The S&P 500 Index is down 1.30%, the Dow Jones Industrials Index has fallen 1.25%, and the Nasdaq 100 Index is down 1.49%, marking a continuation of the week’s sell-off that has led the S&P 500 to a 1.5-month low. Key contributors to this decline include Qualcomm, which dropped over 8% after forecasting weaker Q2 revenue, and Alphabet, down over 4% due to a projected increase in capital expenditures that exceeded analyst expectations.
In labor market news, Challenger reported that January job cuts rose 117.8% year-over-year to 108,435, the highest level since 2009. Additionally, weekly initial unemployment claims increased by 22,000 to 231,000, the highest in eight weeks, and December JOLTS job openings saw a surprise drop of 386,000 to a 5.25-year low of 6.542 million.
In cryptocurrency, Bitcoin is down more than 7%, reaching a 1.25-year low, and demonstrating volatility with a 45% drop from its October peak. Data from Bloomberg indicated that about $2 billion has exited US spot Bitcoin ETFs in the past month alone. Upcoming economic indicators include the University of Michigan’s January consumer sentiment index, expected to fall to 55.0.
