Wayfair (W) announced workforce cuts. Wayfair plans to cut 1,650 employees, 13% of its global workforce and 19% of its corporate team. Renita Young discusses this as Wayfair job cuts will save around $280M. Wayfair expects to incur $70M-$80M of costs from job cuts. Young also talk about how Macy’s (M) is to cut about 3.5% of its workforce and close five stores. Tune in to find out more about the stock market today.