Stocks have continued to slide in Thursday’s trading session, with the Nasdaq (^IXIC) index leading the way with a 400-point drop. The index fell almost 2% on Thursday thanks to many tech stocks suffering a dip, including Tesla, Nvidia, and Amazon. Chipmakers also dropped, with Advanced Micro Devices (AMD) sliding 6.3% and Palantir (PLTR) falling 5.5%. Nvidia (NVDA) fell 3%. Concerns about Big Tech continued to hurt markets, and private jobs data showed a tough month for layoffs in October 2025.

Indeed, the market received bearish data on jobs on Thursday morning that sent most stocks down, including the Nasdaq. Per a report from Challenger, Gray & Christmas, last month was the worst October for layoff announcements since 2003. Many of those layoffs were seen at top companies like Amazon and Meta, which are cutting costs to fund more AI development.

AI stocks have moved unevenly since the start of November, and that continued in Thursday’s session. Qualcomm shed 3% after the chipmaker posted better-than-expected quarterly results but said it may lose future business with Apple. AMD, a standout on Wednesday, lost 6%, while Oracle declined and 2%, respectively. While the recovery of the AI names briefly aided a market recovery, all three major U.S. indexes are still firmly in the red week to date. Much of those week-to-date losses came on Tuesday.

Investment experts are now opting for bonds over investing in the Nasdaq or other top US indexes. “With yields still attractive and likely to fall, we continue to believe that quality fixed income offers an appealing combination of income and the potential to perform well in the event of slowing economic activity and further rate cuts,” Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management, said in a note.