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The S&P 500 Index is down 0.19% today, with the Dow Jones down 0.15% and Nasdaq down 0.45%. US companies announced 153,074 job cuts in October, a 175.3% year-over-year increase, marking the largest number of cuts in 22 years for that month. Year-to-date job cuts have surpassed 1 million, the highest since the pandemic, while hiring plans by employers are at their lowest since 2011.
The 10-year T-note yield decreased to 4.11%, with markets pricing in a 69% chance of a 25 basis point rate cut during the next FOMC meeting on December 9-10. The ongoing government shutdown, now the longest in U.S. history, is impacting economic sentiment and delaying key reports.
In corporate news, 81% of S&P 500 companies reporting Q3 earnings exceeded forecasts, with profits expected to increase by only 7.2% year-over-year, the smallest rise in two years, and sales growth projected at 5.9%. Notably, companies like Elf Beauty and Duolingo saw significant stock declines due to disappointing forecasts.
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