CNBC Business News Update Market Open: Stocks Lower, Bitcoin Slides, Alphabet Spending Spooks Investors 2/5/26
Feb 5, 2026
Markets opened lower as stocks slumped and Bitcoin dipped below $70,000. Reports highlight weakening jobs data, rising layoffs and record job cuts. Tech sector focus on Alphabet's heavy AI spending and its impact. Rising searches for cash advances signal consumer strain.
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Broad Market Sell-Off At Open
- Stocks and cryptocurrencies slid sharply at the open, with Bitcoin dipping below $70,000 and major averages down across the board.
- Jessica Ettinger highlights a broad market sell-off led by Amazon and pressure on NVIDIA despite initial strength.
Labor Market Shows Clear Weakening
- The labor market is cooling with the fewest job openings in five years and rising initial unemployment claims.
- Jessica Ettinger and Carl Quintanilla present multiple indicators showing weakening labor demand and elevated layoffs.
JOLTS Miss And Job-Cut Surge
- Carl Quintanilla calls the JOLTS print a “big miss” with 6.5 million openings versus expectations of 7.2 million.
- The episode connects that shortfall to higher unemployment claims and a surge in announced job cuts.