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1h ago

Tech-Led Selloff Pulls Wall Street Lower as Weak Layoff Data and Flight Cuts Hit Sentiment

Weaker layoff figures sharpened focus on rate policy, with Federal Reserve officials striking a cautious tone.

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Overview

  • The Dow fell about 0.84%, the S&P 500 lost 1.12% and the Nasdaq dropped 1.90% by Thursday’s close in New York.
  • Large-cap technology stocks led declines, with Nvidia, Tesla, AMD, Meta, Amazon and Salesforce among the notable losers as concern over stretched AI-driven valuations persisted.
  • The Challenger report showed the worst October for layoffs since 2003, pressuring risk appetite even as traders weighed the odds of a possible December rate cut.
  • Earnings and guidance remained a drag, with Qualcomm shares sliding after a topline beat was offset by weaker projections and higher-than-expected expenses.
  • U.S. authorities ordered a 10% reduction in flight capacity at the 40 largest airports due to the government shutdown, sending Delta, United and American Airlines lower.