GM is trading at $83.58, down 3.14% from yesterday's close of $86.29, as weak employment data and recession fears trigger a broad market selloff.
- The decline follows a sharp retreat in major indices, with the S&P 500 falling 1.28% and the Nasdaq dropping 1.73% on February 5th.
- Economic concerns are mounting after January job cuts surged 118% year-over-year and weekly jobless claims exceeded analyst expectations.
- GM's CFO recently warned that the company is preparing for an economic downturn, adding pressure to the automotive sector alongside the broader market retreat.