Man, what a day for us tech stocks - everything's getting hammered right now. The Nasdaq is down almost 1.5% and hitting a 2.5-month low, with chip names leading the selloff after Qualcomm missed guidance. Alphabet's also getting crushed, down over 4% after announcing way higher capex plans than anyone expected.

But it's not just about tech weakness. The labor market data this week has been pretty rough - job cuts jumped almost 118% year-over-year in January, unemployment claims hit an 8-week high, and job openings fell to a 5-year low. That's what's really spooking the market today. You can see it everywhere - the S&P 500 is down 1.3%, the Dow's off 1.25%, and futures are all pointing lower.

Bitcoin's taking it on the chin too, down over 7% to a 1.25-year low. The crypto crowd's been getting outflows lately - about $2 billion out of spot Bitcoin ETFs just last month. Meanwhile, us tech stocks in the mega-cap space are all sliding, with the Magnificent Seven really dragging things down.

On the positive side, some earnings have been solid - 81% of companies that reported beat expectations so far. But with 150 more S&P 500 companies reporting this week, we'll see if that momentum holds. The market's also pricing in almost no chance of a rate cut at the March Fed meeting, so that's another headwind. If us tech stocks don't stabilize soon, we could see more pressure into next week.