Equity Alert
US indices fall Thu on steep losses in technology stocks
This story was originally published at 08:03 IST on 7 November 2025
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Equity Alert: US indices fall Thu on steep losses in technology stocks
MUMBAI--0741 IST--US markets ended lower Thursday due to a large-scale selling pressure among technology stocks over stretched valuations. Investor sentiment was hit as the US government shutdown continued for the sixth week and uncertainty continued due to a dearth of economic indicators.
The S&P 500 index fell over 1% and the NASDAQ composite declined nearly 2%. The Dow Jones Industrial Average was down nearly 1%. Among the technology stocks, the biggest draggers were Nvidia, Microsoft, Palantir Technologies, Broadcom and Advanced Micro Devices. Qualcomm shed nearly 4?ter the chipmaker posted better-than-expected quarterly results but said it may lose future business with Apple, according to a CNBC report.
Job cuts in the US in October totalled 153,074, a 183% surge from September and 175% higher than the same month a year ago, according to outplacement firm Challenger, Gray & Christmas, CNBC reported. It was the highest number of layoffs for any October since 2003. This has been the worst year for announced layoffs since 2009.
Following Wednesday's Supreme Court hearing on the legality of US President Donald Trump's reciprocal tariffs, during which the justices appeared sceptical about the legality of these tariffs, the Trump administration might have to brace for a decision that is likely not to be in its favour, media reports quoted Jefferies as saying.
Following are the closing levels of US indices overnight:
|
INDEX |
LAST LEVEL |
CHANGE IN % |
|
Dow Jones Industrial Average |
46912.3 | (-)0.84 |
|
Nasdaq Composite |
23053.99 | (-)1.9 |
|
S&P 500 |
6720.32 | (-)1.12 |
(P. Madhu Kumar)
End
US$1 = INR 88.61
Edited by Tanima Banerjee
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