Investors pulled back their bets Thursday during another steep sell-off for stocks, as a fresh set of private-sector data indicated a weakening labor market. Consumer discretionary, technology and communication services – basically, all the "risk on" sectors – led the way lower as inevitable questions about current valuations and future cash flows re-took hold of the market's collective mind.
Amid the record-long government shutdown, data from employment agency Challenger, Gray & Christmas showed U.S. employers announced 153,074 job cuts in October. That's up 183% from the 54,064 cuts announced in September and 175% compared to October 2024. October layoffs hit their highest level since 2003, and hiring slowed to a 14-year low.
