US stock indexes are down today, with the S&P 500 and Nasdaq 100 at 2-week lows. Challenger, Gray & Christmas reported the most job cuts in October in over 20 years. Semiconductor stock weakness is a market drag. However, bond yields dropping is limiting stock downside. 81% of S&P 500 companies beat Q3 earnings expectations. Challenger job cuts surged +175.3% y/y to 153,074, most for October in 22 years. The Supreme Court is questioning the legality of Trump’s tariffs. Q3 earnings season remains strong. The US government shutdown is impacting the economy. Overseas markets are mixed.

Interest rates are up after weak labor news, with T-note prices supported by the government shutdown. European bond yields are lower. Eurozone retail sales fell unexpectedly. BOE kept rates unchanged. ECB swaps predict a 4% rate cut chance.

Semiconductor stocks like AMD and Qualcomm are down. Elf Beauty, Duolingo, DoorDash, CarMax, Paycom Software, Fortinet, Becton Dickinson & Co are down. Datadog, Coherent, Air Products and Chemicals, Lyft Inc, Cummins, Parker-Hannifin, Rockwell Automation, AppLovin are up.

Earnings reports for various companies were released today.

Read more at Barchart: Stocks Slide on Bleak US Job News and Weakness in Chipmakers