Dow Jones sheds almost 800 points, oil prices climb as conflict continues in Middle East

Company Restructuring and Performance - Morgan Stanley plans to eliminate 2,500 positions globally, representing approximately 3% of its workforce, as part of a strategic reshaping of its operations [5] - Oracle Corp is also set to cut thousands of jobs to manage financial strain from its expansion in artificial intelligence data centers [6] - Burlington Stores Inc. reported stronger-than-expected fourth-quarter revenue and profit, lifting its shares despite a softer comparable-sales outlook for the year [1] - Victoria's Secret & Co. exceeded fourth-quarter earnings estimates and provided a stronger-than-expected outlook as its turnaround strategy gains traction [1] - BJ's Wholesale Club delivered fourth-quarter earnings and comparable sales that topped expectations, but its weaker full-year guidance negatively impacted its stock [2] - Kroger Co. posted fourth-quarter earnings that beat Wall Street forecasts with GAAP EPS of $1.35, although revenue was slightly below estimates [2] - Palladyne AI shares surged after reporting fourth-quarter revenue of $1.66 million, up 118% year over year, exceeding analyst expectations [2] Market Trends and Economic Indicators - The Dow Jones fell 1.6% or 785 points, while the S&P 500 and Nasdaq also experienced declines amid ongoing geopolitical tensions in the Middle East [5] - Initial jobless claims in the U.S. held steady at 213,000, slightly below economists' forecast of 215,000, while continuing claims rose to 1.86 million [9][10] - Broadcom Inc. shares rose 4.5% following robust quarterly results, reporting a 29% increase in first-quarter revenue to $19.3 billion, and projecting $10.7 billion in AI chip sales for the next quarter [11][18] - China has cut its GDP growth target for 2026 to 4.5-5%, down from the previous goal of "around 5%" [19] - Crude oil prices have risen almost 3% to $76.90 a barrel, while metals, particularly copper, are generally softer [19]