Just caught up on what happened in markets this week and it's pretty rough out there. The major indices got hit hard with stocks fall across the board - S&P 500 down 1.3%, Nasdaq 100 down nearly 1.5%, and it's been the worst week in a minute. Tech stocks were the main casualty with Qualcomm leading the selloff after missing revenue guidance, and Alphabet also getting hammered over those massive capex plans for 2026.

What's really spooking people is the labor market data. Job cuts jumped 117% year-over-year in January, initial unemployment claims spiked higher than expected to an 8-week high, and job openings fell way below forecast. That's enough to make anyone nervous about what's coming next. Bitcoin also got caught in the downdraft, falling over 7% to 1.25-year lows as the broader risk-off sentiment spreads through crypto.

Funny thing is while stocks fall, bonds are rallying hard on the safe-haven bid. The 10-year yield dropped to 4.21% as traders price in potential rate cuts. Earnings season is in full swing though - about 81% of companies that reported beat expectations, which is still a bright spot. Markets are watching closely to see if the labor weakness becomes a bigger problem or if earnings can keep holding things up.