One major tech index lost $2.3 trillion in a single day on Thursday – the biggest one-day loss on record. The S&P 500 fell 4.4 percent, the Dow dropped more than 1,800 points and the Nasdaq slid into correction territory.

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The selloff started with AI stocks after the midterm elections raised questions about data center construction.

This First Friday episode covers what happened, why it dragged down the whole market and what the latest economic numbers mean for your wallet.

We explain concentration risk and what it means for your index funds. We also talk about how long-term investors can think about short-term swings.

Next, the jobs report. The U.S. added 165,000 jobs in October, nearly three times what economists expected, and unemployment dipped to 4.1 percent. The government also revised August and September up by a combined 84,000 jobs.

We compare those numbers with private payroll data from ADP, which tells a very different story about one major sector. We also look at job openings, quits and a jump in the number of people stuck in part-time work.

The Fed held interest rates steady in October in a 10-2 vote, and both dissenters wanted a hike. We also revisit a 1986 vote that left Paul Volcker on the losing side.

Inflation keeps climbing. Consumer prices rose 3.7 percent over the past year, driven largely by gas. Wages grew 3.1 percent, so paychecks still trail prices. Social Security recipients get a 3.6 percent raise in January, though higher Medicare premiums will eat into it.

The economy grew at a 3.4 percent annual rate in the third quarter. We break down what drove that growth.

Finally, bonds. Long-term Treasury yields hit their highest level in more than two decades in early October, then fell. We explain a simple rule of thumb for where the 10-year Treasury tends to trade and what today’s rate says about investors’ inflation expectations. Mortgage rates have now dipped three weeks in a row.

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