Tech Sector Selloff, Trump Aims to Cut DNI Staff, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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News when you want it with Bloomberg News Now. I'm Amy Morris. Wall Street's historic weekly run came to a halt with stocks hit by a tech sell-off and higher bond yields. Bloomberg television market correspondent Nora Melinda says expectations are high in the market, especially in the tech sector.
You're really seeing a crackdown right now on the tech sector. If you dig into the S&P 500, information technology, that sector alone, the worst performing group in the S&P 500. So what I'm hearing from my sources is, yes, we are seeing an acceleration of this sell-off, but it's really focused on the tech space.
Bloomberg's Nora Melinda tells Balance of Power there are some green shoots in the market, including consumer staples and health care. But that big upside surprise for the labor market is now doing a number on Wall Street. The May non-farm payrolls report shows 172,000 new jobs added in the month, nearly twice what economists surveyed by Bloomberg were expecting. And the unemployment rate held steady at 4.3 percent. Former Fed economist Claudia Somm is with New Century Advisors.
This isn't such a worrisome print in that wage growth was still pretty moderate.
You know, the Fed is not anti-jobs. They're anti-inflation. Hear more of our interview with Claudia Somm with New Century Advisors on the Bloomberg Talks podcast. National Economic Council Director Kevin Hassett argues that the big supply side boom can avert runaway inflation.
high wage growth and native born Americans are rushing into the labor market in droves. We really love going through the Bloomberg data and we have this thing that I like to look at, which is the probability distribution of all the forecasts for the jobs number before it comes out. I saw that the very, very top person was low by about 40,000 jobs, which shows that the Trump economy is surprising Wall Street analysts.
Hear more from National Economic Council Director Kevin Hassett on the Bloomberg Talks podcast. Cleveland Fed President Beth Hammock says it may be appropriate to raise interest rates as the labor market does appear to be in balance. And traders have now fully priced in a Fed interest rate hike by the end of this year, helping to move those stocks lower. We do check markets for you all day long here at Bloomberg. The S&P 500 is down 1.8%. That's about 138 points. NASDAQ is down 824 points. That's more than 3%. The Dow is down 0.8%. The 10-year Treasury yield at 4.55%. And the two-year yield is up 13 basis points. That's 4.17%. Now, Bitcoin is down more than 4%, right around $60,000. It had briefly dipped below $60,000 the first time that's happened since October of 2024.
In Washington, President Trump told reporters on Air Force One he wants acting Director of National Intelligence Bill Pulte to further slash staffing at that agency. Bloomberg White House correspondent Kate Sullivan.
He said that Pulte would be less shackled because it's just an acting role. He said that Pulte could make a lot of changes, shakeups in the intelligence community before whoever his ultimate pick comes in.
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