Wall Street and tech giants weed out workers as recession looms

Apple reportedly plans to join other tech giants in slowing hiring to prepare for a potential recession, while Goldman Sachs is reinstating its annual year-end job cuts after quarterly profits plunged 48 percent.

The major stock indexes erased gains on Monday after reported that Apple plans to slow hiring and spending growth next year in some divisions, citing people familiar with the matter.

With the move, Apple - the world's most valuable company - joins a growing pool of tech giants seeking to rein in costs as an economic downturn looms, including , Alphabet, Amazon and .

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