US open: Stocks lower as tariff hearing, tech layoffs weigh
By Iain Gilbert
Date: Thursday 06 Nov 2025
(Sharecast News) - Major indices were in the red at the open on Thursday, with investors weighing a potential rollback of trade tariffs and signs of stabilisation in artificial intelligence-linked equities.
As of 1500 GMT, the Dow Jones Industrial Average was down 0.19% at 47,223.11, while the S&P 500 shed 0.25% to 6,779.13 and the Nasdaq Composite came out of the gate 0.46% softer at 23,391.21.
The Dow opened 87.89 points lower on Thursday, taking a bite out of gains recroded in the previous session as market participants zeroed in on a Supreme Court hearing on Donald Trump's "reciprocal tariffs" and a pair of fresh PMI readings.
US stocks traded lower early on Thursday as traders continued to focus on a Supreme Court hearing in Washington, where justices appeared sceptical of the legality of Donald Trump's sweeping trade taxes, with a ruling against the administration's policy set to pave the way for tariff relief.
Elsewhere, AI-exposed stocks began rebounding from valuation concerns earlier in the week after Advanced Micro Devices reported better-than-expected third-quarter results, offering further support to the broader market.
In terms of Thursday's earnings, Warner Bros Discovery's quarterly numbers fell short of Wall Street expectations due to lacklustre growth in its streaming unit and continued declines in its cable TV arm as it contended with a strong comparative quarter in 2024, when it got a boost from the Paris Olympics, while Ralph Lauren hiked its FY revenue guidance after beating quarterly estimates thanks to resilient demand for its high-priced Polo shirts and cotton cable knit sweaters.
Still to come, Airbnb, TakeTwo Interactive and Expedia were all slated to report earnings after the close.
On the macro front, US employers cut 153,074 jobs last month, according to Challenger, Gray & Christmas, up 175% year-on-year, with the largest October figure for more than 20 years coming as industries continued to adopt AI and ramp-up cost cutting efforts. October's number took total layoffs for the year to 1.1m through - marking a 65% increase on the same period in 2024. Job cuts so far in 2025 are at their highest level since 2020, when 2.3m layoffs were announced over the same timeframe.
Rostro's Joshua Mahony said: "This morning's 153,074 job cuts for the month of October represents a 175% rise in cuts compared with last October, with challenger attributing AI adoption as a key reason for this. Coming hot off the heels of the Amazon confirmation of 14,000 job losses, it is notable that today's report saw technology as the main area being impacted by cuts. While there remain key concerns around the jobs market, the fact that we have seen expectations of a December rate cut fall to 67% signals the significant shift in confidence since the Fed's recent rate decision."
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Amgen Inc. (AMGN) $319.86 7.81%
Caterpillar Inc. (CAT) $572.27 3.94%
Intel Corp. (INTC) $38.38 3.65%
3M Co. (MMM) $164.54 2.32%
McDonald's Corp. (MCD) $307.17 2.16%
International Business Machines Corporation (CDI) (IBM) $306.90 1.97%
American Express Co. (AXP) $367.41 1.47%
Nike Inc. (NKE) $62.18 1.44%
Verizon Communications Inc. (VZ) $39.67 0.94%
Dow Chemical Co. (DOW) $22.67 0.80%
Dow Jones - Fallers
Home Depot Inc. (HD) $374.38 -2.41%
Microsoft Corp. (MSFT) $507.16 -1.39%
Procter & Gamble Co. (PG) $145.83 -0.94%
Unitedhealth Group Inc. (UNH) $327.34 -0.93%
Walmart Inc. (WMT) $101.76 -0.78%
Salesforce.Com Inc. (CRM) $253.53 -0.69%
Chevron Corp. (CVX) $153.39 -0.48%
Johnson & Johnson (JNJ) $186.43 -0.46%
Cisco Systems Inc. (CSCO) $72.10 -0.30%
Travelers Company Inc. (TRV) $277.76 -0.23%
S&P 500 - Risers
Seagate Technology Plc (STX) $275.77 10.14%
Micron Technology Inc. (MU) $237.50 8.93%
Kohls Corp. (KSS) $17.90 8.88%
Johnson Controls International plc (JCI) $120.94 8.84%
Amgen Inc. (AMGN) $319.86 7.81%
VF Corp. (VFC) $14.81 7.41%
Macy's Inc. (M) $20.89 6.96%
Southwest Airlines Co. (LUV) $31.53 6.57%
United Airlines Holdings Inc (UAL) $96.65 6.48%
American Airlines Group (AAL) $13.42 6.09%
S&P 500 - Fallers
Perrigo Company plc (PRGO) $15.41 -25.21%
Zimmer Biomet Holdings Inc (ZBH) $87.22 -15.15%
Arista Networks Inc. (ANET) $141.52 -8.55%
Archer-Daniels-Midland Co. (ADM) $56.62 -6.37%
Humana Inc. (HUM) $262.63 -6.01%
American International Group Inc. (AIG) $76.92 -5.44%
Brighthouse Financial, Inc. (BHF) $51.80 -4.59%
Emerson Electric Co. (EMR) $133.12 -3.84%
Zoetis Inc (ZTS) $121.18 -3.19%
Nektar Therapeutics (NKTR) $54.26 -3.14%
Nasdaq 100 - Risers
Seagate Technology Plc (STX) $275.77 10.14%
Micron Technology Inc. (MU) $237.50 8.93%
Amgen Inc. (AMGN) $319.86 7.81%
American Airlines Group (AAL) $13.42 6.09%
Lam Research Corp. (LRCX) $165.05 5.95%
Western Digital Corp. (WDC) $160.10 5.20%
Illumina Inc. (ILMN) $122.44 4.77%
Applied Materials Inc. (AMAT) $240.89 4.65%
Starbucks Corp. (SBUX) $82.88 4.12%
Tesla Inc (TSLA) $462.07 4.01%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $6.26 -39.52%
Verisk Analytics Inc. (VRSK) $214.05 -2.70%
Nvidia Corp. (NVDA) $195.21 -1.75%
Synopsys Inc. (SNPS) $409.11 -1.74%
Cadence Design Systems Inc. (CDNS) $327.63 -1.68%
Booking Holdings Inc. (BKNG) $4,911.15 -1.61%
CSX Corp. (CSX) $35.32 -1.45%
Microsoft Corp. (MSFT) $507.16 -1.39%
J.B. Hunt Transport Services Inc. (JBHT) $170.25 -1.38%
Baidu Inc. (BIDU) $123.33 -1.33%
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