The NASDAQ 100 fell 5% on June 5, heading for its biggest daily loss of 2026. The NASDAQ Composite closed down 4.18%, losing 1,121.53 points to 25,709.43-its worst session since April 2025.
The selloff was triggered by May employment data showing the U.S. added 172,000 jobs, nearly double the 88,000 economists had forecast. The 10-year Treasury yield climbed above 4.5%, and the 30-year yield punched through 5%.
Semiconductors were hammered hardest, with a chip gauge falling 9% to 10%. Marvell Technology dropped 16%, Micron Technology fell 13%, and Intel and AMD lost between 7% and 11%. Meta Platforms declined 5.5% amid speculation of a significant stock sale.
The damage spread beyond tech: the S&P 500 fell 2.64%, and the Dow Jones dropped 1.35%. Multi-week winning streaks ended abruptly.
For investors, rising real yields-especially a 10-year above 4.5%-create real competition for speculative capital. The semiconductor rout also signals concerns about capital expenditure cycles that could impact hardware availability and pricing for crypto miners.