Tech rout drags Wall Street as rate-hike fears overshadow strong May jobs data
US stocks finished sharply lower as a tech-led sell-off and fears of Federal Reserve rate hikes overshadowed a better-than-expected May jobs report (172,000 jobs). The Nasdaq slumped about 4%, with AI/tech names such as Nvidia, Alphabet, and Meta weighing most on the indexes, while Broadcom and Micron also fell. The S&P 500 dropped roughly 2–3% and the Dow declined around 1%, pushing yields higher and the dollar stronger. Oil prices fell amid ongoing Middle East tensions and a lack of progress on supply, signaling continued market volatility despite resilient economic data.