The S&P 500 and NASDAQ fell on Friday, bogged down by a selloff in key chip stocks and rising Treasury yields following a much stronger-than-expected jobs report for May.
The Dow Jones Industrials loosened 246.56 points to 51,315.37.
The much broader staggered 102.29 points, or 1.4%, to 7,482.02.
The tech-heavy NASDAQ shed 644.69 points, or 2.4%, to 26,186.27.
The S&P 500 is down less than 1% on the week, on track for its first negative week in 10. The Dow is poised to end the week up less than 1%, while the NASDAQ is heading for a roughly 2% loss.
Shares in Broadcom were 5% lower after tumbling more than 12% on Thursday. Marvell Technology dropped about 8%, while Micron Technology was down more than 7%.
On a positive note, consumer staples was up almost 2%, with Colgate-Palmolive and Coca-Cola both up more than 3% as the rotation out of tech continued.
The moves came after the Bureau of Labor Statistics reported Friday that nonfarm payrolls increased by 172,000 in May, well above the 80,000 jobs that economists polled by Dow Jones had expected to be added. The unemployment rate also held steady from April at 4.3%, in line with expectations.
Prices for the 10-year Treasury sank sharply, raising yields to 4.54% from Thursday’s 4.78%. Treasury prices and yields move in opposite directions.
Oil prices fell $2.18 to $90.86 U.S. a barrel.
Gold prices toppled $133.40 to $4,371.60 U.S. an ounce.
