A trader works at the New York Stock Exchange on Jan. 23, 2026. <\/p>\n
NYSE<\/p>\n
S&P 500 futures<\/a> fell for another day on Thursday, with popular trades unraveling as investors took a risk-off stance.<\/p>\n Futures tied to the broad market index and Nasdaq 100 futures<\/a> declined 0.6% and 0.8%, respectively. Dow Jones Industrial Average futures<\/a> shed 165 points, or 0.3%. <\/p>\n Alphabet<\/a>\u00a0was the latest of the so-called “Magnificent Seven” companies to report earnings results. The company projected a sharp increase in artificial intelligence spending<\/a> that spooked some investors, calling for 2026 capital expenditures of up to $185 billion. Shares were last down 4% in premarket trading.<\/p>\n Alongside Alphabet, Qualcomm<\/a> came under pressure, sliding 11% in early trading after posting a weaker-than-expected forecast<\/a> because of a global memory shortage.<\/p>\n Elsewhere, the sell-off in the cryptocurrency market continued to gain steam, as bitcoin fell below $70,000<\/a> \u2014 which is considered a key support level. In the precious metals space, pressure on silver resumed, with the metal’s prices snapping a two-day rebound<\/a> and dropping as much as 16%. It had plummeted nearly 30% last Friday.<\/p>\n Adding to the downbeat sentiment, concerns surrounding weakness in the labor market grew after outplacement firm Challenger, Gray & Christmas reported that U.S. employers announced 108,435 layoffs<\/a> in January, signifying the highest January total since the global financial crisis. Also, initial jobless claims for the week ended Jan. 31 rose more than expected<\/a>, according to the Labor Department.<\/p>\n Wall Street is coming off a turbulent trading session<\/a>, with a sell-off in chip and software stocks<\/a> driving the S&P 500 to a second straight day of losses. The S&P 500<\/a> and the Nasdaq Composite<\/a> slid 0.5% and 1.5%, respectively, as the tech rout intensified. However, the 30-stock Dow<\/a>\u00a0added 260 points, or 0.5%. The equal-weighted S&P 500<\/a> added 0.9%.<\/p>\n Software stocks were pummeled as fears of AI disruption in the industry had investors rotating out of technology en masse, and rotating to other more attractively valued parts of the market. <\/p>\n By the end of the trading session, however, many investors suspected the sell-off was overdone, and argued it could be time to buy the dip. <\/p>\n