Nasdaq Tumbles 4.2% as Blowout Jobs Report and West Asia Conflict Rattle Wall Street
Wall Street experienced a major selloff, heavily led by premium technology shares. The tech-heavy Nasdaq Composite plunged 4.2 percent, while the S&P 500 lost 2.64 percent and the Dow Jones Industrial Average dropped 1.4 percent. The aggressive downturn was triggered by fresh economic data showing US employers added far more jobs than anticipated. This unexpectedly robust labor market immediately fueled investor bets that the US Federal Reserve may have to implement further interest rate hikes before the end of the year to curb potential inflation.
In response to the jobs data, US Treasury yields surged dramatically. The yield on the policy-sensitive 2-year note hit a 15-month high, settling at 4.147 percent. Financial strategists note that a resilient domestic economy, coupled wit...










