Markets Tumble as Fed Rate Hike Looms After Strong Jobs Report
May payrolls rose to 172,000, more than double forecasts, as traders priced in higher odds of Federal Reserve rate increases.
- On Friday, the Nasdaq Composite slipped 1.6% as a strong May jobs report reignited fears of Federal Reserve interest rate hikes, with employers adding 172,000 jobs against an 85,000 estimate.
- Treasury yields jumped following the data, with the 10-year Treasury rising to 4.54% from 4.50%, as CME FedWatch data indicates a more than 60% chance the Federal Reserve will raise rates this year.
- Nvidia fell 3.7% and Broadcom dropped 4.6% as tech stocks bore the brunt of selling pressure, while the S&P 500 fell 1% and the Dow Jones Industrial Average slipped 0.3%.
- Canada added 87,800 jobs in May, with the unemployment rate falling to 6.6%, yet Lazard chief market strategist Ronald Temple stated 'any hopes of a Fed rate cut have effectively been eliminated.'
- The S&P 500 is headed for its first losing week in 10 as market uncertainty persists, with Polymarket putting the probability of a 2026 rate increase at 47%.
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21 Articles
The Nasdaq index recorded a sharp drop of 4.18%, to 25,709.43 points, the S&P 500 fell 2.65%, to 7,383.68 points, and the Dow Jones retreated 1.35%, to 50,866.78 points.
Market Indexes Tumble at Midday as Treasury Yields Spike on Hot Employment Report
Key PointsMay nonfarm payroll growth came in at 172,000, more than double what economists expected.Traders are now fully pricing in a quarter-point Fed rate hike by the end of 2026.SpaceX's $1.75 trillion IPO won't be eligible for S&P 500 inclusion until at least June 2027.10 stocks we like better than NASDAQ Composite Index › Good news is bad news again, and Wall Street is having one of those days. A blowout jobs report landed Friday morning, a…
NEW YORK (AP) — Stock prices on Wall Street fell Friday as big technology companies lost ground and a strong jobs report boosted expectations that the Federal Reserve will be forced to…
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Wall Street Retreats as Tech Stocks Slide and Strong Jobs Data Dampens Hopes for Interest Rate Cuts
U.S. stocks moved lower on Friday as weakness in major technology companies dragged down the broader market, while a stronger-than-expected employment report reinforced expectations that ... The post Wall Street Retreats as Tech Stocks Slide and Strong Jobs Data Dampens Hopes for Interest Rate Cuts first appeared on [your]NEWS.
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