In October, layoffs in the U.S. reached a new high, U.S. stocks plunged, and the market capitalization of encryption fell nearly 2%.

U.S. stocks fell across the board on Thursday, with all three major indices declining as risk aversion increased and funds flowed into the bond market. U.S. layoffs in October reached a 20-year high, deepening concerns about an economic slowdown. Although reports suggested that the Federal Reserve (FED) might cut interest rates, doubts about the overvaluation of tech stocks continued to deter the market. This also led to a nearly 2% drop in the total market capitalization of Crypto Assets, with Bitcoin falling to 102K and Ether dropping to 3,354 dollars.

US company layoffs hit a new high for the same month in 22 years, deepening concerns about market weakness.

According to the latest report from the human resources consulting firm Challenger, Gray & Christmas, U.S. companies announced layoffs of 153,074 people in October, the highest record for the same month since 2003, far exceeding the 54,064 people laid off in September.

Due to the partial shutdown of the U.S. government, official data cannot be released in a timely manner, which deepens the external doubts about economic weakness based on this report that observes the employment situation.

The image shows the number of layoffs by US companies released by Challenger, Gray & Christmas, while a Fed board member indicated a two-rate cut to neutralize the policy.

Fed board member Miran stated in a public appearance this morning that he favors a “two-rate cut” to bring monetary policy back to a more neutral stance. However, he also admitted that:

“Many of my colleagues hope to lower the interest rate by only one basis point each time.”

Show that there are still differences within the Fed regarding the easing pace. Although this statement temporarily boosted the market's expectations for interest rate cuts, the overall weak economic data led the market to choose to turn to safe-haven assets.

The Supreme Court questions Trump's tariff policy, but the Treasury Secretary still describes the trial outcome as optimistic.

On the same day, several Supreme Court justices questioned the legality of the Trump administration's large-scale tariff policy. If the ruling is unfavorable, the current tariffs may be revoked, which will inevitably impact domestic demand and international trade in the United States.

However, U.S. Treasury Secretary Scott Bessent expressed optimism about the outcome of the ruling.

Concerns about technology stock valuations heat up, with chip stocks leading the decline.

Concerns over the high valuations of tech stocks and the AI bubble are rising, making tech stocks the main reason for the current decline, with Meta, Microsoft, and Amazon all experiencing significant drops.

Meta: fall 2.67%

Apple: fall 0.14%

Alphabet: Up 0.15%

Microsoft: fall 1.98%

Amazon: fall 2.86%

Other large chip stocks also fell one after another:

Qualcomm (: fall 4%.

NVIDIA ): fall 3.65%.

Super Micro ( AMD ): fall 7.27%.

Broadcom (AVGO): fall 0.94%.

As risk aversion rises, the crypto market declines across the board.

Due to the rising hedging sentiment, funds are flowing into the bond market or cash reserves, which reduces high-risk assets. As a result, the entire crypto market has fallen nearly 2%, and the Crypto Assets Fear and Greed Index has dropped from 24 yesterday to 21, approaching extreme fear.

Bitcoin also fell from 103K yesterday to 102K, and Ether also fell from yesterday's $3,383 to $3,354.

This article reports that in October, layoffs reached a new high in the US, the US stock market fell sharply, and the market capitalization of Crypto Assets fell nearly 2%. It first appeared on Chain News ABMedia.