Finance

The tech-heavy Nasdaq fell over 4% on Friday, its steepest decline in more than a year, as artificial intelligence and chip stocks faced a massive retreat. Industry leaders including Nvidia and Broadcom suffered sharp losses, contributing to a one-day loss of over $1 trillion in market value for the Philadelphia Semiconductor Index.

Treasury yields jumped sharply on Friday as the surprisingly strong labor market data shifted expectations toward more restrictive monetary policy. The 10-year Treasury yield rose above 4.5% while the 30-year yield breached the 5% threshold, reflecting heightened concern over long-term borrowing costs.

Risk-sensitive assets tumbled as the prospect of higher-for-longer interest rates strengthened the U.S. dollar. Gold spot prices dropped approximately 3% to levels not seen since March, while Bitcoin plunged below $61,000, hitting a 19-month low amidst record outflows from spot ETFs.