Wall Street dips amid chip sell-off
U.S. stocks experienced a sharp decline, with the Nasdaq index dropping by 4.16% after the release of a strong jobs report for May, sparking concerns about tightening monetary policy by the Federal Reserve. The selling focused on chip and technology company stocks, with Marvel stock falling by 13%, Micron by 11%, and AMD and Intel by more than 10%. The nine-week winning streak on Wall Street came to an end, with the largest daily loss on the Nasdaq since last year.
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