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Carnage in Chip Stocks Hits Extra Hard in Top-Heavy Market
The Wall Street Journal71d agoneutral
Carnage in Chip Stocks Hits Extra Hard in Top-Heavy Market

Shares of the chip-making giants that have powered the market’s climb to records tumbled, weighed down by new concerns that trillions of dollars invested in AI technology won’t yield the expected blockbuster returns. The losses intensified after a robust jobs report raised new worries that the Federal Reserve may need to raise interest rates later this year to fight inflation. Stocks, bonds, oil, gold and bitcoin all tumbled.

Nasdaq plunges 1,100 points over renewed rate hike concerns
Yahoo Finance Video71d agobearishVIDEO
Nasdaq plunges 1,100 points over renewed rate hike concerns

US stocks (^DJI, ^IXIC, ^GSPC) sink in Friday trading, the Nasdaq Composite leading losses and closing over 1,100 points lower (4.18%). The market is reacting to May's overwhelmingly positive labor data — 172,000 jobs added the US economy vs. estimates of 88,000 — raising investor concerns that the Federal Reserve may be inclined to hike interest rates. Yahoo Finance Markets and Data Editor Jared Blikre breaks down the day's biggest market moves.