Finance

The tech-heavy Nasdaq Composite plunged 4.2% in a single session, erasing nearly $1 trillion in market value as AI and semiconductor leaders faced intense selling pressure. Major firms including Nvidia, Broadcom, and Micron saw significant losses as investors pivoted away from high-growth assets toward more defensive positions.

Bond yields rose sharply following the strong employment data, with the 2-year Treasury note reaching 4.17%, its highest level since early 2025. The 10-year Treasury yield also climbed to approximately 4.55% as market participants adjusted expectations, now pricing in a higher probability of at least one rate hike by the end of the year.

Digital assets faced a disastrous week, with Bitcoin falling below $63,000 by June 5 to mark one of its worst weekly performances in years. The selloff was exacerbated by institutional outflows from spot crypto ETFs and increased liquidations across the sector as investors favored AI-linked equities over volatile digital currencies.