Wall Street suffers worst day since October as tech sell-off and strong jobs data fuel rate hike fears
By
Damian J. Troise, Alex Veiga
Summary
The U.S. stock market experienced its worst day since October, with the S&P 500 sinking 2.6% and the Nasdaq falling 4.2%, driven by a sell-off in major technology companies like Nvidia and Broadcom. A stronger-than-expected jobs report (172,000 jobs added in May, roughly double forecasts) raised expectations that the Federal Reserve may need to hike interest rates this year. Bond yields surged in response. The Dow fell 695 points (1.4%). The losses pushed the S&P 500 to its first losing week in ten.
Source
bskyWall Street suffers worst day since October as tech sell-off and strong jobs data fuel rate hike fearsbit.lyKey quotes
· 3 pulledThe 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 Labor Department reported that employers added 172,000 jobs in May, roughly double what forecasters had expected.
The losses helped push the benchmark index to its first losing week in the last 10.
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