Nasdaq Suffers Worst Day in More Than a Year; S&P 500 Snaps Winning Weekly Streak
The Nasdaq Composite logged its biggest one-day decline since April 2025 as traders evaluated the official jobs report, while the S&P 500 snapped its winning weekly streak.The technology-heavy Nasdaq plunged 4.2% to 25,709.4 on Friday, the most since April 2025, according to CNBC. The S&P 500 shed 2.6% to 7,383.7, while the Dow Jones Industrial Average lost 1.4% to 50,866.8, after it closed at a record high in the previous session.Tech saw the steepest drop among sectors, shedding 5.8%, while consumer staples paced the gainers.All three major Wall Street indexes posted weekly losses, with the Nasdaq sliding 4.7% and the Dow slipping 0.3%. The S&P 500 is down 2.6% on the week, after nine straight weekly gains.Cisco Systems (CSCO) declined 6.4% on Friday, the worst performer on the Dow. Nvidia (NVDA) and IBM (IBM) followed Cisco on the index, down 6.2% and 5.6%, respectively.Qualcomm (QCOM), Advanced Micro Devices (AMD), Super Micro Computer (SMCI), and Micron Technology all tumbled more than 10% each, with Micron the worst performer on the S&P 500. Oracle (ORCL), Salesforce (CRM) and Microsoft (MSFT) also closed lower.In economic news, total nonfarm payrolls in the US rose by 172,000 in May, the Bureau of Labor Statistics said, nearly double the 88,000 increase expected in a Bloomberg-compiled survey."Overall, this was a solid employment report," TD Economics said in a report. "Not only did headline payrolls come in stronger than expected, but revisions to prior months were meaningfully higher and well above six-and-twelve-month averages, suggesting some reacceleration in hiring activity."US Treasury yields were higher, with the 10-year rate last up 6.6 basis points at 4.55%, and the two-year rate soaring 11.9 basis points to 4.17%.Markets widely expect the Federal Reserve to leave interest rates unchanged later this month, but the odds of monetary policy tightening later this year have seemingly increased."Despite the lack of consistent messaging in the labor market data, we now have a rate hike fully priced at the December (Federal Open Market Committee) meeting," James Knightley, chief international economist at ING, said in a note. "That is understandable given the Fed's hawkish pivot and the hot inflation prints of recent months."West Texas Intermediate crude oil was down 2.9% at $90.38 a barrel in Friday late-afternoon trade, while Brent fell 2% to $93.11.Major oil-producing nations belonging to the OPEC+ cartel are expected to agree to continue raising output when they meet on Sunday to decide on July's production quota, analysts told.The cartel is seen lifting July's production quota by another 188,000 barrels per day, DBS Bank's Suvro Sarkar said.Gold was last down 3.7% at $4,338.30 per troy ounce, while silver dropped 8.4% to $67.79 per ounce.
