S&P 500, Nasdaq sink, adding to tech sell-off after jobs data as Google slides, Amazon looms

US weekly applications for unemployment benefits increased by more than expected last week, as snowstorms across much of the country may have led more people to file for assistance.

Jobless claims for the week ending Jan. 31 increased by 22,000 to 231,000 claims, exceeding economists’ forecasts, the Labor Department reported Thursday.

Continuing claims, a proxy for the total number of people receiving state unemployment benefits, increased to 1.84 million.

Distortions from winter weather notwithstanding, the number of Americans filing for jobless benefits suggests the labor market remains broadly stable if not cooling gradually.

Though in a sign of cracks appearing in the “low hire, low fire” trend that has characterized the labor market for over a year, layoffs jumped in January to their highest level for that month in 17 years, according to Challenger data (scroll down for more on this).

Yahoo Finance’s Emma Ockerman reports:

Read more here.

Yahoo Finance’s Hamza Shaban reports:

Jeff Bezos came, he saw, he conquered.

Maybe not in the way you’d expect from a onetime financial savior of an iconic newspaper. There are now two Bezos eras at the Washington Post: The first started when he rescued it in 2013. The second began when he saw it gutted, blessing mass layoffs the company executed on Wednesday.

… On social media and in news coverage in the aftermath, Post employees, the labor union, and alumni (myself included) strongly criticized the decision.

Others have pointed to more recent moves by Bezos.

Leading up to the Post’s deep cuts, several media observers highlighted Amazon’s enormous budget to produce and market the new documentary “Melania,” about first lady Melania Trump.

Amazon’s extraordinary spending prompted questions about the movie working as a kind of bribe from Bezos to the White House. (Amazon says they licensed the movie because they think people will love it. The film’s Rotten Tomatoes scores and box office numbers have inspired a news cycle of their own.)

But the splashy Melania rollout provided an ugly contrast to the austerity Bezos was serving down to the Post’s newsroom. In the worst light, critics said Bezos was willing to burn money to please the president but was now unwilling to do so for journalism in the public interest.

Read more here in the takeaway from today’s Morning Brief.

Chinese EV maker Nio (NIO) sent its shareholders a profit alert on Thursday morning, letting them know that the company expects to post its first-ever profit in the fourth quarter.

Nio said it will see an adjusted profit from operations of 200 million Chinese yuan (approximately $29 million) to 700 million yuan (approximately $100 million).

The company attributed the profit to sustained sales growth, improved margins from its product mix, and ongoing cost-cutting measures.

Nio stock popped 6% in premarket trading.

From Bloomberg:

Read more here.

Bitcoin (BTC-USD) tumbled, falling $71,000 per token on Thursday after Treasury Secretary Scott Bessent suggested the US government would not bail out the cryptocurrency.

But the leading cryptocurrency was paring deeper overnight losses in the wake of Bessent’s comments, after entering the key mid-$70,000 support region.

Yahoo Finance’s Ines Ferré and Grace O’Donnell report:

Read more here.

Snap (SNAP) stock galloped higher after a strong holiday quarter for advertising lifted earnings above Wall Street’s estimates.

Snap stock rose 6% before the bell on Thursday.

For the fourth quarter, the video messaging app reported revenue of $1.71 billion and earnings per share of $0.03. That beat Wall Street estimates of $1.7 billion in revenue and a $0.03 loss per share, according to S&P Global Market Intelligence.

Reuters reports:

Read more here.

E.l.f. Beauty (ELF) demonstrated resilience in the fourth quarter following a difficult 2025, with a strong earnings beat and guidance raise.

The affordable cosmetics manufacturer lifted its full-year 2026 sales outlook to a range of $1.6 billion to $1.61 billion from its previous range of $1.55 billion to $1.57 billion. The company also sees greater earnings per share of $3.05-$3.10, an increase from the previous range of $2.80-$2.85.

The stock soared by as much as 8% in premarket trading on Thursdayas the company looks to regain its footing after higher tariffs and other challenges led the stock to lose 40% in 2025. However, the stock pared some of those gains, perhaps due to lower gross margins amid ongoing tariff costs.

Last year, the company also acquired Hailey Bieber’s Rhode brand.

In the fourth quarter, e.l.f. reported better-than-expected earnings per share of $0.65 versus $0.55 expected by Wall Street analysts. Net sales jumped 38% to $489.5 million, topping estimates of $461 million, according to S&P Global Market Intelligence.

“Our value proposition, powerhouse innovation and disruptive marketing engine continue to fuel our brands,” CEO Tarang Amin said in a statement. “We remain confident in our ability to grow market share and deliver best-in-class growth in beauty, as reflected by our raised fiscal 2026 outlook.”

Read more about e.l.f.’s quarter from Reuters.

Arm Holdings shares fall as licensing sales miss estimates.

From Reuters:

Read more here.

Bloomberg reports:

Silver (SI=F) fell sharply, wiping out a two-day recovery, as the white metal struggled to find a floor following a historic market rout. Gold (GC=F) also declined.

Spot silver plunged as much as 17% on Thursday, having flickered briefly above $90 an ounce in early Asian trading. After a record-breaking rally that appeared to run too far, too fast, the metal has retreated by more than a third from an all-time high hit on Jan. 29.

“Sentiment seems to have turned soggy across most asset classes, including regional equities and metals,” said Christopher Wong, a strategist at Oversea-Chinese Banking Corp. This has created “a feedback loop amid thin market liquidity,” he said.

The sudden and sharp decline in precious metals also weighed on sentiment in base metals markets, with copper falling more than 1% to slip below $13,000 a ton. Meanwhile, spot gold dropped as much as 3.5% in choppy trading.

Read more here.

Qualcomm (QCOM) stock fell around 11% in premarket trading on Thursday after the chip designer’s results beat on the top and bottom lines but its forecast was lighter than expected. A memory chip shortage stemming from data center developers scooping up chips and chipmakers shifting production to cater to AI demand added pressure to the company’s outlook.

In the fiscal first quarter, the company said revenue increased 5% year over year to $12.3 billion, while earnings per share rose to $2.78. Qualcomm beat analyst estimates on the top and bottom lines, with consensus estimates forecasting $12.1 billion in revenue and earnings per share of $2.75, according to S&P Global Market Intelligence.

However, the outlook for the fiscal second quarter dimmed as a supply crunch in memory chips weighs on margins and the smartphone market.

Second quarter revenue is expected in the range of $10.2 billion to $11 billion (analysts were looking for $11 billion at the midpoint). Adjusted diluted earnings per share are expected to be in the range of $2.45 to $2.65 (the Street was hoping for $2.87).

“While our near-term handsets outlook is impacted by industry-wide memory supply constraints, we are encouraged by end-consumer demand for premium and high tier smartphones, and remain on track to achieve our fiscal 2029 revenue goals,” Qualcomm CEO Cristiano Amon said in the earnings release.

Reuters reports:

Read more here.

Bloomberg reports:

Read more here.