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Wall Street Struggles Amid Layoff Surge and Tesla Shareholder Showdown

U.S. markets opened Thursday on shaky ground as investors digested troubling labor data and braced for a pivotal vote at Tesla. The Dow Jones Industrial Average and S&P 500 hovered near flat , while the Nasdaq slipped slightly, down just over 0.1% . The unease was fueled by reports showing that October marked the worst month for layoff announcements since 2003 , with 153,074 job cuts compared to just 55,597 a year earlier. Companies cited cost-cutting, the unwinding of pandemic-era hiring, and preparations for artificial intelligence as reasons behind the surge in layoffs. Meanwhile, investors are keeping a close eye on Tesla’s upcoming shareholder vote , which could shape the future of the electric vehicle giant. Despite strong earnings from chipmaker Qualcomm, tech stocks remained under pressure, reflecting broader concerns about whether valuations in the sector have become overheated. The mixed signals highlight a market caught between optimism about corporate innovation an...
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European Stocks Surge and Bond Yields Ease as Markets Scale Back Bets on Rate Cuts

 

European stocks surged to a fresh two-year high, and bond yields eased as markets scaled back ambitious bets at the end of 2023 on rate cuts by the Federal Reserve and other major central banks. The S&P 500 also edged higher, with the index poised to set a new record closing high, at the start of a week packed with big corporate earnings, European inflation data, Federal Reserve and Bank of England meetings and U.S. employment data.

The market is trying to understand the outlook for the U.S. economy as it is unlikely to require the deep interest rate cuts by the Fed it has priced in. Absent geopolitical shocks, the U.S. economy will grow better than expected with just a few areas underperforming.

The surge in European stocks and the easing of bond yields can be attributed to the markets scaling back their bets on rate cuts by the Federal Reserve and other major central banks.



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