Wall Street ends 9-week rally after stronger-than-expected jobs report
Business
Wall Street finally hit a rough patch on Friday, snapping its nine-week winning streak.
The Nasdaq dropped 4.18%, its sharpest fall in over a year, while the S&P 500 and Dow Jones also slid.
The big selloff followed a jobs report that showed more new jobs than expected, keeping unemployment at 4.3% and making investors rethink hopes for lower interest rates.
Semiconductor index erases over $1 trillion
Tech and chip companies took the hardest hit, with the semiconductor index erasing over $1 trillion in value.
Big names like NVIDIA, AMD, and Broadcom all lost more than 6%.
Analysts pointed to pricey tech stocks, global tensions, and energy price pressures as reasons for the sudden downturn, reminding everyone just how quickly markets can shift when uncertainty is in the air.