Tech company Block cuts 40% of staff, triggering Wall Street's projected weekly loss.

Wall Street is poised for a weekly loss as tech company Block, formerly Square, announced it will cut 40% of its workforce, citing ongoing challenges in its payment and financial services divisions. The layoffs, one of the largest in the tech sector this year, come amid broader industry struggles with profitability and slowing growth. The news contributed to market volatility, with major indices showing declines ahead of Friday's close.