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Market Soars Amid Job Cuts and Fed Uncertainty

11/2/2025

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Summary

Story summary

The S&P 500 rises, led by the Magnificent Seven, up over 40% since April, as investors await private-sector hiring data.
Federal Reserve Chair Jerome Powell indicated December rate cuts are uncertain, citing Fed divisions and a government shutdown reducing visibility.
Amazon has cut 14,000 jobs.
General Motors temporarily laid off 5,500 workers.
GM plans to reassess electric-vehicle output after changes to tax credits.

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Story summary

The S&P 500 rises, led by the Magnificent Seven, up over 40% since April, as investors await private-sector hiring data.
Federal Reserve Chair Jerome Powell indicated December rate cuts are uncertain, citing Fed divisions and a government shutdown reducing visibility.
Amazon has cut 14,000 jobs.
General Motors temporarily laid off 5,500 workers.
GM plans to reassess electric-vehicle output after changes to tax credits.