Finance

U.S. Treasury yields rose across the board after ADP reported that private sector employment grew by 122,000 in May, exceeding consensus forecasts. The 10-year Treasury note yield reached 4.49%, its largest single-day gain in two weeks, as the strong labor market and rising energy costs increased the perceived probability of a Federal Reserve interest rate hike later this year.

While broader markets faltered, specific companies tied to artificial intelligence infrastructure saw significant gains. Marvell Technology extended its rally after positive comments from industry leaders, and Hewlett Packard Enterprise shares surged on raised AI-driven sales guidance, though established giants like Nvidia and Alphabet faced selling pressure.

Bitcoin prices fell below the $66,000 support level for the first time in two months, driven by a record streak of outflows from U.S.-listed spot ETFs. Market sentiment shifted toward extreme fear as roughly $160 billion in total crypto market value was erased, compounded by macroeconomic pressures and institutional liquidations.