On Friday, June 2, 2023, major U.S. stock indexes experienced sharp declines, with the S&P 500 Index closing down 2.64%, the Dow Jones Industrial Average down 1.35%, and the Nasdaq 100 down 4.77%. E-mini futures for June saw the S&P fall by 2.97% while the Nasdaq futures dropped by 5.09%, marking two-week lows amid profit-taking in the technology sector.
Key economic data released the same day showed that U.S. May nonfarm payrolls increased by 172,000, significantly above the expected 88,000. The unemployment rate held steady at 4.3%. In response, the 10-year Treasury yield rose to a two-week high of 4.55%. Additionally, average hourly earnings grew by 0.3% month-on-month and 3.4% year-on-year, aligning with expectations.
International markets also faced declines, with the Euro Stoxx 50 down 0.68%, China’s Shanghai Composite hitting a seven-week low with a 0.74% drop, and Japan’s Nikkei down 1.31%. The bond markets reacted, as the yield on the 10-year German Bund rose to 3.038% and the UK gilt yield increased to 4.903%.
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