Tech-led selloff: Alphabet’s massive 2026 AI capex plan ($175–$185B) and Qualcomm’s weak outlook pressured mega-cap tech; the S&P 500 and Nasdaq fell while defensive groups held up. ([ft.com](https://www.ft.com/content/0d6f19fe-9bf7-464a-8e4f-b3bdd62634e8?utm_source=openai))
Labor data hit sentiment: weekly jobless claims rose, JOLTS openings fell to a ~5‑year low, and Challenger job cuts jumped to the worst January since 2009. Treasuries rallied on growth worries. ([markets.financialcontent.com](https://markets.financialcontent.com/stocks/article/barchart-2026-2-5-stocks-retreat-as-tech-stocks-fall-and-the-us-labor-market-weakens?utm_source=openai))
Crypto and metals slid: Bitcoin fell toward the mid‑$60Ks, adding to risk‑off tone; volatility picked up to recent highs. ([247wallst.com](https://247wallst.com/investing/2026/02/05/stock-market-live-february-5-2026-sp-spy-swimming-in-red/?utm_source=openai))
Select health care outperformed on earnings/guidance (Cardinal Health, McKesson; some staples also firmed), partially offsetting tech weakness. ([newsroom.cardinalhealth.com](https://newsroom.cardinalhealth.com/2026-02-05-Cardinal-Health-Reports-Second-Quarter-Fiscal-Year-2026-Results-and-Raises-Outlook?utm_source=openai))