AP Business SummaryBrief at 7:18 p.m. EST

Falling tech stocks and a plunge for bitcoin hit Wall Street

NEW YORK (AP) — Sharp drops hit Wall Street as technology stocks sank and bitcoin plunged again to roughly half its record price set in the fall. Several discouraging reports on the U.S. job market also knocked down yields in the bond market on Thursday. 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 1.2%, and the Nasdaq composite sank 1.6%. Bitcoin briefly fell below $64,000, while gold and silver prices resumed their sharp slides. Stock indexes also fell across much of Europe and Asia.

Anthropic, OpenAI rivalry spills into new Super Bowl ads as both fight to win over AI users

OpenAI and Anthropic, the startups behind ChatGPT and Claude, are gearing up for a major showdown. Both need to prove they can turn a profit. Their main battleground is winning over corporate leaders who want AI tools to boost productivity. Anthropic is airing Super Bowl ads mocking OpenAI for introducing ads on ChatGPT. OpenAI CEO Sam Altman called the ads funny but dishonest. This rivalry began when OpenAI leaders left to form Anthropic in 2021. Both companies launched product updates this week. They also face competition from Google, Amazon and Microsoft.

Bessent says it would be up to Trump whether to sue his Fed nominee over interest rates

WASHINGTON (AP) — Treasury Secretary Scott Bessent says it would be up to the president to decide whether to sue Kevin Warsh, Donald Trump's nominee for Federal Reserve chair, if he doesn't lower interest rates. Trump joked about suing Warsh during a private dinner on Saturday. He later told reporters it was all in jest. Sen. Elizabeth Warren questioned Bessent about Trump's remarks during a Senate Banking Committee hearing on Wednesday. Concerns have risen over the Trump administration's interference with the Fed's independence. Sen. Thom Tillis has said he won't support Warsh's nomination until an investigation into current Fed chair Jerome Powell is resolved.

Amazon misses 4Q profit estimates despite better-than expected growth in cloud computing business

NEW YORK (AP) — Amazon sales surged 14% during the fourth quarter, helped by strong holiday spending and better-than-expected growth in its cloud computing unit. But the Seattle-based online behemoth’s shares fell nearly 10% in after hours trading as its profits came in slightly below analysts’ expectations. Investors also didn’t seem to like Amazon’s announcement that it was stepping up its capital expenditure to $200 billion this year, up from  $125 billion last year as it sees opportunities in artificial intelligence, robots, semiconductors and satellites.

Google's quarterly results paint a picture of an internet powerhouse getting stronger in AI age

SAN FRANCISCO (AP) — Google’s latest quarterly report provided further evidence that its internet empire is withstanding an artificial intelligence shakeup that’s turning into another potential boon for the company. The numbers released Wednesday marked the third consecutive quarter that Google has boosted its digital ad sales by more than 10% from the previous year while also posting revenue gains of more than 30% in its division that powers data centers for AI services. That growth during the October-December period propelled Google’s corporate parent Alphabet Inc. well past the earnings forecasts of stock market analysts.

US job openings fall to 6.5 million, fewest since 2020, as labor market remains sluggish

WASHINGTON (AP) — U.S. job openings fell to the lowest level in more than five years, another sign that the American labor market remains sluggish. The Labor Department reported Thursday that vacancies fell to 6.5 million in December — from 6.9 million in November and the lowest since September 2020. Layoffs rose slightly. The number of people quitting their jobs — which shows confidence in their prospects — was basically unchanged at 3.2 million.

Pizza Hut closing 250 US stores as parent company considers selling the brand

Pizza Hut plans to close 250 U.S. restaurants in the first half of this year as its parent company considers a sale of the chain. Yum Brands said Wednesday it’s targeting underperforming Pizza Hut restaurants in its system. Pizza Hut has more than 6,000 U.S. locations. Louisville, Kentucky-based Yum Brands said in November it was conducting a formal review of options for Pizza Hut, which has struggled with outdated stores and growing competition. The chain’s U.S. same-store sales fell 5% last year. Growth has been stronger internationally, where Pizza Hut's same-store sales rose 1%. China is Pizza Hut's second-largest market after the U.S.

Argentina and US sign a major trade deal to slash tariffs and boost a political alliance

BUENOS AIRES, Argentina (AP) — Argentina and the United States have reached an expansive trade deal, a win for Argentine President Javier Milei as he moves to open up the South American nation’s notoriously protectionist economy and a reflection of the close alliance between the radical libertarian and U.S. President Donald Trump. Argentina’s foreign minister, Pablo Quirno, announced the deal's signing on social media on Thursday. The countries reached a framework for the agreement last November, saying Argentina would ease restrictions on a range of American imports, including cattle, dairy products, medicines, chemicals, machinery, medical devices and vehicles. Those were key concessions for Argentina, whose industries have expressed concern about their ability to compete with American manufacturers.

US applications for jobless benefits jump by 22,000 to 231,000 last week, the most in 2 months.

WASHINGTON (AP) — The number of Americans applying for unemployment benefits jumped last week but remains in the same historically low range of the past few years. Applications for jobless aid for the week ending Jan. 31 rose by 22,000 to 231,000 from the previous week, the Labor Department reported Thursday. That’s significantly more than the 211,000 new applications that analysts had forecast. Applications for unemployment benefits are seen as representative of U.S. layoffs and are close to a real-time indicator of the health of the job market. The total number of Americans filing for jobless benefits for the previous week ending Jan. 24 grew by 25,000 to 1.84 million.

Average US long-term mortgage rate barely budges, holding near 6%

The average long-term U.S. mortgage rate barely budged this week, staying close to 6% as the spring home-buying season nears. Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate edged up to 6.11% from 6.1% last week. One year ago, the rate averaged 6.89%. This is the latest increase since the average rate eased three weeks ago to 6.06%, its lowest level in more than three years. Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation.