Finance

Despite gains in the broader market, the Nasdaq Composite fell 0.8% as investors rotated out of high-flying semiconductor stocks. Major chipmakers like Micron Technology and Applied Materials experienced significant declines, dropping 5.5% and 10% respectively, amid concerns over the sustainability of the AI-driven rally.

U.S. Treasury yields slipped following the soft employment data, with the 2-year note falling 5 basis points to 4.114%. The 10-year yield also eased to approximately 4.46% as traders interpreted the slowing job growth and a 4.2% unemployment rate as a signal for the Federal Reserve to maintain current interest rates.

Bitcoin climbed back above $61,000, gaining over 2% following the jobs report and comments from Fed Chair Kevin Warsh regarding easing inflation risks. Other major tokens like Ethereum and Solana also saw gains, rising 5% and 4.6% respectively, as the market reacted positively to the potential for less hawkish monetary policy.