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Market Decline Intensifies as Fed Rate Hike Expectations Rise

KVIA••CNN Newsource
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A significant sell-off occurred in the stock market on Friday, driven by a strong jobs report that increased the likelihood of Federal Reserve interest rate hikes later this year. The S&P 500 dropped 1.8%, breaking a nine-week winning streak, while the Nasdaq Composite fell 3%, marking its worst day since October. The economy added 172,000 jobs in May, surpassing expectations, which has raised concerns about inflation and the Fed's monetary policy. Traders now see a 43% chance of a rate hike in December, up from 26% a month earlier. This volatility has also impacted other assets, with bitcoin and gold prices declining sharply.

Key Details: • S&P 500 fell 1.8%, ending a nine-week winning streak. • Nasdaq Composite down 3%, facing its worst day since October. • 172,000 jobs added in May, exceeding expectations. • 43% chance of Fed rate hike in December, up from 26%. • Bitcoin dropped over 3%, trading just above $61,000.

federal-reserve interest-rates inflation stock-market jobs-report

People & Organizations

Federal ReserveBureau of Labor StatisticsKevin WarshNigel GreenJames McCannEdward JonesdeVere Group

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