Published on 6/6/2026
Wall Street’s nine-week winning streak ended with a bang on Friday, pressured by a decline in technology stocks, which posted their biggest daily decline this year after a strong jobs report sparked…
May fears that the Federal Reserve (the US central bank) will turn to monetary tightening.
The selling operations were concentrated in the shares of electronic chip manufacturing companies and other shares of preferred technology companies, which witnessed a noticeable rise in the past few weeks, with the Nasdaq Composite Index and the Standard & Poor’s 500 Index rising several times to new record levels.
The three main indices closed sharply lower, with shares of chip manufacturing companies declining, which prompted the Nasdaq index – which includes major technology companies with a heavy relative weight on the index – to record the largest percentage of loss in one day since last year.
The S&P 500 also ended a nine-week streak of weekly gains, the longest streak of weekly gains since December 2023.
“After the record highs we’ve seen over the past nine weeks, especially in the technology and semiconductor sectors, the market collapsed today,” said Ryan Detrick, chief market strategist at Carson Group in Omaha.
He added, “It is clear that the jobs report, which came stronger than expected, puts the Federal Reserve in a difficult position regarding any cut in interest rates for the rest of the year. The market vented its anger in the form of huge losses.”
Companies that have achieved the biggest gains so far this year.
- The Standard & Poor’s 500 index fell by 2.63% to close trading at 7,384.67 points.
- The Nasdaq Composite Index fell 1,117.38 points, or 4.16%, to reach 25,713.58 points.
- The Dow Jones Industrial Average fell 1.33% to 50,877.40 points.
