Skydance followed with buyouts after its $111 billion Warner Bros. Discovery deal. Such offers can precede layoffs, making the decision particularly difficult when hiring is slow and the average job search takes 25.4 weeks.

US Treasury yields held near seven-week lows at 4.93%, with the dollar index around 102 and gold recovering above $3,900. Softer oil prices, supported by progress in US-Iran diplomacy, offered some relief from inflation concerns, while AI stocks regained ground. Still, markets price in a 75% probability of a December Fed hike.

AI and semiconductor stocks have lost approximately $5 trillion in market value since October 6, including $835 billion each from Nvidia and Alphabet, while Intel nearly halved. Other major US stocks gained $1.3 trillion, showing that the selloff has been concentrated. Although the S&P 500 has historically risen after every midterm election since 1950, Bank of America warns that continued rate hikes could threaten a recovery.

Check out today's market updates!