Wall Street under pressure after employment figures
New York markets declined following the release of US employment data that exceeded expectations. Stocks related to artificial intelligence and semiconductors experienced significant losses.
US stock markets retreated on Friday following the release of employment data that significantly surpassed analyst expectations. The report has diminished the likelihood of an imminent interest rate cut by the Federal Reserve.
The US economy added 172,000 jobs in May, considerably more than the 85,000 forecast by economists. April's figures were also revised upwards. The unemployment rate held steady at 4.3 percent.
These robust employment figures underscore the resilience of the US economy and reduce expectations for a rate cut by the Fed. The central bank is widely anticipated to maintain its current interest rate at its upcoming meeting on June 17. Investors are now reassessing their positions, seeking to secure recent gains.
Technology stocks, particularly those focused on artificial intelligence and semiconductors, were notably impacted. Weak results from companies like Broadcom, coupled with profit warnings from others such as Lululemon, heightened market concerns regarding consumer demand.