Stocks Fall as Strong Jobs Data Fuels Rate Hike Bets
Wall Street indexes fell sharply on Friday after a blowout jobs report increased expectations that the Federal Reserve could raise interest rates later this year. Geopolitical tensions in the Middle East further pressured markets while Treasury yields reached a 15-month high.
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United States equities fell sharply on Friday afternoon after a strong jobs report showed U.S. employers added far more jobs than expected in May. The Nasdaq Composite dropped 4% as technology shares led a selloff across all three major indexes. The data bolstered bets that the Federal Reserve could raise interest rates late this year, resetting market expectations for the cost of capital.
