Stock market today: Dow, S&P 500, Nasdaq fall as Nvidia leads AI trade lower, jobs jitters reignite

Market Overview - US stocks experienced a significant decline, with the Nasdaq Composite falling nearly 2%, the S&P 500 down 1.1%, and the Dow Jones Industrial Average decreasing by approximately 0.8%, or nearly 400 points [1] - Concerns regarding Big Tech and disappointing private jobs data contributed to the market downturn, leading to a rally in bonds [1][2] Employment Data - The Challenger, Gray & Christmas report indicated that October was the worst month for layoff announcements since 2003, prompting a flight to bonds and causing the benchmark 10-year yield to dip below 4.1% [2] Technology Sector - Investor sentiment remains cautious about tech valuations, with Qualcomm reporting strong earnings and positive guidance, yet its stock fell over 4% due to investor disappointment [2] - Shares of major chip companies like Nvidia and AMD declined after comments from David Sacks regarding the lack of federal bailout for the AI industry, which followed mixed signals from OpenAI's leadership [3] Tesla Developments - Tesla's shareholder meeting focused on a proposed trillion-dollar pay package for Elon Musk, with concerns that he may resign as CEO if the plan is rejected; Tesla shares fell 3.5% [4] Trade Policy Concerns - Skepticism from Supreme Court justices regarding the legality of Trump's trade tariffs was noted, with potential implications for international trade and domestic spending if the policy is rolled back [5] Earnings Reports - Earnings results from Warner Bros. Discovery, Airbnb, and Moderna were highlighted as significant on the earnings docket for the day [5]