US Jobs Report Sparks Selloff in Tech Stocks and Bitcoin

The US labor market added 172,000 jobs in May, surpassing the consensus forecast of 80,000 nonfarm payrolls. This robust job growth has sent shockwaves through the financial markets, with tech stocks and cryptocurrencies taking a hit.

The Nasdaq Composite plummeted by 4.2% on the day, its steepest single-session decline since April 2025. The S&P 500 and Dow Jones Industrial Average also fell significantly, ending their respective winning streaks.

The strong job creation data has reinforced the narrative that the Federal Reserve will maintain its current interest rate policy. This has led to a surge in bond yields, with the 10-year Treasury yield climbing above 4.5%.