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The Nasdaq composite suffered a 4.2% drop, its worst in over a year.
The Nasdaq composite dropped 4.2%, its worst performance in over a year.
KEY POINTS
The S&P 500 ended a nine-week winning streak with a 2.65% decline.
Market-favorite Broadcom's weak guidance triggered a broad technology sector selloff.
A strong May jobs report renewed concerns about potential U.S. interest rate hikes.
Wall Street witnessed a significant decline on Friday, marking the end of its best run in three years. Investors pulled back from technology stocks, government bonds, and gold, spurred by a robust May jobs report that reignited concerns about potential U.S. interest rate hikes.
The Nasdaq composite suffered a 4.2% drop, its worst in over a year, as investors withdrew from AI and semiconductor stocks. Similarly, the S&P 500 declined 2.65%, closing a nine-week streak of gains, just before SpaceX's upcoming historic IPO.
Weak guidance from market-favorite Broadcom triggered the selloff, affecting the entire tech sector and pushing Treasury yields higher. Despite the pullback, experts remain optimistic due to strong earnings reports and the overall positive economic outlook for the U.S.
(With inputs from agencies.)