On Thursday, the S&P 500 Index closed down 1.23%, the Dow Jones by 1.20%, and the Nasdaq 100 by 1.38%, marking a continued sell-off with the S&P hitting a 1.5-month low and the Nasdaq a 2.5-month low. Technology stocks were particularly hard hit, with Qualcomm down over 8% after warning of disappointing Q2 revenue.
In labor market news, Challenger’s January job cuts rose by 117.8% year-over-year to 108,435, the highest for January since 2009. Weekly initial unemployment claims increased by 22,000 to a total of 231,000, surpassing expectations. Additionally, December JOLTS job openings fell to 6.542 million, a 5.25-year low, compared to expectations of 7.250 million.
Bitcoin plunged over 12% to a 1.25-year low, driven by negative market sentiment, with total inflows into U.S. spot Bitcoin ETFs reversing. The cryptocurrency is now nearly 50% down from its October 2021 high.
