US stocks slump as fears over Big Tech shake Wall Street

The Nasdaq saw its biggest daily fall since early 2025.

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With fears mounting that gains so far this year may be unsustainable, a surprisingly strong US jobs report for April sparked a selloff, with the major US markets ending the week in the red.

The data stoked fresh fears among investors that the Federal Reserve will keep interest rates higher for longer, especially as inflation remains stubborn.

The Nasdaq index fell by more than 4%, the S&P 500 closed 2.6% lower and the Dow Jones Industrial Average dropped 1.35%.

Digital assets also suffered a sharp selloff on Friday. Bitcoin, the biggest cryptocurrency, dropped sharply as investors rushed to offload riskier assets across the board.