NEW YORK (AP) — Sharp drops hit Wall Street on Thursday as technology stocks fell and bitcoin plunged again to roughly half its record price set last fall. Several discouraging reports on the U.S. job market also knocked down yields in the bond market.

The S&P 500 fell 1.2% for its sixth loss in the seven days since it set an all-time high. The Dow Jones Industrial Average dropped 592 points, or 1.2%, and the Nasdaq composite sank 1.6%.

Qualcomm fell 8.5% for one of the market’s bigger losses even though the chip company topped analysts’ expectations for profit and revenue in the latest quarter. Its forecast for profit in the current quarter fell short of analysts’ expectations as an industrywide shortage of memory pushes some handset makers to cut back on orders.

In the bond market, Treasury yields sank after a report said the number of U.S. workers applying for unemployment benefits jumped last week by more than economists expected. That could be a signal that the pace of layoffs is accelerating.

Some economists suggested last week’s rise could be statistical noise, and the total number remains relatively low compared with history. But a separate report said that layoffs announced by U.S.-based employers surged last month. The 108,435 was the highest number for a month since October, according to global outplacement and executive coaching firm Challenger, Gray & Christmas.

For a January, it’s the worst since 2009 during the Great Recession.

A third report from the U.S. government said that employers were advertising the lowest number of job openings in December in more than five years.

Weakness in the job market could push the Federal Reserve to cut interest rates to support the economy, even if it also risks worsening inflation. Treasury yields fell across the board in response.

The yield on the 10-year Treasury sank to 4.19% from 4.29% late Wednesday. That’s a notable move for the bond market.

The moves were even sharper in commodities markets.

Silver’s price dropped 9.1% in its latest wild swing since its record-breaking momentum suddenly halted last week.

Gold’s price fell 1.2% to settle at $4,889.50 per ounce. It’s been careening back and forth since roughly doubling in price over 12 months. It neared $5,600 last week and then fell below $4,500 on Monday.