Stock market today: Nasdaq, S&P 500, Dow sink as another tech sell-off has stocks on track for brutal week

Market Overview - US stocks experienced a setback in their recovery efforts, primarily driven by a tech-led sell-off and negative consumer sentiment data [1][2] - The Nasdaq Composite fell approximately 1.8%, while the S&P 500 and Dow Jones Industrial Average lost around 1% and 0.6% respectively [1] Consumer Sentiment - The University of Michigan reported a significant decline in consumer sentiment, dropping to 50.3, which is about a 6% decrease from October and the lowest level since 2022 [2] - The decline in sentiment was attributed to a worsening outlook on personal finances and expectations for future business conditions [2] Employment Data - October job cuts reached their highest level in over 20 years, indicating a potential trend towards the worst year for layoffs since 2009 [3] Economic Updates - The Bureau of Labor Statistics delayed the release of the October jobs report for the second consecutive month due to a government shutdown, leading to increased scrutiny on private data [4] Company-Specific Developments - Tesla approved a $1 trillion pay package for CEO Elon Musk, setting ambitious growth targets for the company's market value, while shares fell by 4% [5] - Investors are closely monitoring potential catalysts such as the end of the US shutdown, a possible interest rate cut in December, and Nvidia's upcoming earnings report, which could influence market sentiment [6]