This week’s top stories presented a stark contrast: record highs on Wall Street alongside high-profile layoff announcements. Meanwhile, the Fed is set to decide on interest rates without all the normal data at its disposal due to the ongoing government shutdown.

Hiring totals have been weak for U.S. companies, but terminations have largely been slow as well. This week, UPS said it cut 48,000 jobs in management and operations positions. While it had already signaled the move earlier in the year, the total was higher than previously announced.

Amazon is expected to remove 30,000 corporate jobs, many of which occurred this week. Target is slashing 1,800 corporate roles through a combination of layoffs and not filling open positions.

Despite the pessimistic news on the jobs front, the three major indexes on Wall Street all hit record highs this week. Investor optimism was fueled by a variety of factors, including new trade deals and recent corporate earnings.

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