US tech stocks lose nearly $2 trillion as Nasdaq tumbles
Business
Tech stocks in the US took a big hit on Friday, wiping out nearly $2 trillion in value.
The Nasdaq dropped 4%, and giants like NVIDIA, Alphabet, and Meta all saw major losses.
This sudden drop shook up the market and had investors paying close attention.
May jobs lift Treasury yields
A surprisingly strong jobs report for May (172,000 new jobs instead of the expected 80,000) pushed Treasury yields higher and made people think the Federal Reserve might hold off on cutting rates or even raise them again.
That spooked investors, especially those betting big on AI-focused companies like NVIDIA and Meta, sending their stock prices tumbling as well.