US markets today: Tech-led selloff drags S&P 500, Dow, Nasdaq lower; bitcoin, gold, silver fall

US markets declined sharply on Thursday as losses in technology stocks, led by Alphabet, combined with weak labour market signals to weigh on investor sentiment, according to AP.The S&P 500 fell 1.2% and was heading toward its sixth loss in seven sessions after recently touching a record high. The Dow Jones Industrial Average dropped 606 points, or 1.2%, while the Nasdaq composite declined 1.5% as of 10:45 a.m. Eastern time.Alphabet was the biggest drag on the market, falling 4.3% despite reporting stronger quarterly profit than analysts expected. Investors instead focused on the company’s aggressive spending plans on artificial intelligence. Alphabet said its spending on equipment and other investments could double this year to about $180 billion, far exceeding analysts’ expectations of less than $119 billion, according to FactSet.Bond markets also reflected risk-off sentiment. Treasury yields fell after data showed US unemployment benefit applications rose more than economists expected, signalling potential acceleration in layoffs. Additional data showed layoffs announced by US-based employers surged to 108,435 last month, the highest monthly total since October and the worst January reading since 2009, according to Challenger, Gray & Christmas.Separate government data showed job openings declined in December compared with both the previous month and year-ago period, hitting their lowest level in more than five years.The weaker labour market outlook could increase pressure on the Federal Reserve to cut interest rates to support growth, even as it risks fuelling inflation. The yield on the 10-year Treasury dropped to 4.21% from 4.29% late Wednesday.Commodity markets saw even sharper volatility. Silver plunged 13.3% in its latest sharp swing after last week’s record rally ended. Gold fell 2.3% to $4,838.80 per ounce, after touching nearly $5,600 last week and falling below $4,500 earlier this week.Both precious metals had surged earlier as investors sought safer assets amid political uncertainty, high valuations in equities and rising global debt concerns. Analysts had warned such rapid gains were unsustainable and due for correction.Bitcoin also fell sharply, dropping below $68,000 from its record above $124,000 reached in October. The decline hit crypto-linked stocks, with Coinbase Global falling 8.3% and Strategy dropping 11.9%.Among other stocks, Qualcomm declined 7.2% despite beating profit and revenue expectations, as its current-quarter profit forecast disappointed amid industry memory shortages affecting handset demand.Estee Lauder also beat Wall Street expectations and raised full-year forecasts but warned tariff-related pressures could erase about $100 million in profits. Its shares dropped 21.2%.Some stocks benefited from continued AI-related spending. Chipmaker Broadcom rose 3.7%, helping limit broader market losses. McKesson surged 16.8% after posting stronger-than-expected profit and revenue and raising its profit outlook for the fiscal year.Global markets also weakened. London’s FTSE 100 fell 0.9% after the Bank of England held rates steady. France’s CAC 40 declined 0.7%, and Germany’s DAX fell 0.9% after the European Central Bank also kept rates unchanged.In Asia, South Korea’s Kospi dropped 3.9% from record levels, while Samsung Electronics fell 6%, reversing part of gains made earlier in the week.