Finance

The Nasdaq Composite experienced a slight decline as shares of chipmaker Broadcom plummeted approximately 12.6% due to disappointing AI-related revenue guidance. This sell-off weighed heavily on the broader technology sector, overshadowing otherwise strong quarterly results and impacting other major tech names like CrowdStrike.

Investors are closely monitoring the upcoming Non-Farm Payrolls report, with economists forecasting a moderate addition of approximately 93,000 jobs for May. The report is expected to show the unemployment rate holding steady at 4.3%, providing a critical indicator of labor market health and potential future interest rate trajectories.

Recent Fed minutes and public comments from officials suggest a growing concern regarding persistent inflation exacerbated by geopolitical tensions in the Middle East. While rates are expected to remain steady at the mid-June meeting, some policymakers have indicated a willingness to consider further firming if inflationary pressures do not retreat toward the 2% target.