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Layoffs are piling up, raising worker anxiety
It's a tough time for the job market. Amid wider economic uncertainty, some analysts have said that businesses are at a “no-hire, no fire” standstill. At the same time, some sizeable layoffs have continued to pile up — raising worker anxieties across sectors. Some companies have pointed to rising operational costs due to U.S.'s new tariffs, while others have redirected money to artificial intelligence investments. Workers in the public sector have also been hit hard. Federal jobs were cut by the thousands earlier this year. And many workers are now going without pay as the U.S. government shutdown has now dragged on for more than a month.
Big swings keep rocking Wall Street as S&P 500 goes up 2%, down 3%
The U.S. stock market is rallying after it seemed to successfully pass a couple of crucial tests. Not only did Nvidia provide another blockbuster profit report that suggested AI superstar stocks can keep rising, a mixed report on the U.S. jobs market Tuesday also kept alive hopes for more cuts to interest rates by the Federal Reserve. The S&P 500 rose 1.7% Thursday and pulled closer to its all-time high set almost a month ago. The Dow Jones Industrial Average climbed 581 points, and the Nasdaq composite jumped 2.2%. Walmart also rose after delivering better-than-expected results.
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