"Fears that the US economy is slowing, with firms shedding jobs and imposing hiring freezes, sent Wall Street tumbling on Thursday. The S&P 500 index of leading firms was down 1% as investors also highlighted concerns about the potential for a slump in the value of businesses that have benefited from huge investments in artificial intelligence. The tech-heavy Nasdaq Composite fell 1.5%. A report showed that last month was the worst October for US layoffs since 2003,"
"Companies cut jobs and imposed hiring freezes, according to the global outplacement firm Challenger, Gray & Christmas. Chris Beauchamp, the chief market analyst at the trading platform IG.com, said: The lack of US data and the ongoing government shutdown is making investors nervous. US markets have been rattled by a review of Donald Trump's tariffs by the supreme court, which could result in the US president being forced to abandon his flagship policy."
Wall Street fell as concerns grew that the US economy is slowing, with the S&P 500 down about 1% and the Nasdaq Composite down 1.5%. Investors flagged the risk of valuation slumps for firms that benefited from heavy artificial intelligence investments. A report recorded the worst October for US layoffs since 2003, and companies cut jobs and imposed hiring freezes. The federal government shutdown delayed inflation and employment data, forcing the Federal Reserve to assess the economy with far less information. A Supreme Court review of tariffs added market uncertainty and Fed officials signaled caution on rate cuts without clearer data.
Read at www.theguardian.com
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