Wall Street Plunges as Alphabet's AI Spending, Weak US Job Data Spark Market Fears

• The S&P 500 fell 1.1%, Dow Jones 0.9%, and Nasdaq composite 1.5% due to Alphabet's drop and discouraging US job market data.
• Alphabet shares sank 4.5% as investors questioned its projected $180 billion AI spending, significantly higher than analyst expectations.
• US Treasury yields fell after a report showed a larger-than-expected jump in unemployment benefit applications, signaling potential layoffs.
• Commodity markets saw sharp declines, with silver dropping 9.8%, gold falling 1.5%, and Bitcoin sinking below $69,000.
• Qualcomm fell 8.9% due to a weak forecast, while Estee Lauder dropped 19.9% over tariff-related profit concerns, despite beating targets.