Just been watching the market today and it's pretty brutal out there. The S&P 500 dropped 1.30%, Nasdaq 100 fell 1.49%, and the whole US tech stocks sector is getting hammered. We're talking about a 1.5-month low for the S&P and 2.5-month low for the Nasdaq at this point.

The main culprit? US tech stocks took it on the chin today, especially chip makers. Qualcomm got absolutely crushed, down over 8% after they came out with weaker Q2 guidance than expected. Alphabet also tanked more than 4% because of their massive capex forecast for 2026 - they're planning to spend between 175 to 185 billion, which is way above what analysts were expecting. That kind of spending could really impact their free cash flow.

But it's not just about earnings misses. The labor market data came out looking pretty rough. Job cuts in January jumped 117.8% year-over-year to over 108,000 - the biggest January since 2009. Weekly unemployment claims also rose more than expected to 231,000, hitting an 8-week high. And here's the kicker - job openings unexpectedly fell to a 5.25-year low. That's the kind of signal that makes traders nervous.

Crypto is getting absolutely wrecked alongside US tech stocks. Bitcoin dropped over 7% and hit a 1.25-year low. The outflows have been intense too - about 2 billion came out of spot Bitcoin ETFs just last month, and over 5 billion in the past three months. That's some serious liquidation pressure.

The interesting part is that Treasury yields are actually rallying as people flee to safety. The 10-year yield dropped to 4.212%, down 6.2 basis points. When US tech stocks are crashing and people are worried about the labor market, bonds become the safe haven. The market is only pricing in a 25% chance of a rate cut at the March Fed meeting, so expectations are still pretty cautious.

Earnings have been one of the few bright spots - 81% of the companies that reported beat expectations, and earnings growth is expected to climb 8.4% in Q4. But even that's not enough to offset the broader concerns about economic weakness and the tech sector's capital spending plans. Definitely one of those days where you're just watching the damage unfold.