Stocks Plummet as Technology Shares Take a Significant Hit

Market Performance: The S&P 500, Dow Jones, and Nasdaq 100 all closed down significantly, with the S&P 500 hitting a 2.25-month low, driven by a sell-off in megacap tech stocks and negative comments from the Federal Reserve regarding interest rates.

Economic Indicators: US nonfarm payrolls rose more than expected, but the unemployment rate increased to a nearly four-year high, indicating mixed signals about the labor market. Initial unemployment claims fell, but continuing claims rose, suggesting challenges for the unemployed.

Corporate Earnings: Q3 earnings season showed strong results, with 82% of S&P 500 companies exceeding forecasts, leading to a 14.6% increase in earnings, significantly above expectations.

Cryptocurrency and Stock Reactions: Bitcoin prices fell over 3% to a 7-month low, impacting related stocks negatively, while Walmart's strong Q3 results led to a 6% increase in its stock, contrasting with declines in other major tech companies.