05:12 PM EST, 11/06/2025 (MT Newswires) -- US equities fell Thursday as Wall Street fretted over a report showing a surge in job cuts, while technology stocks came under renewed pressure amid lingering concerns over stretched valuations.

The Nasdaq Composite shed 1.9% to 23,054, the lowest closing level since Oct. 23. The S&P 500 fell 1.1% to 6,720.3, while the Dow Jones Industrial Average lost 0.8% to 46,912.3.

Barring energy and health care, all sectors ended in the red, led by a 2.5% drop in consumer discretionary, followed by technology.

In economic news, US-based employers announced 153,074 job cuts last month, up 183% sequentially and 175% annually, Challenger Gray & Christmas said. Employers have so far announced about 1.1 million job cuts this year, the highest year-to-date total since 2020.

With a US federal government shutdown now into its record 37th day, Friday's release of the official October nonfarm payrolls report remains uncertain. On Thursday, senators continued discussions to resolve the government stoppage, CBS News reported.

Amid the official data blackout, the market is relying on other reports that offer insights into the labor market.

"There's broad evidence of a cooling in hiring and households remain nervous about job security," ING said in a report, adding that the labor market weakness will likely dampen inflation.

US Treasury yields were lower, with the two-year rate losing 6.8 basis points to 3.57% and the 10-year rate down 6.6 basis points at 4.09%.

Several tech names tumbled on Thursday. Nvidia ( NVDA ) declined 3.7%, the second-worst performer on the Dow, followed by Amazon.com's ( AMZN ) 2.9% decline.

Microsoft ( MSFT ) fell 2%, while Palantir Technologies ( PLTR ) and Advanced Micro Devices ( AMD ) lost 6.8% and 7.3%, respectively.

Investors have bet big on artificial intelligence players, driving tech valuations higher, though some analysts are concerned that the AI spending boom may be a bubble.

In other company news, DoorDash ( DASH ) shares slumped nearly 18%, the worst performer on the S&P 500. The food delivery company's third-quarter earnings fell short of market expectations late Wednesday.

CarMax ( KMX ) said Thursday that longtime Chief Executive Bill Nash is stepping down, while the used-vehicle retailer reported downbeat preliminary fiscal third-quarter results, sending its shares tumbling 24%.

Datadog ( DDOG ) shares soared 23%, the top gainer on the S&P 500, as the software maker lifted its full-year outlook amid the ongoing boom in artificial intelligence adoption, with its third-quarter results surpassing Wall Street's projections.

Tapestry (TPR) issued a weak outlook for the key holiday quarter, overshadowing the luxury fashion company's strong first-quarter results that prompted it to lift its full-year guidance. Tapestry shares tumbled 9.6%, among the biggest decliners on the S&P 500.

West Texas Intermediate crude oil was down 0.1% at $59.57 a barrel in Thursday late-afternoon trade.

Cleveland Fed President Beth Hammack said inflation in the US remains elevated, so monetary policy "should be leaning against it."

Following the Federal Reserve's 25-basis-point interest rate cut last week, "I see monetary policy as barely restrictive, if at all, and it's not obvious to me that monetary policy should do more at this time," Hammack said Thursday.

Separately, Fed Governor Michael Barr said the central bank still has "some work to do" to bring inflation down to its 2% objective, Bloomberg News reported.

Gold was down 0.1% at $3,990.10 per troy ounce, while silver fell 0.4% to $47.84 per ounce.