Overview
The U.S. stock market declined today, affected by news that labor market indicators are worsening faster than expected, with tech stocks leading the downward trend.
| Nasdaq Composite | S&P 500 |
| Dow Jones Industrial Average | 1 South Korean won equals |
Major News Story
In October, the number of corporate layoffs increased to 153,074, nearly three times higher than the same period last year, marking the highest level since 2003 for October, primarily in the tech and logistics sectors. Contrary to previous expectations of an increase, non-farm jobs decreased by 9,100. Major technology stocks NVIDIA and Tesla led the decline. During the trading session, it was announced that there would be no federal funding for the AI industry, affecting semiconductor stocks like NVIDIA and AMD. Despite this, Tesla shareholders approved a $1 trillion compensation package for Elon Musk. Federal Reserve officials expressed concerns about inflation, with some noting the difficulty in adjusting rates due to insufficient data.
Tomorrow's Economic Indicators
| Time | Indicator |
|---|---|
| Midnight | November Michigan Consumer Sentiment Index |
| Midnight | November Michigan Expected Inflation |
| 1 AM | October Year-on-Year Expected Inflation |
| 3 AM | U.S. Baker Hughes Rig Count |
| 5 PM | September Consumer Credit |
| 9 PM | Speech by Federal Reserve Chair Jeffrey |
| 9 PM | Speech by Federal Reserve Governor Miran |
General Opinion
Experts suggest the current downturn is part of a correction process to eliminate market bubbles. There are diverse opinions about upcoming market volatility. While some argue the fears over an AI collapse are exaggerated, others point out structural issues due to hiring freezes. The labor market, though not collapsing, may not be strong enough to withstand economic shocks.
