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Hot Jobs Report Sparks a Macro Sell-Off
The U.S. nonfarm payrolls report showed 172,000 new jobs in May, far above the prior 115,000. This strong report pushed Treasury yields higher and lowered the odds of near‑term Fed rate cuts. Also, it led to a sell-off in growth stocks, especially capital-intensive companies.
Rocket Lab is highly sensitive to rising rates because it is still scaling its launch business and is not expected to reach full commercial scale soon. Higher yields make future profits worth less today, which puts pressure on stocks such as RKLB.
Sector Headwinds Fuel the Decline
