US tech stocks plunge on Fed rate hike fears after strong jobs report
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Fri Jun 05 2026 - 21:29 • 4 MIN READ
Summary
US tech stocks experienced a sharp decline on Friday, led by chipmakers and memory groups, after a strong jobs report fueled expectations that the Federal Reserve will raise interest rates by the end of the year. The S&P 500 closed 2.64% lower, while the tech-heavy Nasdaq Composite fell nearly 4.2% — its worst day since April 2025 — puncturing the recent stock market rally driven by AI capital expenditure boom. The sell-off comes just before the anticipated SpaceX IPO.
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bskyUS tech stocks plunge on Fed rate hike fears after strong jobs reportirishtimes.comKey quotes
· 2 pulledThe S&P index, a wide measure of the US market, closed 2.64 per cent lower, puncturing a dramatic stock market rally that has been led by companies exposed to the AI capital expenditure boom.
The technology-heavy Nasdaq Composite closed almost 4.2 per cent lower, its worst day since April 2025 just one week before the hotly anticipated listing of Elon Musk's SpaceX, set to be the biggest initial pub
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