US stock indices experienced a significant decline as fears about technology valuations resurfaced alongside troubling labor market data. The Dow Jones Industrial Average dropped 300 points, reflecting investor concerns as layoffs surged and hiring freezes became more prevalent. The Nasdaq fell by 1% as major tech stocks like Meta and Microsoft slipped following their recent earnings reports, exacerbating the sell-off. Additionally, volatility increased on Wall Street as more companies reported disappointing results, prompting traders to shift towards bonds amid uncertainty over economic conditions and potential rate adjustments. Overall, signs of weakness in the labor market contributed to a bearish sentiment that weighed heavily on tech shares and market indices.