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% in a tech-led sell-off. A strong jobs report showing 172,000 jobs added in May (roughly double expectations) boosted expectations that the Federal Reserve may be forced to hike interest rates. The Dow fell 695 points (1.4%), while the Nasdaq composite dropped 4.2%. Nvidia and Broadcom were among the heaviest weights on the market. Bond yields surged and oil prices fell amid the market turmoil.
Source
bskyWall Street suffers worst day since October as tech sell-off and strong jobs data fuel rate hike fearsapnews.comKey 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 losses helped push the benchmark index to its first losing week in the last 10.
The Labor Department reported that employers added 172,000 jobs in May, roughly double what forecasters had expected.
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