Wall Street Ends Sharply Lower as Chips Stocks Slide
The S&P 500 ended its nine-week winning streak as the Labor Department reported 172,000 May jobs and traders cut rate-cut bets.
- Wall Street fell sharply on Friday, ending a nine-week winning streak as a stronger-than-expected jobs report fueled fears of a hawkish Federal Reserve policy shift.
- The Labor Department reported 172,000 jobs added in May, more than double analyst expectations, prompting markets to price in a 42.7 per cent likelihood of a rate hike according to CME FedWatch.
- Tech plunged 5.8 per cent among the 11 S&P 500 sectors, with Nvidia losing 6.2 per cent while Intel, Micron, AMD, and Broadcom slid between 7.9 per cent and 13.3 per cent.
- Ryan Detrick, chief market strategist at Carson Group in Omaha, said, "After the record run we've seen the last nine weeks in equities, specifically tech and semiconductors, the dam just broke today."
- Cryptocurrency firms Coinbase and Strategy fell 7.1 per cent and 6.9 per cent respectively, weighed by a 4.1 per cent drop in the sector, as Dow Jones Indices prepares rebalancing announcements.
16 Articles
16 Articles
Chip Selloff Hands Wall Street Its Worst Day In Months
Friday erased much of the month's record run. The Nasdaq dropped 4.2%, its worst session since April 2025, while the S&P 500 lost 2.6%. The trigger was a stronger-than-expected report showing the economy added 172,000 jobs in May, which pushed the 10-year Treasury yield above 4.5% and the 30-year past 5%, reviving fears the Fed may hold, or even hike, rather than cut. Chips bore the brunt, with Marvell and Micron plunging about 16% and 13%, and …
Stocks slump as Big Tech sinks and a strong May jobs report boosts odds for higher interest rates
The U.S. stock market had its worst day since October as a sell-off in big technology companies weighed down the broader market. Bond yields surged as a strong jobs report boosted expectations that the Federal Reserve will be forced to…
Stocks bounce back, oil pares gains as Iran and Israel signal a pause
MSCI's global equities index fell slightly on Monday but Wall Street saw some support from a bounce in technology stocks while oil futures pared earlier gains as Iran and Israel said they had halted attacks on each other after an appeal from U.S. President Donald Trump.
Weekly Economic Snapshot: Strong Labor Data Across the Board
The U.S. labor market took center stage last week as three major labor market indicators outperformed forecasts. Robust payroll additions in both the public and private sectors, paired with a massive surge in job openings, point to a workforce on solid footing. However, this momentum has complicated the inflation outlook, ending the S&P 500’s nine-week [...] The post Weekly Economic Snapshot: Strong Labor Data Across the Board appeared first on …
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