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Market Wrap: Stocks, Bonds, Commodities |
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On Friday, the U.S. stock market suffered a heavy selloff after a stronger-than-expected jobs report fueled fears of the Federal Reserve hiking interest rates.
Technology stocks bore the brunt of the selling, with the Nasdaq-100 plunging 1,450 points, or 4.77%, to 28,957, its biggest one-day percentage drop since April 2025.
The S&P 500 fell 200 points (-2.64%) to 7,383, and the Dow Jones was down 695 points (-1.35%) to 50,866.
On a weekly basis, the S&P 500 marked a weekly loss, snapping a nine-week winning streak.
The official U.S. jobs report showed that the economy added 172,000 nonfarm payrolls in May, far exceeding the 85,000 consensus estimate. The jobless rate held steady at 4.3%, in line with expectations.
The U.S. 10-year Treasury yield climbed 5.7 basis points to 4.532%.
Semiconductor stocks, which had posted substantial gains over the past two months, came under intense selling pressure on Friday, with Micron Technology (MU) plunging 13.25%, Arm Holdings (ARM) down 12.84%, Intel (INTC) down 11.28%, and Advanced Micro Devices (AMD) down 10.86%.
Also, Nvidia (NVDA) lost 6.20%, Broadcom (AVGO) fell 7.92%, and Qualcomm (QCOM) was down 10.98%.
In fact, the Philadelphia Semiconductor Index (SOX), which tracks the 30 largest U.S.-listed semiconductor stocks, slid 10.26%, its biggest one-day percentage decline since March 2020.
Marvell Technology (MRVL) sank 16.74%. The stock will join the S&P 500 on June 22, announced S&P Dow Jones Indices.
Tech giants also closed sharply lower, with Tesla (TSLA) sliding 6.56%, Meta (META) down 5.51%, Amazon (AMZN) down 3.06%, Microsoft (MSFT) down 2.66%, and Apple (AAPL) down 1.25%.
Lululemon Athletica (LULU) tumbled 8.56%. The athletic apparel company posted weaker-than-expected quarterly results and cut its full-year financial guidance.
Chipotle Mexican Grill (CMG) gained 4.12% after being upgraded to "overweight" by JPMorgan.
In Europe, the DAX 40 closed 0.75% lower, and the CAC 40 was down 0.32%, while the FTSE 100 added 0.07%.
Over the weekend, Iran fired multiple waves of missiles at Israel, escalating tensions in the Middle East.
In early Asian trading hours on Monday, U.S. WTI crude futures rose over 2% to 92.80 dollars a barrel.
Gold remained subdued at 4,339 dollars an ounce, following a steep 3% decline on Friday.
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The U.S. dollar strengthened broadly as rate-hike fears, triggered by Friday's robust jobs report, drove demand for the greenback. The dollar index rebounded to the key 100 level for the first time since early April.
In early Asian trading hours on Monday, USD/JPY held above the key level of 160 despite a verbal warning of potential market intervention from Japan’s finance minister.
EUR/USD remained subdued at a two-month low of 1.1515.
AUD/USD traded at 0.7036, also a two-month low.
Meanwhile, USD/CHF has climbed to 0.7970, and USD/CAD is firm at 1.3950, both the highest levels since early April.
Bitcoin briefly dipped below 60,000 dollars on Friday before rebounding to 63,200 dollars over the weekend.
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In Asian trading hours, EUR/USD edged up to 1.1528, while GBP/USD remained subdued at 1.3336.
Meanwhile, USD/JPY was firm above 160.00.
Gold dropped to 4,310 dollars.
Bitcoin eased to 62,891 dollars.
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Germany's factory orders are estimated to drop 1.3% month-on-month in April.
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