US layoffs surged in October, rising to the highest level in more than 20 years, according to data from Challenger, Gray & Christmas. “October’s pace of job cutting was much higher than average for the month,” said chief revenue officer for the data firm. “Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes.”

The Federal Aviation Administration ordered airlines to cut thousands of flights across the US starting Friday as the agency deals with shortages of air traffic controllers during the longest government shutdown in history. Transportation Secretary Sean Duffy and FAA Administrator Bryan Bedford announced that the Trump administration would be cutting 10% of flights at 40 “high impact” airports throughout the country. Airlines expected to cut at least 4% of Friday’s flights at those airports and ramp up to 10% next week.

Tesla (TSLA) shareholders approved CEO Elon Musk’s historic pay package at the company’s annual shareholders meeting. The company reported 75% support among voting shares in favor a nearly $1 trillion pay plan for Musk.

Americans’ household debt levels – including mortgages, car loans, credit cards and student loans – are now at a new record high, according to data from the Federal Reserve Bank of New York. Total household debt reached $18.59 trillion from July through September of this year, up by $197 billion from the previous quarter.

The Nasdaq has slumped 2.8% so far this week and is on track for its deepest weekly decline since April. Several Magnificent Seven stocks have fallen on investor worries that the AI frenzy has pushed valuations too high.

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