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US markets wobble on tech firm layoffs and artificial intelligence valuation worries
Tech stocks and macro worries drag U.
U.S. equities slid with the S&P 500 down ~1.1% and the Nasdaq Composite falling ~1.9% as investors reacted to a surge in job cuts — October saw over 153,000 layoffs, the highest for the month since 2003. Tech names such as Broadcom Inc. and Nvidia Corporation led the drop amid concerns of stretched valuations in the AI sector. The ongoing U.S. government shutdown is delaying key economic data, clouding expectations for the Federal Reserve’s next move.