US stocks fell early Friday, with tech leading the way down after the release of May's jobs report showed 172,000 jobs added in the month.
The Dow Jones Industrial Average (^DJI) fell 0.3%. The benchmark S&P 500 (^GSPC) slid 1%, while the tech-heavy Nasdaq Composite (^IXIC) sank 1.8%.
The May jobs report blew past expectations for job growth, with US employers adding 172,000 jobs last month, compared with economists’ expectations for around 88,000. The unemployment rate held steady at 4.3%.
But the strong report also fueled bets on a rate hike from the Federal Reserve at some point this year, with the labor market stabilizing as inflation runs high. Traders are now fully pricing in a rate hike from the central bank by the end of the year, even as President Trump continues to call for cuts as Kevin Warsh, his appointee to chair the Fed, takes the helm.
The S&P 500 is at risk of snapping a historic weekly winning streak. The benchmark index is looking for a 10th straight week of gains, which would be the longest such run since 1985. Broadcom (AVGO) earnings sent shockwaves through the AI trade, and shares continued their sell-off on Friday, while chipmakers broadly saw sharp declines.
The Dow Jones Industrial Average (^DJI) fell 0.3%. The benchmark S&P 500 (^GSPC) slid 1%, while the tech-heavy Nasdaq Composite (^IXIC) sank 1.8%.
The May jobs report blew past expectations for job growth, with US employers adding 172,000 jobs last month, compared with economists’ expectations for around 88,000. The unemployment rate held steady at 4.3%.
But the strong report also fueled bets on a rate hike from the Federal Reserve at some point this year, with the labor market stabilizing as inflation runs high. Traders are now fully pricing in a rate hike from the central bank by the end of the year, even as President Trump continues to call for cuts as Kevin Warsh, his appointee to chair the Fed, takes the helm.
The S&P 500 is at risk of snapping a historic weekly winning streak. The benchmark index is looking for a 10th straight week of gains, which would be the longest such run since 1985. Broadcom (AVGO) earnings sent shockwaves through the AI trade, and shares continued their sell-off on Friday, while chipmakers broadly saw sharp declines.
1 day ago
