U.S. Stocks Fall on Tech AI Spending Concerns and Weak Labor Market Data

U.S. stock markets declined sharply amid concerns over rising artificial intelligence (AI) capital spending by major tech firms like Alphabet, Amazon, and Microsoft, which raised investor worries about near-term profitability. The Nasdaq and S&P 500 experienced notable losses, with software stocks particularly affected by fears of AI disruption. Weak U.S. labor data, including increased layoffs and rising unemployment claims, added to market uncertainty. Precious metals and cryptocurrencies also fell, reflecting broader risk-off sentiment globally, while Asian markets extended losses following Wall Street's selloff.