U.S. equities fell for another day on Thursday as investors took a risk-off stance, leading popular trades in technology and bitcoin to unravel.
The S&P 500 and the Nasdaq Composite declined 1.2% and 1.6%, respectively. That move helped put tech-heavy Nasdaq on track for its largest three-day drop since April 21, 2025. The Dow Jones Industrial Average
shed 461 points, or 0.9%.
Alphabet was the latest of the “Magnificent Seven” companies to report earnings results. The company projected a sharp increase in artificial intelligence spending that spooked some investors, calling for 2026 capital expenditures of up to $185 billion. Shares were last down 4%. Shares of Broadcom jumped 2% following news of Alphabet’s spending plans, offering some hope for the artificial intelligence trade as the market deciphers its winners and losers.
Alongside Alphabet, Qualcomm came under pressure, sliding 9% after posting a weaker-than-expected forecast because of a global memory shortage.
Elsewhere, the sell-off in the cryptocurrency market continued to gain steam, as bitcoin fell below $70,000 — which is considered a key support level. In the precious metals space, pressure on silver resumed. The metal’s prices snapping a two-day rebound and dropping as much as 16%. It had plummeted nearly 30% last Friday.
