US stocks end lower on economic jitters

By Gokhan Ergocun

ISTANBUL (AA) - US stocks ended lower Thursday amid growing economic uncertainty, concerns over technology stock valuations and mixed labor market data.

The Dow Jones Industrial Average fell 0.84%, or 398.70 points, to close at 46,912.30.

The Nasdaq decreased sharply by 1.9%, or 445.80 points, to 23,053.99, while the S&P 500 dropped 1.12%, or 75.97 points, to 6,720.32.

The Volatility Index (VIX), also known as the "fear index," rose by 8.27% to 19.50.

Mixed signals from economic data and ongoing concerns about technology stock valuations contributed to the negative trend in the stock market.

The shutdown of the federal government in the US disrupted the flow of economic data, and alternative indicators are being closely monitored by investors during this period.

Private sector employment increased by 42,000 jobs in October, surpassing economists' expectations of around 25,000, but a report Thursday pointed to an increase in layoffs.

According to data from consulting firm Challenger, Gray & Christmas, which tracks announced or confirmed layoffs, job cuts announced in the US last month were the highest October figure since 2003, up 175% year-on-year to over 153,000.

The number of layoffs exceeded the one-million threshold in the first 10 months of 2025, the report showed.

While statements by Federal Reserve officials were also being monitored, Chicago Fed President Austan Goolsbee said the lack of inflation data due to the government shutdown made him nervous about continuing interest rate cuts.

Cleveland Fed President Beth Hammack also said that monetary policy should continue to put pressure on inflation, noting that inflation is still very high and poses a greater risk than weakness in the labor market.

Fed Board Member Stephen Miran noted that he expects the Fed to cut interest rates in December.

While companies' financial results were also being tracked by investors, shares of semiconductor manufacturer Qualcomm fell 3.6%, despite beating expectations for profit and revenue in the three-month period and providing strong forecasts.

Shares of delivery company DoorDash also lost 17.5% after its third-quarter profit fell short of expectations.

Shares of pharmaceutical company Moderna meanwhile rose 3.3% after the company reported a smaller-than-expected loss in the third quarter.

Shares of social media company Snap gained 9.7% after its third-quarter revenue exceeded expectations and it announced a partnership with Perplexity AI.