Stocks tumbled June 5 after a stronger-than-expected U.S. jobs report renewed concerns that inflation could remain stubbornly high and prompt the Federal Reserve to keep interest rates elevated for longer than investors had anticipated.
All three major U.S. stock indexes were sharply lower by early afternoon, with technology stocks leading the sell-off.
As of 1:30 p.m. Eastern, the S&P 500 had fallen 1.71%, while the Dow Jones Industrial Average was down 0.80%. The tech-heavy Nasdaq Composite dropped 3.35%, significantly underperforming the broader market.
The Nasdaq’s drop was its worst since October, according to CNBC.
Among popular stocks Nvidia was down 6.21%, Amazon 1.96%, Tesla 6.41%, Apple 0.26% and Microsoft 2.40%.
Cryptocurrency markets also came under pressure, with Bitcoin falling 4.25%.
The declines followed the release of the Labor Department’s May employment report, which showed the U.S. labor market remained resilient despite months of high borrowing costs and concerns about slowing economic growth.
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