finance
Nasdaq 100 Falls 3.2 Percent After May Jobs Report Exceeds Forecasts
U.S. technology stocks declined sharply on Friday after a May employment report showed stronger hiring than expected. Treasury yields rose and the dollar strengthened as markets adjusted rate expectations.
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U.S. tech stocks fell more than 3 percent by midday Friday after a May jobs report showed the economy added 172,000 nonfarm payrolls, above the 85,000 expected. Revisions added 93,000 jobs to March and April figures, while the unemployment rate remained at 4.3 percent.
The stronger labor data, combined with April's consumer price index rising 3.8 percent year over year, increased expectations for additional Federal Reserve rate increases. Markets priced in near-certainty of a quarter-point hike by year-end and a 60 percent chance of another increase in 2027.
The Nasdaq 100 dropped 3.2 percent, on pace for its largest daily decline since October 2025. The S&P 500 fell 1.8 percent and the Dow Jones Industrial Average declined 0.8 percent. Micron Technology shares dropped more than 10 percent. Broadcom shares fell over 6 percent, extending a 12 percent decline from the prior session.
The Russell 2000 index slid 2.6 percent. Treasury yields increased, with the 2-year note rising more than 10 basis points to 4.15 percent and the 10-year note reaching 4.54 percent. The trade-weighted U.S. Dollar Index gained nearly 1 percent.
The VIX volatility index rose 21 percent.
Gold declined 3.1 percent and silver fell nearly 7 percent. Bitcoin dropped 4 percent to $61,000, marking a sixth straight session of losses. Ethereum declined nearly 10 percent to its lowest level since April.
