Core Points - The U.S. federal government employee layoff process has officially begun as the government shutdown enters its 10th day [2] - The Department of Education is included in the new round of layoffs, with further personnel reductions expected [2] - The Department of Homeland Security confirmed layoffs at its Cybersecurity and Infrastructure Security Agency (CISA), although specific numbers were not disclosed [2] - The layoffs are part of the White House's plan to "reduce the size of the federal government" [2] Department of Education - The Department of Education was one of the agencies targeted for elimination during the Trump administration, with approximately 4,100 employees at the start of his term [2] - As of October 1, at the onset of the government shutdown, the Department had reduced its workforce to about 2,500 employees [2] Department of Homeland Security - CISA, established in 2018 under the Department of Homeland Security, is responsible for protecting critical infrastructure and cybersecurity [2] - The agency currently employs around 2,540 individuals [2]

Market Overview - US stock markets experienced a significant decline, with the Dow Jones falling by 1.9%, the Nasdaq dropping by 3.56%, and the S&P 500 decreasing by 2.71%, marking the largest single-day drop since April [1][2] - Major technology stocks also saw substantial losses, with Broadcom down nearly 6%, Tesla over 5%, and Amazon close to 5% [3] Trade Tensions - President Trump threatened to significantly increase tariffs in response to stricter export controls on rare earth minerals by other countries, raising concerns about worsening international trade relations [7] - The potential tariff increases are part of a broader strategy to counteract actions taken by other nations, as stated by Trump on his social media platform [7] Government Shutdown and Layoffs - The US federal government has entered its tenth day of shutdown, leading to the initiation of employee layoff procedures as confirmed by the White House [8][9] - The layoffs are part of a plan to reduce the size of the federal government, with the Department of Education also included in the latest round of cuts [10] Commodity Prices - International gold prices rose, with COMEX gold futures increasing by 1.58% to $4035.5 per ounce, marking a weekly gain of 3.15% [11] - Conversely, international oil prices fell sharply, with WTI crude oil futures down 4.24% to $58.90 per barrel, and Brent crude oil futures down 3.82% to $62.73 per barrel, reflecting a weekly decline of 3.25% and 2.8% respectively [12]

Core Points - The U.S. federal government employee layoff process has officially begun as the government shutdown enters its 10th day, according to Russell Vought, Director of the Office of Management and Budget [1] - The U.S. Department of Education has confirmed it is included in the latest round of layoffs, with further personnel reductions expected, although specific details have not been disclosed [1] - The Department of Education, which had approximately 4,100 employees at the start of the Trump administration, has seen its workforce reduced to about 2,500 employees as of October 1, coinciding with the government shutdown [1] - This round of layoffs is viewed as part of the White House's initiative to "reduce the size of the federal government" [1]

Core Points - The U.S. Department of Veterans Affairs plans to reduce nearly 30,000 jobs, significantly less than the initial target of 80,000 [1] - The department employed approximately 480,000 staff at the beginning of the Trump administration and is expected to continue employing nearly 450,000 by the end of the fiscal year [1] - The original proposal aimed to cut the workforce to just below 400,000, which faced widespread condemnation from veterans' groups and Democrats [1]

Core Points - A U.S. judge ordered the Trump administration to restore the "American Volunteer Corps" program in 24 states, while refusing to block agency layoffs [1] - The lawsuit was initiated by 24 states and Washington D.C. on April 29, accusing the government of cutting jobs and terminating the program [1] - The lawsuit claims that 85% of the "American Volunteer Corps" employees were placed on administrative leave in early April, and the agency began issuing layoff notices to these employees last week [1] - The program, valued at nearly $400 million, was immediately terminated as part of the Trump administration's efforts to downsize the federal government [1] - The coalition of states, consisting of 23 Democratic attorneys general and two governors, argued that the government's actions were illegal and infringed upon congressional authority [1]