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Wall Street ends sharply lower as chips slide, jobs data fuels rate hike fears
Hotter-than-expected May jobs data fueled fears of fewer Federal Reserve rate cuts, sending chip stocks and the Nasdaq sharply lower.
- Wall Street's nine-week winning streak ended on Friday, June 5, 2026, as a hot May jobs report fueled fears of a hawkish Federal Reserve policy pivot.
- Technology and semiconductor stocks, which surged in recent weeks, suffered their largest daily decline this year after the U.S. economy added 172,000 jobs in May with unemployment at 4.3%.
- Ohsung Kwon, chief equity strategist at Wells Fargo, said market reaction was "more driven by positioning rather than fundamentals." Ryan Detrick, chief market strategist at Carson Group, added the report puts the Fed in a "tough spot."
- The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite closed sharply lower, with financial markets now pricing in a growing likelihood of a rate hike at the Fed's December meeting.
- Fading hopes for a near-term Middle East resolution involving Iran and Israel stir fears that energy pressures could morph into systemic inflation. Chipmaker Marvell Technology, valued over $270 billion, remains a contender for benchmark index inclusion.
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12 Articles
12 Articles
US STOCKS-Wall Street ends sharply lower as chips slide, jobs data fuels rate hike fears
NEW YORK — Wall Street’s nine-week winning streak ended with a thud Friday, as red-hot technology stocks suffered their largest daily decline since April 2025 after a hot May jobs report fueled fears of a hawkish policy pivot from the…
·Billings, United States
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Boston Herald
Boston HeraldStocks slump as Big Tech sinks and a strong May jobs report boosts odds for higher interest rates
The U.S. stock market had its worst day since October as a sell-off in big technology companies weighed down the broader market. Bond yields surged as a strong jobs report boosted expectations that...
·Annecy, France
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Coverage Details
Total News Sources12
Leaning Left3Leaning Right2Center6Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 27%
C 55%
R 18%
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