Nasdaq Drops 2.3% as Chip and AI Stocks Slump on Jobs, Iran Deal Worries
Updated
Updated · Seeking Alpha · Jun 5
Nasdaq Drops 2.3% as Chip and AI Stocks Slump on Jobs, Iran Deal Worries
3 articles · Updated · Seeking Alpha · Jun 5
Summary
The tech-heavy Nasdaq Composite fell about 2.3% on Friday, with chip and AI shares leading the selloff as investors reacted to the May labor report and rising doubts over a U.S.-Iran peace deal.
Chip and AI names came under pressure as the broader market turned negative, showing the retreat was concentrated in high-growth technology stocks rather than an isolated move.
The labor data added a macroeconomic headwind, while complications around a possible U.S.-Iran agreement introduced a second layer of geopolitical risk for already jittery markets.
The combined pressure from economic and geopolitical uncertainty hit risk appetite, extending weakness in the market's most momentum-driven sector.