Investors are on edge as they await the government's crucial monthly jobs report set for release on Friday by the Bureau of Labor Statistics at 8:30 a.m. ET. The tension in the financial markets is palpable as US-based employers have announced plans to cut 172,017 jobs in February—a staggering 103% increase from January, marking the highest February total since 2009, as reported by Challenger, Gray & Christmas.
Thursday saw US stocks open lower, continuing a trend of uncertainty fueled by President Donald Trump’s tariffs. The Dow dropped by 400 points, or 0.94%, at the opening bell, reflecting investor anxiety over the unclear path forward in the trade war.
"Extreme fear" has been the sentiment driving investors for the past week, according to CNN’s Fear and Greed Index.
The technology sector was hit particularly hard. Marvell Technologies (MRVL) fell sharply by 18% in early trading, dragging other tech giants like Nvidia (NVDA) and Palantir (PLTR) with it, leading to a downturn in the Nasdaq. This decline follows a brief rally on Wednesday afternoon that now appears to have been short-lived.
Adding to the market woes, Alibaba announced its own artificial intelligence model, directly challenging both upstart DeepSeek and industry leader OpenAI. This has reignited concerns about spending in the AI sector amid economic instability.
Investors lack clarity and confidence about developments in the trade war, and new economic data has done little to alleviate these concerns. Futures tied to the Dow had already tumbled in early trading due to unease within the labor market, highlighting the precariousness of the current economic environment.