US stock markets tumble as strong jobs data fuels rate‑hike fears

U.S. equity indexes fell sharply on Friday. The S&P 500 dropped 2.6%, marking its biggest one‑day decline in months, while the Nasdaq Composite slid about 4.2%, the steepest fall since April 2025. The Dow Jones Industrial Average lost 1.3%. Tech‑heavy stocks led the sell‑off: Nvidia fell 5.5%, Broadcom nearly 7%, Micron down more than 11%, and Intel and AMD each slipped roughly 11% after Broadcom missed its AI‑chip sales forecast.

The slide was triggered by a much stronger-than‑expected May jobs report, which added 172,000 jobs versus the 80,000 forecast. The data pushed the 10‑year Treasury yield above 4.5% and lifted the market’s probability of a Federal Reserve rate hike by year‑end to about 73%, eroding hopes for earlier cuts. The VIX volatility index surged over 34%.

Bitcoin also dipped below $60,000 for the first time since October 2024, adding to broad‑based market nervousness. Oil prices fell modestly, and investors turned to defensive consumer‑goods stocks such as Procter & Gamble and Coca‑Cola.