US stocks slump as fears over Big Tech shake Wall Street
US stocks experienced a significant decline, particularly in the tech sector, as fears over the sustainability of gains grew. A strong jobs report raised concerns that the Federal Reserve may maintain higher interest rates for an extended period. Investors shifted their focus from tech stocks to safer investments amid these uncertainties.
- ▪The Nasdaq index fell by more than 4%, marking its largest one-day drop since April 2025.
- ▪A strong jobs report for April led to a selloff in major US markets, with the S&P 500 and Dow Jones also closing lower.
- ▪Investors moved away from tech stocks, which are perceived as overvalued, and into safer sectors like healthcare and utilities.
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US stocks slump as fears over Big Tech shake Wall Street5 minutes agoShareSaveAdd as preferred on GoogleFrancisco VelasquezBusiness reporterStock markets suffered a sharp drop on Friday, with the tech-heavy Nasdaq index seeing its biggest one-day drop since April 2025. With fears mounting that gains so far this year may be unsustainable, a surprisingly strong US jobs report for April sparked a selloff, with the major US markets ending the week in the red. The data stoked fresh fears among investors that the Federal Reserve will keep interest rates higher for longer, especially as inflation remains stubborn. The Nasdaq index fell by more than 4%, the S&P 500 closed 2.6% lower and the Dow Jones Industrial Average dropped 1.35%.Digital assets also suffered a sharp selloff on Friday.
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