Markets took a hit on Thursday as investors ran for safety, ending a short-lived rally from the day before. Stocks tied to artificial intelligence (AI) led a broad selloff on Wall Street, while cryptocurrencies also slumped again.

The pullback came after investors were hit with mixed corporate earnings reports and new concerns about the job market. A private report showed layoffs jumped last month, signaling that the labor market may be weakening. Still, comments from top Federal Reserve officials reduced hopes for interest rate cuts anytime soon. Chicago Fed President Austan Goolsbee and Cleveland Fed President Beth Hammack both expressed doubts about cutting rates further, citing ongoing inflation concerns.

Major stock indices fell sharply:

– The S&P 500 dropped 1%
– The Nasdaq 100, which is heavy in tech and AI stocks, slid 1.8%
– The Dow Jones Industrial Average fell 0.9%

The only sector to show gains was energy, while consumer discretionary stocks took the biggest hit.

Big-name companies reported earnings, but even solid results didn’t impress investors:

– Robinhood (HOOD) plunged nearly 10% despite beating expectations
– Palantir (PLTR) continued its downward streak, now down about 15% since Monday
– Qualcomm (QCOM) fell 5% after weak guidance on licensing revenue
– Nvidia (NVDA) dropped 3% after its CEO warned that the U.S. risks falling behind China in AI development

Crypto markets also saw red. Bitcoin lost 1.7%, trading around $101,000, and Ethereum sank 4%.

Here’s how some major ETFs performed:

– Vanguard S&P 500 ETF (VOO): -1.1% to $615.85
– SPDR Dow Jones Industrial Average ETF (DIA): -1% to $468.69
– Invesco QQQ Trust (QQQ): -1.8% to $611.88
– iShares Russell 2000 ETF (IWM): -1.8% to $240.41
– Energy Select Sector SPDR Fund (XLE): +1%
– Consumer Discretionary Select Sector SPDR Fund (XLY): -2.6%

Earnings movers showed big swings in both directions:

Biggest Losers:
– e.l.f. Beauty (ELF): -34.5%
– Duolingo (DUOL): -26.9%
– Celsius Holdings (CELH): -26.5%
– Enovix (ENVX): -23.1%
– The Honest Company (HNST): -23.5%
– HubSpot (HUBS): -17.8%
– DoorDash (DASH): -15.4%
– American Superconductor (AMSC): -35%
– Aspen Aerogels (ASPN): -42.7%

Gainers:
– Datadog (DDOG): +19.3%
– Snap Inc. (SNAP): +10.2%
– Lyft (LYFT): +7.1%
– Fair Isaac Corp (FICO): +6.5%
– Coherent Corp (COHR): +14.9%
– Smith & Nephew (SN): +7.7%

Other notable stock moves:
– Moderna (MRNA): +2.4%
– AMC Entertainment (AMC): +2.6%
– Oscar Health (OSCR): +2.3%
– AppLovin (APP): +1.8%
– IonQ (IONQ): -1.2%
– Arm Holdings (ARM): -2.6%
– Fortinet (FTNT): -7.2%

More big names like Airbnb, DraftKings, Affirm, Peloton, and Monster Beverage were set to report earnings after the market close.

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