New York: Wall Street's best run in three years ended unhappily on Friday, with investors taking flight from hot technology shares, safe government bonds and gold alike following a strong May jobs report that reignited fears that United States interest rates may be rising again by year end.The Nasdaq composite dropped 4.2% on Friday in its worst single-day decline in more than a year, extending this week's investor retreat from favoured artificial intelligence and semiconductor companies. The S&P 500 dropped 2.65%, ending a nine-week string of advances in the index that was its longest since 2023, a week before SpaceX is expected to come to market with the largest-ever IPO.Analysts and portfolio managers said the selloff wasn't shocking, given the scale of gains across the market since a March pullback driven by the war with Iran, and many indicated they expect buyers to return given the sharp rise in technology-firm earnings and the generally positive outlook for the US economy.Even so, Friday's action came as a shock for investors who have bought into the scorching rallies of recent months.
Wall Street falls sharply as strong US jobs data sparks tech selloff and revives rate concerns
Wall Street experienced its worst single-day decline in over a year on Friday, as investors fled technology stocks, bonds, and gold. A robust May jobs report fueled concerns about potential year-end interest rate hikes, ending a nine-week advance for the S&P 500. Despite the selloff, analysts anticipate a market rebound due to strong tech earnings and a positive economic outlook.
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