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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 and anxiety over economic headwinds. With layoffs rising and tech volatility persisting, Wall Street is bracing for more turbulence in the weeks ahead.
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