Sharp drops hit Wall Street as technology stocks sank and bitcoin plunged again to roughly half its record price set in the fall.

Several discouraging reports on the U.S. job market also knocked down yields in the bond market on Thursday. The S&P 500 fell 1.2% for its sixth loss in the seven days since it set an all-time high. The Dow Jones Industrial Average dropped 1.2%, and the Nasdaq composite sank 1.6%.

Amazon’s shares fall, but posts strong 4Q sales

Amazon sales surged 14% during the fourth quarter, helped by strong holiday spending and a better-than-expected growth in its prominent cloud computing unit.

But shares fell more than 11% in after hours trading on Thursday as investors appeared to be spooked by the Seattle-based tech company’s plans to increase its capital spending by nearly 60% to $200 billion from last year’s $128 billion as it sees opportunities in artificial intelligence, robots, semiconductors and satellites. The company’s fourth-quarter profits also were slightly below analysts’ projections.

Up to Trump whether to sue his Fed nominee

Treasury Secretary Scott Bessent says it would be up to the president to decide whether to sue Kevin Warsh, Donald Trump’s nominee for Federal Reserve chair, if he doesn’t lower interest rates.

Trump joked about suing Warsh during a private dinner on Saturday. He later told reporters it was all in jest. Sen. Elizabeth Warren questioned Bessent about Trump’s remarks during a Senate Banking Committee hearing on Wednesday. Concerns have risen over the Trump administration’s interference with the Fed’s independence. Sen. Thom Tillis has said he won’t support Warsh’s nomination until an investigation into current Fed chair Jerome Powell is resolved.

US job openings fall to 6.5 million

U.S. job openings fell to the lowest level in more than five years, another sign that the American labor market remains sluggish.

The Labor Department reported Thursday that vacancies fell to 6.5 million in December — from 6.9 million in November and the lowest since September 2020.

Pizza Hut to close 250 US stores

Pizza Hut plans to close 250 U.S. restaurants in the first half of this year as its parent company considers a sale of the chain. Yum Brands said Wednesday it’s targeting underperforming Pizza Hut restaurants in its system.

Pizza Hut has more than 6,000 U.S. locations. Louisville, Kentucky-based Yum Brands said in November it was conducting a formal review of options for Pizza Hut, which has struggled with outdated stores and growing competition.

US applications for jobless benefits jump

The number of Americans applying for unemployment benefits jumped last week but remains in the same historically low range of the past few years.

Applications for jobless aid for the week ending Jan. 31 rose by 22,000 to 231,000 from the previous week, the Labor Department reported Thursday. That’s significantly more than the 211,000 new applications that analysts had forecast.

Average US mortgage rate barely budges

The average long-term U.S. mortgage rate barely budged this week, staying close to 6% as the spring home-buying season nears.

Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate edged up to 6.11% from 6.1% last week. One year ago, the rate averaged 6.89%.