Sharp drops hit Wall Street as technology stocks and Bitcoin plunged. Reports on the U.S. job market contributed to the decline. The S&P 500 fell 1.2%, the Dow dropped 592 points, and the Nasdaq sank 1.6%. Qualcomm’s stock fell despite beating profit expectations. Treasury yields dropped due to an increase in unemployment benefit applications.

The bond market saw a significant decline in Treasury yields after a jump in U.S. workers applying for unemployment benefits. Layoffs announced by U.S. employers surged last month, reaching the highest number since October. Weakness in the job market may lead to a cut in interest rates by the Federal Reserve. The 10-year Treasury yield fell to 4.19%.

Commodities markets also experienced sharp movements. Silver’s price dropped 9.1%, while gold fell 1.2% to $4,889.50 per ounce. Both metals had been surging due to economic concerns. Bitcoin fell over 12% below $64,000, dragging down stocks in the crypto industry. Alphabet’s stock slipped despite reporting strong profits, as investors questioned spending on AI technology.

Companies that could benefit from increased AI spending saw gains, with chip company Broadcom adding 0.8%. McKesson jumped 16.5% after reporting strong profits. Estee Lauder topped targets but saw a decline in shares. Overall, the S&P 500 fell 84.32 points, the Dow dropped 592.58 points, and the Nasdaq sank 363.99 points. International markets also saw declines, with European and Asian indexes falling.

Read more at Yahoo Finance: Falling tech stocks and a plunge for bitcoin hit Wall Street