The major averages came under pressure today even as earnings keep rolling in from corporate America. Profit-taking persisted with the recent highflyers including artificial intelligence stocks.  The Dow Jones Industrial Average fell 398 points, or 0.84%. The S&P 500 fell 75 points or 1.1% while the Nasdaq fell 445 points or 1.9%.

Earnings keep flooding in from the likes of Arm Holdings, Qualcomm, DoorDash, eif Beauty, Lyft, Robin Hood, Cummins, Madison Square Garden, Papa Johns, Conoco, Warner Brothers Discovery and Under Armour among others.

Chip stocks Qualcomm and Arm Holdings were lower on earnings. Nvidia drops 3% as Google creates their own AI chip. Google is one of the few tech stocks higher today.  

Interest rates fell as October saw a significant number of layoff announcements. Job cuts for the month totaled 153,074, marking an increase of 183% from September and 175% from the year-ago period, according to Challenger, Gray & Christmas. That’s the highest level recorded for October in 22 years. The yield on the 10-year Treasury fell 6 basis points to 4.08%. The 2-year note yield fell 6 basis points as well to 3.56%. The 30-year bond yield dropped 5 basis points to 4.68%.

In the commodity space, oil was quiet, but back below $60 a barrel. Gold was flat at $4000 an ounce. Crypto currencies resumed their pullback after bouncing on Wednesday.

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