Stock market today: Dow, S&P 500, Nasdaq sink after PPI inflation comes in hot, Block lays out AI shift

Market Overview - US stocks experienced a decline, with the Nasdaq Composite and Dow Jones Industrial Average both dropping approximately 1.2%, while the S&P 500 fell by 0.8% due to concerns over wholesale inflation and AI disruption risks [1][2] Company News - Block announced a significant workforce reduction, cutting nearly half of its employees, and plans to overhaul its operations in response to AI's potential impact on business needs [2] - Jack Dorsey, co-founder of Block, indicated that many companies are likely to follow suit with similar structural changes within the next year, leading to a 20% increase in Block's shares during premarket trading [3] - Netflix shares rose after the company decided to abandon its pursuit of Warner Bros. Discovery, allowing Paramount Skydance to acquire the studio, which also positively impacted its stock [4] Economic Indicators - The producer price index (PPI) for January increased by 0.5% month-over-month, surpassing the expected 0.3% rise, while the core PPI, excluding food and energy prices, rose by 0.8%, also exceeding forecasts [5]