Wall Street suffered its worst day in months Friday after a stronger-than-expected jobs report fueled concerns that the Federal Reserve could keep interest rates higher for longer.

• The S&P 500 fell 2.64%, its worst day since October, while the Nasdaq dropped 4.18%, its worst day since April 2025. The Dow fell 695 points.

• The U.S. economy added 172,000 jobs in May, sharply beating expectations, while traders increased the odds of a Fed rate hike later this year to 43%, up from 26% a month ago.

• Tech stocks led the selloff after renewed concerns over AI spending, with Broadcom falling 7.92% and Meta dropping 5.5%. Bitcoin fell more than 5% below $60,000, and gold dropped more than 3.5%.