12:16 PM EST, 11/06/2025 (MT Newswires) -- US equity indexes fell midday Thursday, led primarily by consumer discretionary and technology, after a labor market report showing the highest number of recorded layoffs in October in more than two decades sent government bond yields tumbling.

The Nasdaq Composite slumped 1.7% to 23,099.2, with the S&P 500 down 1% to 6,725.3 and the Dow Jones Industrial Average 0.9% lower at 46,866.5. Communication services, another growth sector where valuation concerns recently reverberated, was among the steepest decliners intraday, while energy led the gainers.

The CBOE Volatility Index, also known as the fear gauge, surged past 12% to 20.22.

The Global X Artificial Intelligence & Technology ETF ( AIQ ) , with net assets of $5.98 billion and investments in AI-related companies, dropped 2.1%.

Outplacement firm Challenger, Gray & Christmas said Thursday that companies planned to cut 153,074 jobs in October, up from 54,064 in September and 55,597 a year ago, posting the largest total for October since 2003. The most cited reason for layoffs was cost-cutting, which accounted for 50,437 of the monthly total, followed by AI, which accounted for 31,039 layoff intentions.

US Treasury yields slumped, with the 10-year yield down 7.2 basis points to 4.09% and the two-year rate lower by 7.7 basis points to 3.56%.

Shareholders will vote Thursday on Tesla (TSLA) Chief Executive Elon Musk's proposed $1 trillion compensation package for the next decade. The results are expected to be released after the meeting concludes. Shares of the electric vehicle manufacturer slumped 4.1%.