A growing wave of layoffs in the US is starting to unsettle investors, sending equities lower. The S&P 500 fell 1.1% while the Nasdaq dropped 1.9%, with weakness spreading to Asian markets — Japan and Hong Kong each fell around 1%. European stocks opened 0.3% lower, though US futures suggest modest gains at the open.
The prolonged US government shutdown has compounded uncertainty, leaving markets “flying blind” after two consecutive months without official payroll data.
In Europe, the long-running Nexperia saga may be nearing resolution. The Dutch government said it is prepared to reverse its powers over the semiconductor firm if chip supplies from China are restored — a move that could ease strains across the continent’s auto industry.
Tesla shareholders have approved the company’s contentious $1 trillion compensation package for CEO Elon Musk, a decision likely to reignite debate over executive pay in the tech sector.
Gold remains firm in the face of broader market volatility, up 0.6% at $4,014 an ounce.
In the pharmaceutical sector, the battle for obesity drugmaker Metsera intensified as Novo Nordisk’s CEO publicly challenged Pfizer to raise its bid.