New York —
Investors sold off stocks, bonds, bitcoin and gold Friday after a strong jobs report boosted odds the Federal Reserve might raise interest rates later this year to combat inflation and Wall Street wrestled with weakness in AI stocks.
The S&P 500 fell 1.8%, going into the red for the week and on pace to snap a nine-week winning streak. The tech-heavy Nasdaq Composite fell 3%, set for its worst day since October. The Dow fell 407 points, or 0.8%.
Volatility in the S&P 500 picked up this week as investors took profits from recent stock surges and digested shifts in expectations for Fed interest rates.
The economy added 172,000 jobs in May, beating expectations, according to data released Friday from the Bureau of Labor Statistics. The strong job gains come after recent data showed inflation was heating up because of the oil spike from the war with Iran.
