Financial Technology (Block/Square/Cash App)

Block said AI was a key driver behind its 4,000‑plus job cuts, a development that coincided with a broader market selloff as the S&P 500 fell 0.9%, the Dow plunged 1.4% (about 701 points) and the Nasdaq dropped 1.3%. The rout was stoked by hotter‑than‑expected January PPI (2.9% annualized vs. 1.6% expected), which raised bets the Fed will delay rate cuts, while oil rose about 2.5% amid Iran tensions and investors dumped software and PE‑linked names (software ETF down 1.8% on the day, 23.3% YTD; Apollo -8.5%, Ares -6.2%), even knocking AI leader Nvidia down 3.5% despite strong earnings amid concerns about overvaluation and the sustainability of AI‑driven capex.