U.S. 10-Year Treasury Yield Breaks 4.54% as May Jobs Beat Expectations; Nasdaq 100 Slides Over 10%

NAS1001.32%
U.S. 10-year Treasury yields surged to 4.544% on Friday, June 6, their highest level in over two weeks, after the Labor Department reported May nonfarm payrolls increased 172,000—far exceeding market expectations of 80,000. The unemployment rate held steady at 4.3%, signaling continued labor market strength and dimming investor expectations for near-term rate cuts. Two-year Treasury yields also jumped over 11 basis points to 4.162%, their highest since February 2025, while 30-year yields climbed above 5%. The yield surge triggered sharp equity losses, with the Nasdaq 100 (semiconductors) plunging over 10%, as investors rotated away from rate-sensitive tech stocks toward defensive sectors. CME FedWatch data showed traders scaling back bets on Fed rate cuts.
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