Nasdaq Fall as Chip Sell-Off Deepens

Nasdaq falls further as chip sell-off deepens after a hotter-than-expected May jobs report. The government showed U.S. employers added 172,000 jobs in May, with unemployment at 4.3%. Stocks extended losses: the S&P 500 slid about 1%, the Nasdaq fell more than 1.5%, and the Dow slipped roughly 150 points in a volatile session. Treasury yields climbed, with the 10-year yield above 4.5% and the 30-year above 5%. Semiconductors bore the brunt, with Broadcom down after a 12.5% drop a day earlier and Nvidia, Micron, Marvell, AMD and Arm also lower. The report underscored the market's 'good news is bad news' dynamic, as hot hiring reduces the Fed's incentive to cut rates. Markets price roughly a 60% chance of at least one quarter-point hike by end-2026, while wage growth cooled to 3.4% amid sticky inflation. Global chip weakness spilled over to Korea's Kospi and European peers like ASML and Infineon, as investors brace for further guidance from markets and policymakers.