Wall Street Under Pressure as Tech Selloff Deepens and Data Clouds the Outlook

U.S. equities retreated sharply as a renewed wave of selling swept through technology stocks, dragging all major indexes into negative territory. The Nasdaq, S&P 500, and Dow Jones Industrial Average fell decisively, with the Dow shedding roughly 500 points in a single session. The move marked a clear reversal after recent record-setting runs, underscoring how quickly sentiment has shifted away from growth-heavy names.
Rotation Accelerates After Recent Records
The pullback followed a stretch in which markets had notched consecutive highs, particularly in blue-chip stocks. That momentum faded as investors rotated out of technology and reassessed risk across portfolios. The selling pressure broadened beyond a single sector, signaling caution rather than profit-taking alone.


Economic Data Adds to Market Unease

Fresh U.S. data offered little reassurance. Weekly jobless claims rose to 227,000, slightly above expectations, while existing home sales for January dropped to 3.91 million, down sharply from December and well below forecasts. The housing data highlighted ongoing strain from high borrowing costs, reinforcing concerns that economic momentum may be cooling. Attention now turns to upcoming inflation data, which could influence the future path of interest rates.


Earnings Shockwaves Hit Individual Stocks

Corporate results amplified volatility. Several high-profile companies suffered steep post-earnings declines, while others advanced on stronger-than-expected numbers. The mixed reaction reflected a market increasingly unforgiving of any disappointment, particularly in technology and consumer-facing names.


Mega-Cap Tech Loses Its Grip

Most of the largest technology stocks moved lower, with selling pressure concentrated in names that had powered earlier gains. The weakness signaled fading confidence in stretched valuations and uncertainty over how artificial intelligence and competition may reshape long-term profitability.


Pockets of Strength Emerge


Not all corners of the market were weak. Shares of memory storage companies stood out as top performers within the broader index, posting strong gains and offering a rare bright spot amid the selloff.


Rates, Crypto, and the Dollar React


In fixed income, the yield on the 10-year Treasury slipped below 4.13%, easing from recent highs. Bitcoin traded lower, pulling back from an earlier peak, while the U.S. dollar index edged higher to around 96.93, reflecting a cautious, defensive tone.


Commodities Slide with Risk Appetite


Precious metals came under pressure, with gold futures falling more than 2% to about 4,980 dollars and silver tumbling sharply. Oil prices also declined, as West Texas Intermediate crude slid roughly 2.7% to near 63 dollars a barrel.


Fuel Prices Stay Exceptionally Low

Away from markets, U.S. gasoline prices remained near multi-year lows. The national average hovered around 2.90 dollars per gallon, staying below the 3-dollar mark for an extended stretch unseen since 2021. Regional differences remained stark, with drivers in parts of the South paying far less than those on the West Coast.


Corporate and Sector Highlights


Elsewhere, a major global brewer’s shares jumped on strong quarterly results and upbeat sales expectations tied to major sporting events. In the auto sector, a leading used-car retailer announced a new chief executive as it seeks to reverse a prolonged stock slump.


Markets Brace for What Comes Next


With inflation data ahead and confidence in technology clearly shaken, investors remain on edge. The combination of softer economic signals, volatile earnings reactions, and fading hopes for near-term policy easing suggests markets may face continued turbulence in the sessions ahead.