S&P 500 futures fell for another day on Thursday, with popular trades unraveling as investors took a risk-off stance. Futures tied to the broad market index and Nasdaq 100 futures declined 0.6% and 0.8%, respectively. Dow Jones Industrial Average futures shed 165 points, or 0.3%. Alphabet was the latest of the so-called “Magnificent Seven” companies to report earnings results. The company projected a sharp increase in artificial intelligence spending that spooked some investors, calling for 2026 capital expenditures of up to $185 billion. Shares were last down 4% in premarket trading. Alongside Alphabet, Qualcomm came under pressure, sliding 11% in early trading after posting a weaker-than-expected forecast because of a global memory shortage. Elsewhere, the sell-off in the cryptocurrency market continued to gain steam, as bitcoin fell below $70,000 — which is considered a key support level. In the precious metals space, pressure on silver resumed, with the metal’s prices snapping a two-day rebound and dropping as much as 16%. It had plummeted nearly 30% last Friday. Adding to the downbeat sentiment, concerns surrounding weakness in the labor market grew after outplacement firm Challenger, Gray & Christmas reported that U.S. employers announced 108,435 layoffs in January, signifying the highest January total since the global financial crisis. Also, initial jobless claims for the week ended Jan. 31 rose more than expected, according to the Labor Department. Wall Street is coming off a turbulent trading session, with a sell-off in chip and software stocks driving the S&P 500 to a second straight day of losses. The S&P 500 and the Nasdaq Composite slid 0.5% and 1.5%, respectively, as the tech rout intensified. However, the 30-stock Dow added 260 points, or 0.5%. The equal-weighted S&P 500 added 0.9%. Software stocks were pummeled as fears of AI disruption in the industry had investors rotating out of technology en masse, and rotating to other more attractively valued parts of the market. By the end of the trading session, however, many investors suspected the sell-off was overdone, and argued it could be time to buy the dip. “I would say that there’s a lot that’s been sold out,” Sonali Basak, chief investment strategist at iCapital, told CNBC’s “Closing Bell: Overtime” on Wednesday. “And there are software players, particularly the incumbents, that will win at the end, that are worth looking at soon, if not now.” U.S. Treasury yields were lower on Thursday as investors awaited more jobs data and weighed the state of the U.S. economy. The 10-year Treasury yield dropped 4 basis points to 4.238%, and the 30-year Treasury yield was more than 2 basis points lower at 4.893%. The 2-year Treasury note yield was down more than 4 basis points at 3.512%. South Korea markets led declines in Asia-Pacific Thursday, tracking Wall Street losses as the tech sell-off gained momentum. Seoul’s Kospi index tumbled 3.86% to 5,163.57, leading losses in Asia, as chip heavyweights Samsung and SK Hynix fell 5.8% and 6.44%, respectively. Japan’s Nikkei 225 was down 0.88%, closing at 53,818.04 and retreating from a record high. Investment firm SoftBank Group Corp declined over 7% after chip designer Arm’s fiscal third-quarter licensing sales missed estimates. The broad-based Topix reversed gains after being the only index in positive territory earlier, falling marginally to 3,652.41 and also coming off a record high. Hong Kong’s Hang Seng index rose 0.14% to 26,885.24, while the mainland Chinese CSI 300 was down 0.6%, closing at 4,670.42. Both indexes were dragged by basic materials stocks. Australia’s S&P/ASX 200 was down 0.43%, closing at 8,889.2. Oil prices fell on Thursday after the U.S. and Iran agreed to hold talks in Oman on Friday, easing concerns of a potential military conflict between them that could disrupt supply from the key Middle East-producing region. Brent crude futures fell $1, or 1.4%, to $68.47 per barrel at 0152 GMT. U.S. West Texas Intermediate crude prices fell 91 cents, or also 1.4%, to trade at $64.23. Oil prices surged about 3% on Wednesday after a media report suggested the planned talks between the United States and Iran on Friday could collapse. However, later in the day officials from both sides said talks would go ahead on Friday though the topics up for discussion have not been settled. Silver prices tumbled in European trade on Thursday, leading losses across precious metals as the sector faced a wave of renewed selling that largely wiped out a short-lived rebound this week. Spot silver were last down 10.4% to $79.0725 an ounce, remaining in sight of lows hit during last week’s rout. Silver futures for March delivery tumbled more than 6% to $78.545/oz.