Both the S&P 500 (SPX) and Nasdaq 100 (NDX) are deep in the red on Thursday as concerns of an AI bubble continue to mount. Semiconductor stocks, in particular, have lost momentum, with the benchmark index dragged down by Advanced Micro Devices (AMD), Qualcomm (QCOM), and KLA Corp (KLAC).
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Investors are also worried about the government shutdown, which has now stretched into its 37th day, the longest on record.
Labor Market Woes Hit Stocks
The latest report from outplacement firm Challenger, Gray & Christmas showed that U.S. employers slashed 153,047 jobs in October, the highest for the month since 2003. 1.09 million jobs have been cut year-to-date, the highest since 2020.
“This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008. Like in 2003, a disruptive technology is changing the landscape,” said Challenger, Gray & Christmas chief revenue officer Andy Challenger.
The warehousing industry was hit hardest with 47,878 job cuts in October, exemplified by recent layoff announcements from Amazon (AMZN) and United Parcel Service (UPS).
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