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Informist, Monday, Jun. 8, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: US indices end sharply lower Fri, technology stocks tumble

 

MUMBAI--0745 IST--US indices ended sharply lower Friday, led by declines in technology stocks. The NASDAQ Composite slipped 4.2% to post its worst day since April. The S&P 500 fell 2.6%, while the Dow Jones Industrial Average was slightly better off, falling by just 1.4%. Further, the May jobs data made the case for a rate hike by the US Federal Reserve.

 

On Friday, shares of Advanced Micro Devices and Oracle Corp. fell by 10?ch, while those of Micron Technology declined by 14%, Intel Corp. and Qualcomm by 11?ch, Broadcom by 8%, and NVIDIA Corp. and Meta Platforms by 6?ch. The NASDAQ ended lower for the week after two straight weeks of gains, down about 5%. The S&P 500 snapped its nine-week run of advances, lower by almost 3%. The Dow Jones also closed in the red after advancing for two weeks in a row, down 0.3%. 

 

"The market reaction today (Friday) was more driven by positioning rather than fundamentals," Ohsung Kwon, chief equity strategist at Wells Fargo, told Reuters. "The semiconductor sector was way overbought. That's why we're seeing the selloff. I don't think it's the end of the semi bull market," Kwon said. 

 

The US added 172,000 jobs in May, topping expectations. The country's unemployment rate was unchanged at 4.3%. Economists had expected the US to add around 80,000 jobs in the previous month.  The recent data indicate some resilience in the labour market. The question of when the US Federal Reserve will raise interest rates has become more prominent in light of this data. "This is a labor market that is stronger than it was last year and is looking pretty darn solid, despite high energy prices and higher inflation generally," Gus Faucher, chief economist at PNC, told CNBC.

 

The following were the closing levels of major US indices on Friday:

 

US Indices	Levels	Change in %
Dow Jones Industrial Average	50866.78	(-)1.35
NASDAQ Composite	25709.43	(-)4.18
S&P 500	7383.74	(-)2.64

 

(Ruchira Kagita)

 

US$1 = INR 94.94

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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