Stock Market Today, Feb. 5: S&P 500 Loses 1.23% as Tech Sell-Off Continues

Market Performance - The S&P 500 fell 1.23% to 6,798.40, driven by AI-driven tech selling and weak labor data [1] - The Nasdaq Composite dropped 1.59% to 22,540.59, while the Dow Jones Industrial Average slid 1.20% to 48,908.72 [1] Sector Movements - Mega-cap tech stocks were the focal point of the sell-off, with Alphabet initially dropping due to concerns over rising AI capital expenditures, ultimately closing down 0.60% at $331.33 [2] - ServiceNow and Salesforce also experienced declines, with ServiceNow falling 7.60% to $102.63 and Salesforce down 4.76% to $189.94 [4] Economic Indicators - Job cuts announced by Challenger surged in January, raising concerns about a potential economic slowdown [3] - The Nasdaq has decreased by 4.83% over the past five days, influenced by a sell-off in SaaS stocks driven by AI replacement fears [3] Cryptocurrency and Commodities - Bitcoin fell below $65,000, marking a nearly 35% decline year-on-year, while Mara Holdings, a Bitcoin miner, dropped almost 20% [5] - Gold and silver prices also faced significant declines, with the ProShares Ultra Silver dropping over 30% [5]