Weak U.S. jobs data and big-tech sell-off put global stocks under pressure

Global markets are trading with a cautious, risk-off tone today as weak U.S. labor market data and a sharp pullback in a major U.S. tech heavyweight weigh on sentiment. The combination is reinforcing worries about the strength of the U.S. economy and the durability of the recent equity rally. The main macro driver is softer U.S. employment data, which is raising concerns that the labor market—one of the key supports for consumer spending and corporate earnings—may be losing momentum. A weaker jobs backdrop can signal slower economic growth ahead, which typically pressures global equities as investors reassess profit expectations and shift toward safer assets. At the same time, a steep decline in Alphabet, one of the largest and most widely held technology companies, is dragging down major U.S. indices and spilling over into global risk sentiment. While the specific catalyst for Alphabet’s drop is not fully detailed, a move of this size in such a large company tends to tighten financial conditions via lower equity wealth and can prompt investors worldwide to reduce exposure to growth and tech-related assets. Together, the disappointing U.S. labor data and the sell-off in a key mega-cap tech name are encouraging a more defensive stance across global markets today, with investors focusing on recession risks, the outlook for corporate earnings, and the possibility that central banks may have less room to support growth if inflation remains sticky.