FUNDAMENTALS

* Spot gold was little changed at $5,003.77 per ounce as of 0058 GMT. U.S. gold futures for April delivery held steady at $5,008.70.

* Oil ‌prices stayed ⁠above $100 ⁠a barrel, as renewed Iranian attacks on the United Arab Emirates deepened fears over the global supply outlook.

* Israel’s killing of Ali Larijani, Iran’s security chief and the most senior figure targeted since the first day of the U.S.-Israeli war, further escalated tensions. A senior Iranian official said the country’s new supreme leader had rejected de-escalation proposals passed ⁠on by ‌intermediary nations.

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* U.S. President Donald Trump said Washington is not ready to leave its military operation in Iran yet, ⁠but added, “We’ll be leaving in pretty much the very near future.”
* The Strait of Hormuz, a conduit for a fifth of the world’s oil shipments, remains largely shut, with Iran threatening to attack tankers linked to the U.S. and Israel.
* The Strait’s closure kept crude elevated, adding to inflationary pressures by pushing up transport and manufacturing costs. The inflation backdrop typically ‌supports gold as a hedge, but high interest rates dull the metal’s appeal by boosting returns on yield-bearing assets.
* The Fed is widely expected ⁠to hold rates steady for a second straight meeting when it announces its policy decision later in the day.

* Central banks in the UK, euro zone, Japan, Canada, Switzerland and Sweden willalso meet this week in their first sessions since the start of the Iran war.

* Spot silver rose 0.2% to $79.46 per ounce. Spot platinum was steady at $2,124, while palladium lost 0.2% to $1,598.84.

DATA/EVENTS (GMT)

1230 US PPI Machine Manuf’ing Feb

1400 US Factory Orders MM Jan.

Dell’s workforce has fallen by 10% for a third year in a row, according to annual reports filed Monday. 

As of Jan. 30, the Texas-based tech giant reported a headcount of 97,000 employees, down roughly 11,000 from its previous year of 108,000. 

The reductions were primarily driven by cost-cutting measures, including employee reorganizations, restricted external hiring and facility consolidation to better align investments.

“Throughout Fiscal 2026, we remained committed to disciplined cost management in coordination with our ongoing business modernization initiatives and continued to take certain measures to reduce costs,” the company said. 

ORACLE EXPECTED TO SLASH THOUSANDS OF JOBS AS MASSIVE AI SPENDING CREATES FINANCIAL CASH CRISIS

The exterior of a Dell Technologies office building Jan. 4, 2023, in Round Rock, Texas.  (Brandon Bell/Getty Images / Getty Images)

Over the years, Dell has implemented numerous cost-cutting measures, including employee reorganizations, restrictions on external hiring and other steps to better align its investments with strategic and customer priorities.

In its most recent reports, Dell highlighted the extensive integration of AI and machine learning technologies across its operations, including IT management, software solutions and the use of specialized servers.

Dell, whose shares have risen roughly 20% so far this year, said in February the company expects revenue from its AI-optimized server orders to double by 2027.

META EYES MASSIVE 20% WORKFORCE CUT AS AI INFRASTRUCTURE COSTS CONTINUE TO SOAR ACROSS OPERATIONS: REPORT

The Dell Technologies logo is prominently displayed at the company’s pavilion during the Mobile World Congress in Barcelona, Spain, March 5, 2026. (Joan Cros/NurPhoto via Getty Images / Getty Images)

According to its fiscal 2026 report, Dell recorded total severance charges of $569 million, compared with $693 million in 2025 and $648 million in 2024. These payments primarily affected the selling, general and administrative departments, followed by cost of net revenue and research and development each year.

While Dell reported a staff count of 97,000 in 2026, the company had 133,000 employees in 2023. 

In 2023, Dell announced a workforce reduction of roughly 5% to navigate a challenging global economic environment.

The following year, Dell’s headcount fell by 13,000, a 9.8% decrease in its workforce.

In 2025, Dell again recorded a 10% reduction in staff, representing 12,000 fewer employees. 

Most recently, the company reported a 10.2% decline in 2026.

META CUTS OVER 1,000 JOBS IN MAJOR METAVERSE RETREAT

A Dell logo displayed on a smartphone.  (Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images / Getty Images)

Silicon Valley workers have grown increasingly concerned about AI-driven disruption as tech companies such as Meta and Oracle have reportedly planned mass layoffs.

