Yesterday, U.S. stock indexes slumped as strong employment data bolstered the idea that the Federal Reserve will maintain its aggressive policy tightening path to reduce decades-high inflation, with Apple and Tesla stocks bearing the brunt of the losses.
Consumer discretionary and technology were the only two main S&P sectors to decrease, with consumer discretionary dropping 2.5 percent and technology plunging 2.2 percent.
The energy sector was an exception, with a rise of 1.2 percent.
Nonfarm jobs rose by 390,000 in May and wages grew, while the unemployment rate held steady at 3.6%-all signs of a tight labor market.
Money markets are fully pricing in 50 basis point rate hikes by the Fed in June and July.
The blue-chip Dow Jones has fallen 9.3% so far this year and the benchmark S & P 500 has lost 13.6%.
The Dow Jones Industrial Average fell 293 points, or 0.88%, to 32,954.72, the S&P 500 lost 62.66 points,.SPX, 1.50% to 4,114.16 and the Nasdaq Composite lost 291.01 points,.IXIC, 2.36% to 12,025.88.
Apple Inc. slid 3.6%, hit by a bearish brokerage comment and a report that EU countries and lawmakers were set to agree on a common charging port for mobile phones, tablets, and headphones.
This report’s information was first seen on Reuters; to read more, click this link.