Stock indexes closed down on Thursday, with the S&P 500, Dow Jones, and Nasdaq 100 all falling. Technology stocks led the decline, with Qualcomm dropping over 8%. Signs of weakness in the US labor market contributed to the sell-off, with job cuts rising and unemployment claims higher than expected. Bitcoin plunged over 12%, impacting cryptocurrency stocks. Earnings season continues, with positive results reported by many S&P 500 companies. The markets are pricing in a 25% chance of a rate cut in March. Overseas markets also closed lower.

Interest rates on 10-year T-notes rallied to a 2.5-week high as the stock market slumped. European bond yields were mixed, with German bund yields falling and UK gilt yields rising. Economic data from Eurozone and Germany showed declines in retail sales and unexpected increases in factory orders. The ECB and BOE both kept rates steady, with concerns in England causing political turmoil. Swaps are indicating a low chance of a rate cut by the ECB in March.

US stock movers included technology stocks like Qualcomm, Amazon, and Microsoft leading the declines. Cryptocurrency-exposed stocks also fell sharply. Cybersecurity stocks, Fluence Energy, Estee Lauder, Ares Management, Cummins Inc, and IQVIA Holdings were among the biggest losers. McKesson Corp, Corpay, Tapestry, Hershey, Align Technology, ARM Holdings Plc, and Bristol-Myers Squibb were some of the gainers in the S&P 500 and Nasdaq 100. Earnings reports from various companies were also released on the same day.

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