What would upset me more is why did a new guy just start yesterday if they are going to be cutting today? This is why I hate working for large companies, they get so damn big that logic seems to be completely lost on them.
If they were logical, then you would definitely be safe. If you are a contractor you do not have a loaded cost like all the people who have benefits. Somehow, they decide that the contractors are always the first to be let go. As someone who has never done the contracting thing, I am glad they are stupid like that. At the same time, if it was really cost cutting they were going for, it doesn't seem to line up with the goal they claim they are going for.