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Earlier this month, Meta reportedly considered a massive 20% workforce reduction as AI infrastructure spending continues to rise. Oracle has also reportedly weighed cutting tens of thousands of jobs amid soaring AI spending and mounting financial pressures.

Reuters has also linked workforce decline to the demands of competing in the high-growth AI infrastructure sector, pressuring companies to offset expenses.

Reuters contributed to this report.

This article was written by

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Steak ‘n Shake is shaking up its “Patriot Milkshake” with a new, chocolate twist.

The milkshake will now be served with a dark chocolate Statue of Liberty, the company announced on Monday.

“Patriot Milkshake now comes with [a] Statue of Liberty. Yes fans, it’s dark chocolate,” the company wrote in a post on X.

The milkshake, which debuted in December, is still priced at $2.50 and will be for the rest of the year, according to the post. The chain previously announced the shake would be available through January.

STEAK ‘N SHAKE PLEDGES $1K CONTRIBUTIONS TO TRUMP ACCOUNTS FOR EMPLOYEES’ CHILDREN

Steak ‘n Shake is Located in the Midwest and Southern U.S. (iStock / iStock)

The company announcement included a photo of the milkshake, which features its classic red, white and blue sprinkles, an American flag on a toothpick and a dark chocolate Lady Liberty atop whipped cream.

The franchise first announced the milkshake in December as an early nod to America’s 250th anniversary, which will be celebrated in July, according to the company.

“Steak n Shake is getting a head start on America’s 250th anniversary of its founding,” the company said in an X post in 2025.

The announcement garnered positive feedback on social media, with one X users writing, “This is what [w]inning looks like.”

STEAK ’N SHAKE TOUTS $2.50 ‘PATRIOT MILKSHAKE’ TO HONOR AMERICA’S SEMIQUINCENTENNIAL

Steak ‘n Shake announced an update to their “Patriot Milkshake” on Monday. The shake will now be served with a dark chocolate Statue of Liberty. (Steak ‘n Shake via X / Unknown)

Alex Bruesewitz, a political consultant and Trump advisor, also reposted the announcement, heralding the addition.

“[Steak ‘n Shake] continues to prove that they are the best fast food chain in America,” Bruesewitz wrote in the post.

FOX Business previously reported that this promotion came as other fast food chains were taking different approaches to dealing with pricing and mounting cost pressures.

FAST FOOD CHAIN SAYS THEY’VE ‘RFK’D’ THEIR FRIES, OPTING FOR HEALTHIER COOKING ALTERNATIVE

Health and Human Services Secretary RFK Jr. visits a Steak ‘n Shake location last year. (Steak ‘n Shake via X / Unknown)

Some chains, such as Jack in the Box, decided to close locations as part of a “broader turnaround plan.” 

Other chains, such as Cava, advised against discounting with their CEO, Brett Schulman, telling FOX Business that “you can’t discount your way to prosperity.”

The company recently made headlines for launching their 100% beef tallow tots, becoming the only restaurant to serve the side dish. 

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This comes after Health and Human Services Secretary Robert F. Kennedy Jr. continues to hammer the food industry to provide healthier options for consumers as part of the “Make America Healthy Again” (MAHA) movement.

Steak ‘n Shake did not immediately respond to FOX Business’ request for comment.

The company formally kicked off preparations for the IPO on Tuesday by appointing as many as 17 bankers to handle the issue. Morgan Stanley, HSBC Holdings Plc, JPMorgan Chase & Co., Citigroup Inc. and Goldman Sachs Group Inc. are among nine global banks selected for advisory roles, the people said, asking not to be identified as the information is private.

Domestic advisers include Kotak Mahindra Capital Co., Axis Capital Ltd., JM Financial Ltd. and SBI Capital Markets Ltd., the people added.

Plans for the IPO have gathered steam after the government approved a change in listing requirements that allowed large issuers to dilute as little as 2.5% of their equity. The IPO could be India’s largest-ever IPO and the first by a major unit of billionaire Mukesh Ambani’s flagship company, Reliance, in almost two decades.

The proposed offering is expected to comprise largely secondary share sale by existing investors and could take place later this year. Details including the size, structure and timing of the transaction are still being finalized and are subject to change, the people added.

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Representatives for the company and banks didn’t immediately respond to requests for comment outside of business hours.