S&P 500 sinks 2.6% for biggest drop since October as tech stocks slump and investors worry about higher interest rates
Nvidia, Broadcom and Micron led losses as stronger U.S. and Canadian jobs data lifted bond yields and raised rate-hike expectations.
- The broader market fell 2.6% on Friday, marking its worst day since October, as tech stocks that had powered recent records led the decline.
- Mona Mahajan, head of investment strategy at Edward Jones, said markets fell on a combination of a tech stock sell-off and stronger-than-expected jobs data from the Labor Department and Statistics Canada.
- Nvidia fell 6.2 per cent, Broadcom dropped 7.9 per cent, and Micron Technology slid 13.3 per cent; the Nasdaq dropped 4.2%, while the Toronto TSX composite index declined 2.3%.
- According to CME FedWatch, the market sees a better than 60 per cent chance the Federal Reserve will raise interest rates by year-end, though consumers remain relatively healthy.
- Geopolitical uncertainty persists as American and Iranian negotiators reached a tentative ceasefire deal last week, though investors remain focused on how central banks will react to recent economic reports.
46 Articles
46 Articles
US stock markets this week: S&P 500's 9-week rally ends, falls 2.6%; Nasdaq tumbles 4.5% as tech stocks crash
Wall Street's nine-week rally ended as technology stocks plummeted, with the Nasdaq suffering its largest drop since April 2025. A strong US jobs report heightened fears of prolonged interest rates, contributing to a selloff across major indices, with semiconductor stocks hit hardest.
Markets have worst day since October as tech stocks lead the way down, traders lose hope of rate cut
The U.S. stock market had its worst day since October Friday as a sell-off in big technology companies weighed down the broader market and a strong jobs report boosted expectations that the Federal Reserve will be forced to hike interest rates at some point this year. The S&P 500 sank 2.6%, its biggest one-day drop since October 10, when the Trump administration threatened to impose a 100% tariff on imported goods from China. The losses helped p…
By John Towfighi, CNN. Investors sold stocks, bonds, bitcoin, and gold on Friday after strong jobs data raised the likelihood of a Federal Reserve interest rate hike, while Wall Street grappled with weakness in artificial intelligence (AI) stocks. The S&P 500 fell 2.64%, its worst day since October. The index went into negative territory for the week and snapped a nine-week winning streak. The tech-heavy Nasdaq Composite dropped 4.18%, its worst…
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