Labor Department report showing that non-farm payroll employment surged by 172,000 jobs in MayU.S. Markets end sharply lower amid weakness in tech stocks – Latest News
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06 Jun 2026
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U.S. markets ended sharply lower on Friday, as technology stocks continued to face selling pressure after investors reacted negatively to Broadcom’s guidance, raising concerns about high valuations in the sector. Meanwhile, traders took note of a Labor Department report showing that non-farm payroll employment surged by 172,000 jobs in May, following an upwardly revised increase of 179,000 jobs in April. The street had expected employment to rise by 85,000 jobs, compared to the addition of 115,000 jobs originally reported for the previous month.Â
On the sectoral front, semiconductor and computer hardware stocks were among the worst-performing sectors on the day, with the Philadelphia Semiconductor Index and the NYSE Arca Computer Hardware Index plunging 10.3% and 9.1%, respectively. Outside the technology sector, gold stocks also witnessed significant weakness amid a sharp decline in gold prices, leading the NYSE Arca Gold Bugs Index to tumble 8.4%.
Nasdaq down 1,121.53 points or 4.18 percent to 25,709.432, S&P 500 decreased 200.57 points or 2.64 percent to 7,383.74, and Dow Jones Industrial Average declined 695.15 points or 1.35 percent to 50,866.78.
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