Tech Selloff Deepens, Bessent: 'Up to' Trump to Sue Warsh, More
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What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Nathan Hager. A heavy sell-off is underway on Wall Street with tech stocks leading the way. Right now, the S&P 500 is down 1.1%. The Dow Jones Industrial Average is 1% lower as well. And the tech-heavy Nasdaq Composite is down 1.25%. The 10-year Treasury yield is down more than six basis points to 4.21%. A triple whammy of bad labor news is adding to the stampede. Bloomberg's Michael McKee reports job openings fell in December to their lowest level since 2020, 6.5 million. Economists were expecting seven and a quarter. In terms of the layoffs level, it's up to 1,672,000 from 1,701,000. But the layoffs rate doesn't change 1.1 percent. The quits rate doesn't change at 2 percent.
Bloomberg's Mike McKee says jobless claims came in higher than expected last week at 231,000. That was during last weekend's heavy snowstorm. It is adding more to the tech sell-off after Google parent Alphabet laid out plans for massive AI spending this year, $185 billion at most. Bloomberg Intelligence Global Head of Tech Research Mandeep Singh says investors are asking how long that can last.
2026 will be the peak capex for a lot of these companies. especially in terms of growth rates. You're not going to see 50, 60% growth in CapEx going forward from these numbers.
So that's a given. Mandeep Singh with Bloomberg Intelligence. There's going to be more focus on the AI spending spree when Amazon reports earnings after the close today. Right now, Alphabet shares are lower by 3.2%. Amazon is down 4%. And the sell-off is spreading to Bitcoin as well. That's at $68,000, down more than 6%, well below the cryptocurrency's lowest level since President Trump returned to the White House in 2024. And silver is sinking by more than 11%, wiping out its two-day recovery from a historic rout in precious metals.
What factors are contributing to the tech sell-off on Wall Street?
In Washington, it's day two of congressional testimony for Treasury Secretary Scott Besant. Democratic Senator Elizabeth Warren asked if Besant could promise that President Trump would not sue his Fed chair nominee, Kevin Warsh, if he decides not to cut interest rates. That is up to the president. Can you commit that you will not hold up?
I'm sorry, you can't say that he won't be sued if he doesn't drop interest rates?
Democrat Elizabeth Warren, in that exchange with Secretary Besant and the Senate Banking Committee, Bloomberg's Tyler Kendall is covering the hearing on Capitol Hill.
This is essentially the gatekeeper for Kevin Warsh's nomination. This is the first place that it will go for its vetting. before it heads over to the full floor for the full senate floor for a vote and as you well know senator tom tillis a republican on this committee has been threatening to block that until the legal matter against fed chair jerome powell is resolved i've been talking to a few different republican members on this committee keep in mind they only have a 13-11 majority so all it takes is tillis's vote to block this nomination but a lot of them are telling me that they want to see This investigation wrapped up as quickly as possible. That includes Senator John Kennedy of Louisiana, who has previously been a pretty staunch advocate for the Federal Reserve's independence.
That's Bloomberg's Tyler Kendall on Capitol Hill. President Trump defended his Homeland Security Secretary, Kristi Noem, in a speech this morning at the National Prayer Breakfast.
I did the Super Bowl interview. Sir, are you going to relieve Kristi Noem of her duties? No. No. I said, why would I do that? We have the strongest border in the history of our country.
How are job openings and layoffs impacting the current market?
The president told NBC News that the enforcement in Minneapolis needed a lighter touch and that he decided to pull 700 federal agents from the city after the killings of two Americans last month.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–2:31
2
What factors are contributing to the tech sell-off on Wall Street?
2:31–4:08
3
How are job openings and layoffs impacting the current market?
4:08–6:53
4
What are the implications of Alphabet's AI spending plans for investors?
6:53–7:15
Speakers
6 identifiedMore from Bloomberg News Now
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