Wall Street Rattled by Job Woes as AI Winners Sink: Markets Wrap

Volatility lashed Wall Street, with strong evidence of a cooling labor market pushing high-valuation tech stocks and crypto to big losses while bonds rallied on bets the Federal Reserve will cut rates.

Equities sold off for the second time in three days and 10-year yields tumbled the most in about a month following Challenger, Gray & Christmas Inc. data showing the largest October job cuts in more than 20 years. The Nasdaq 100 slumped 1.9%, and a closely watched volatility index briefly topped 20.