US Stocks Tumbled on a Hot Jobs Report and Rising Yields
US stocks took a sharp step lower on June 5, and the pattern of the decline mattered as much as the size of it. This was not a generic growth scare or a broad economic panic. The clearest trigger was a stronger-than-expected May employment report, which pushed Treasury yields higher and forced investors to reprice how quickly the Federal Reserve might be able to ease. The damage showed up most clearly in high-multiple growth stocks and semiconductors. ...