The tech-heavy Nasdaq Composite Index lost 0.3 percent at 23,434.95.”There’s been a bit of volatility around the AI trade this week,” said Art Hogan of B. Riley Wealth Management.
Analysts have had some concerns about the overall capitalization expansion of certain tech stocks, he added.
Investors also took in a report by Challenger, Gray & Christmas that said there were a significant number of layoff announcements in October — reaching the highest level in 22 years.The report comes as the US government pauses federal data releases amid an ongoing shutdown. Traders are mulling as well the potential outcomes from a Supreme Court hearing Wednesday on the legality of a broad swath of President Donald Trump’s tariffs.
In session lasting more than 2.5 hours, the court heard arguments from the Trump administration, as well as small businesses and US states challenging the president’s imposition of duties using emergency economic powers.
The conservative-majority court could take weeks or months to reach a decision.
But a ruling that strikes down Trump’s tariffs could upend a key portion of his economic agenda — and a tool that he has used as leverage in talks with US trading partners.
