The U.S. stock market had its worst day since October as a sell-off in big technology companies weighed down the broader market.
Bond yields surged as a strong jobs report boosted expectations that the Federal Reserve will be forced to hike interest rates at some point this year.
The S&P 500 slumped 2.6% Friday, finishing with its first losing week in the last 10. The Dow Jones Industrial Average fell 695 points, or 1.4%. The Nasdaq composite fell 4.2%. Nvidia and Broadcom were among the heaviest weights on the market. The Labor Department reported that employers added 172,000 jobs in May, roughly double what forecasters had expected. Oil prices fell.
On Friday:
The S&P 500 fell 200.57 points, or 2.6%, to 7,383.74.
The Dow Jones Industrial Average fell 695.15 points, or 1.3%, to 50,866.78.
The Nasdaq composite fell 1,121.53 points, or 4.2%, to 25,709.43.
The Russell 2000 index of smaller companies fell 101.83 points, or 3.5% to 2,833.50.
For the week:
The S&P 500 is down 196.32 points, or 2.6%.
The Dow is down 165.68 points, or 0.3%.
The Nasdaq is down 1,263.19 points, or 4.7%.
The Russell 2000 is down 85.84 points, or 2.9%.
For the year:
The S&P 500 is up 538.24 points, or 7.9%.
The Dow is up 2,803.49 points, or 5.8%.
The Nasdaq is up 2,467.44 points, or 10.6%.
The Russell 2000 is up 351.59 points, or 14.2%.
