The stock market faced significant declines today, with the Dow dropping over 600 points and both the S&P 500 and Nasdaq continuing their downward trends. The tech sector led the selloff, exacerbated by disappointing labor market data and rising concerns over the implications of AI on company revenues. Notably, Alphabet reported increased AI spending, which fueled worries among investors. Asian markets are also expected to decline as the tech rout gains momentum. Bitcoin has plunged below $70,000, reflecting a broader risk-off sentiment in the markets. Traders are anticipating further challenges as additional earnings reports from major tech companies loom.