Live from the Nazak market site in the heart of New York City's Times Square, this is Fast Money.

Here's what's on tap tonight.

Stocks dropping as the AI trade loses steam and the major indices pushing up against some key support levels.

Is this just the momentum names taking a breather or a sign of deeper troubles?

And consumer concerns mounting layoffs and rising prices, just some of the

factors having big swaths of the population feeling left behind. We'll dig into the numbers

and whether there's any relief in sight. Plus, a potential trillion dollar payday for Elon Musk,

Finerman's fine print on the recently issued hyperscaler debt, and thousands of flights a day

set to be grounded starting tomorrow, the impact on airlines, what it means for travel is a holiday season draws near. I'm Melissa Lee, home to you loud from studio, Biazac on the desk tonight. Tim Seymour, Karen Feinerman, Courtney Garcia, and Guy Adami. We start off with stocks back in sell-off mode. As scrutiny on AI evaluations and KEPX plans come back into focus.

The SME down more than a percent while the Dow shed nearly 400 points.

While tech led the losses once again today, the NASDAQ off by nearly 2%.

The NASDAQ 100 is now down almost 3% since Monday, pacing for its worst week since early April.

Among the biggest drags are some of this year's highest flying stocks, the AI stocks.

Invidia, Microsoft Palantir, Broadcom, AMD, responsible for cutting 415 points from the index this week.

All of this amid renewed concerns over the health of the labor market.

While we won't get a jobs report tomorrow, Challenger layoffs for the month of October came in at more than 153,000. That is a 175% increase from last year,

and the highest reading for any October in 22 years. Worse than the pandemic around the same as the great financial crisis. So what should we make of the latest

moves and is a steeper correction coming? It feels like these concerns have been bubbling and here

we are with a sell-off. So the Fed made it clear in Jackson Hole that they were concerned about

the labor market. Clearly these numbers suggest that was the right concern. Of course, the problem is

this ISM services number that we got the other day was hot, which leads me to believe that inflation is still a problem as well. So there's sort of in a bit of a box here. And what I've been noticing, and we've been talking about, Bitcoin's been underperforming now for the last three weeks at least, and that is a risk-on, risk-off situation. I think the VIX has been trying to tell a story as well. And then some of the stock price action you've seen, Oracle filled that in that entire gap. If you go back and look, and that's where we are now. If you look at Amazon, potential for that technical setup that we talked about, that aisle reversal, that's lower. And even Apple off that big quarter has reversed and lower.

So now you're starting to see Good News Bad's price action, which suggests maybe there is more to come.

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