tech Crunch.
The ASIC space is currently dominated by China's Bitmain and Canaan Creative, both of whom work with Taiwanese giant TSMC.
Fujifilm Acquires Xerox for $6.1 Billion
Japanese photo company Fujifilm is acquiring Xerox (XRX) for $6.1 billion, taking their existing joint venture to a level that will allow the companies to cut costs and gain scale, the companies said Wednesday.
Through the consolidation of R&D, procurement and other operations, Fuji Xerox expects to deliver at least $1.7 billion in total cost savings by 2022.
The combined company will keep the Fuji Xerox name and become a subsidiary of Fujifilm with joint headquarters in the U.S. and Japan. Xerox CEO Jeff Jacobson will take over as the leader and Fujifilm CEO Shigetaka Komori will serve as chairman.
U.S. futures were indicating a strong opening for markets Wednesday as the major indices look to bounce back from Tuesday's dismal session.
S&P 500 futures were rising 0.35% while Nasdaq futures climbed 0.33% and Dow futures gained 0.38%.
Asian markets were mixed with the Hang Seng closing the day up 0.86% while the Shanghai Composite and Nikkei declined 0.21% and 0.83% respectively.
European markets were also mixed with the FTSE 100 falling 0.12% the DAX rising 0.16% and the CAC 40 gaining 0.21% with about four hours left in trading.