Wall Street ends sharply lower as chips slide, jobs data fuels rate hike fears
By Stephen Culp and Medha
Singh
Fri June 5, 2026
The tech sector alone lost more than $1T in value today as all indexes plunged in a severe rout that hasn’t been seen in over a year. It was straight shot down the entire day with the Nasdaq losing over 1100 points and the S&P, which so very rarely reaches even a 100 point deficit did twice that today. The trigger was yet another case of very good news being taken as very bad news as today’s jobs report showed more than twice the number added than expected, thereby dousing hopes for a rate cut this year. Signs of a solid job market and resilient economy was, today anyway, not nearly as important as a rate cut.
This was certainly different from Tuesday’s report that showed declining jobs. There was one optimist among the experts, brushing this off as just a well-expected sell off in a vastly oversold market. “The market reaction today was more driven by positioning than fundamentals. The semi-conductor sector was way overbought. That’s why we’re seeing the selloff. I don’t think it’s the end of the semi-bull market.” Yet, there are rising “fears that energy price pressures could morph into wider, systemic inflation.” All of this is not to even mention the “fading hopes for a near-term resolution to the war.” At 22.89 billion, volume was considerably higher than the 20.29 average.
DJ: 51,561.93 +874.86 NAS: 26,830.96
-23.02 S&P: 7,584.31
+30.63 6/4
DJ: 50,866.78 -695.15 NAS: 25,709.43
-1,121.53 S&P: 7,383,74
-200.57 6/5
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