Robust Jobs Data Triggers S&P 500 Selloff Amid Rate-Shift Bets
TL;DR Summary
May payrolls rose 172,000 vs expectations, wiping about $1.4 trillion from the S&P 500 as rate-cut bets collapsed; a resilient labor market and inflation near 3.8% pushed traders to price in higher-for-longer rates into 2027. AI-focused stocks faced additional pressure from looming stock offerings and IPOs, while investors weigh whether valuations can stay elevated if borrowing costs remain higher.
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