US stocks close more than 1%

US stocks closed lower on Thursday amid a selloff in the technology sector, as investors grew increasingly concerned about inflated valuations of artificial intelligence-related companies. The decline also followed the release of data indicating a deterioration in labor market conditions.

The Dow Jones Industrial Average fell 0.84% (398 points) to 46,912, while the S&P 500 declined 1.12% (75 points) to 6,720. The Nasdaq Composite dropped 1.90% (445 points) to 23,053.

In Europe, the Stoxx Europe 600 fell 0.70% to 567.90, with most major European indices posting losses.

The FTSE 100 in the UK slid 0.42% to 9,735, Germany’s DAX fell 1.31% to 23,734, and France’s CAC 40 dropped 1.36% to 7,964.

In Japan, the Nikkei 225 rose 1.35% to 50,883, and the broader TOPIX added 1.4% to 3,313.

Brent crude futures for January delivery fell 0.22% (14 cents) to $63.38 per barrel, while WTI futures for December delivery declined 0.29% (17 cents) to $59.43 per barrel.

Gold futures for December delivery edged slightly lower, settling at $3,991 per ounce.

A monthly report from Challenger, Gray & Christmas showed that US companies announced 153,070 job cuts in October, up 183% month-on-month — the highest level for October since 2003.