New York — Wall Street opened in the red Friday, with the Dow Jones Industrial Average falling 0.25% at the open despite a stronger-than-expected U.S. jobs report, as a wave of selling in the semiconductor sector dragged markets lower.
The Dow shed 128 points to 51,433 at the open. The S&P 500 fell 0.85% to 7,520, and the tech-heavy Nasdaq dropped 1.36% to 26,464.
The Bureau of Labor Statistics reported that the U.S. economy added 172,000 jobs in May — nearly double the 85,000 analysts had forecast — with gains concentrated in leisure and hospitality, local government, and healthcare. The unemployment rate held steady at 4.3%.
Strong as the data was, it did little to lift sentiment. Treasury yields rose on the reading that the labor market remains solid, which investors interpreted as reducing the likelihood of near-term interest rate cuts. The 10-year Treasury yield — the benchmark used to price mortgages and other consumer credit — climbed 5.9 basis points to 4.536%, while the 30-year yield added 3.6 basis points to 5.014%.
The session was dominated by a sharp selloff in semiconductors. Broadcom fell more than 4%, Marvell Technology dropped 7.5%, and Micron slid 6.5%. The AI-driven optimism that fueled a broad market rally in recent weeks has given way to profit-taking and rising risk aversion, compounded by uncertainty surrounding the ongoing crisis in the Middle East.
In commodities, West Texas Intermediate crude fell 1.63% to $91.52 a barrel.
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