The U.S. stock market had its worst day since October as a sell-off in big technology companies weighed down the broader market.
Bond yields surged as a strong jobs report boosted expectations that the Federal Reserve will be forced to hike interest rates at some point this year.
The S&P 500 slumped 2.6% Friday, finishing with its first losing week in the last 10. The Dow Jones Industrial Average fell 695 points, or 1.4%. The Nasdaq composite fell 4.2%. Nvidia and Broadcom were among the heaviest weights on the market. The Labor Department reported that employers added 172,000 jobs in May, roughly double what forecasters had expected. Oil prices fell.
On Friday:
The S&P 500 fell 200.57 points, or 2.6%, to 7,383.74.
The Dow Jones Industrial Average fell 695.15 points, or 1.3%, to 50,866.78.
The Nasdaq composite fell 1,121.53 points, or 4.2%, to 25,709.43.
The Russell 2000 index of smaller companies fell 101.83 points, or 3.5% to 2,833.50.
It only takes one storm. Make sure insurance coverage is up-to-date
AM Best Affirms Credit Ratings of CVS Health Corporation’s Aetna Inc. Subsidiaries
Advisor News
- The inheritance gap: Helping clients plan for money that hasn’t arrived
- After the midterms: Addressing your clients’ tax concerns
- Berkeley arts tax heads toward passage while public bank measure looks likely to fail
- Americans’ sense of overall prosperity still ticks upward
- Turning expanded eligibility into a better coverage plan for federal clients
More Advisor NewsAnnuity News
- Annuity sales hit record $126.3B as RILA sales top $25B
- More pre-retirees rethink retirement as income-planning concerns grow
- AM Best Affirms Credit Ratings of Knighthead Annuity & Life Assurance Company and Merit Life Insurance Co.
- Jackson reports record annuity sales, increases share repurchase authorization
- Why the market doesn’t need more carriers
More Annuity NewsHealth/Employee Benefits News
- Insurance Barriers to Mental Health Care Are Breaking Down
- States push short-term insurance as healthcare costs climb
- UnitedHealthcare calls Fairview lawsuit ‘mudslinging,’ asks judge to dismiss it
- BioMedNewsBreaks – Regentis Biomaterials Ltd. (NYSE American: RGNT) Signs Four-Year Exclusive Distribution Agreement for GelrinC (R) in Israel
- Flouting consumer law, insurers refuse to pay medical bills for emergency care
More Health/Employee Benefits NewsLife Insurance News
- Start estate planning before the family needs it
- Best’s Market Segment Report: Health and Property Lines of Business Drive Hong Kong’s Non-Life Insurance Growth
- AM Best Affirms Credit Ratings of Central States Indemnity Co. of Omaha and Its Subsidiary
- National Life Group Approves $23 Million Dividends for 2027
- Milliman’s proposed $15.5 million settlement puts life insurance underwriting data in focus
More Life Insurance News