Stock Market Today: Dow, S&P 500, Nasdaq Slide as Tech Sell-Off Deepens While Silver and Bitcoin Dive

U.S. stocks took a steep dive on Thursday amid a deepening technology sell-off and renewed volatility across commodities and crypto markets. The Dow Jones Industrial Average fell more than 500 points, while the S&P 500 dropped about 1.2% and the Nasdaq Composite slid roughly 1.5%, extending losses tied to mounting anxiety around AI spending and growth expectations.

The downturn reflects a broader shift in market tone after weeks of turbulence in software and semiconductor names. Investors are reassessing whether massive AI-related capital expenditures will translate into near-term profits, a question now rippling across global equities and dragging major U.S. indexes lower.

Market Movers:

• Hershey (HSY) +7%: Shares surged after the company forecast a sharp rebound in 2026 profitability, signaling that pricing power and steady demand could offset concerns tied to weight-loss drugs. Strong earnings guidance and a dividend increase reinforced confidence in the consumer staples giant’s outlook.
• Arm (ARM) +5%: Shares gained after quarterly results topped expectations, with royalty strength helping counter softer licensing trends. Analysts suggested worries about smartphone demand and memory pricing may be overdone as high-end devices continue supporting growth.
• Celestica (CLS) +5%: The stock climbed as Alphabet’s massive planned AI capital spending boosted sentiment toward hardware suppliers tied to data-center buildouts. Investors see renewed spending flows benefiting companies embedded in hyperscale infrastructure.
• Peloton (PTON) -24%: Shares plunged after weak quarterly results and a cautious outlook overshadowed improving margins and cost controls. The departure of the company’s CFO added to investor concern about near-term stability.
• Snap (SNAP) -11%: The social media firm dropped despite solid operating metrics as guidance came in slightly below expectations. Slowing user momentum and softer near-term revenue outlook weighed on sentiment.
• CleanSpark (CLSK) -11%: Crypto-linked equities tumbled alongside a sharp decline in Bitcoin prices, reflecting broader weakness across digital asset markets. The sell-off spread across miners and exchanges as risk appetite faded.
• QUALCOMM (QCOM) -9%: Shares slid after weak guidance tied to memory supply constraints and softer handset demand. Investors focused on near-term pressure despite management pointing to longer-term growth in AI and industrial markets.
• Alphabet (GOOG) -4%: Shares fell as investors reacted to a steep planned increase in AI capital spending despite an earnings beat. Concerns are growing that surging investment levels could pressure margins before returns materialize.

AI Spending Anxiety Drives Market Mood

The key theme shaping markets is centered around uncertainty in AI economics. Massive spending commitments from major technology firms are raising questions about how quickly those investments will translate into revenue and profit growth, fueling a trillion-dollar drawdown across parts of the tech sector. At the same time, executives and investors are debating whether fears of AI disrupting traditional software models are overblown. Some industry leaders argue enterprise software remains deeply embedded in corporate operations, but markets have yet to fully embrace that reassurance.

Labor Weakness and Cross-Asset Volatility Add Pressure

New economic data compounded the cautious mood. Rising jobless claims, falling job openings, and elevated layoff announcements signaled cooling labor demand, increasing concern that economic momentum may be slowing heading into spring. Outside equities, volatility intensified. Silver suffered a steep plunge as overseas selling accelerated, while Bitcoin dropped below key psychological levels amid fading policy optimism and persistent bearish positioning among institutional holders. These cross-asset moves reinforced the risk-off tone across markets.

All Eyes on Amazon and Cloud Growth

Attention now turns to Amazon’s earnings, with investors closely watching the performance of its cloud computing unit. After signs of slowing growth at competing platforms, the results could shape expectations for the broader cloud and AI infrastructure landscape. Because cloud profitability underpins much of Big Tech’s valuation, any disappointment could extend the technology sell-off. Conversely, resilient growth may help stabilize sentiment after a volatile stretch.

Looking Ahead

Markets remain caught between long-term optimism around artificial intelligence and short-term uncertainty about costs, competition, and economic momentum. Upcoming earnings, labor data, and signals from cloud providers will be critical in determining whether the current sell-off deepens or begins to stabilize. Until clearer evidence of sustainable AI-driven growth emerges, volatility across equities, commodities, and crypto is likely to persist — keeping investors cautious as the new month unfolds.