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Business

Stephen Culp and Medha Singh

Wall Street ends sharply lower as chips stocks slide

United States US Federal Reserve Nasdaq NYSE

Wall Street's nine-week winning streak has ended with a thud as red-hot technology stocks suffered their ‌largest daily decline since April 2025 after a hot May jobs report fuelled fears of a hawkish policy pivot from the US Federal Reserve.

Selling was concentrated among chip stocks and other technology favourites that have surged ‌higher in recent weeks as the Nasdaq Composite Index and S&P 500 rose repeatedly to fresh highs.

All three major US stock indices closed sharply lower, with plunging chip stocks dragging the tech-laden Nasdaq down by its largest one-day ‌per centage loss since April 2025.

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