The tech-laden Nasdaq dropped more than 2% on Friday after a better-than- expected jobs report.
US nonfarm payrolls increased by 390,000 in May, beating estimates. The signal of labor-market strength shows that the Fed is unlikely to slow down its pace of rate hikes.
After last week's gain, each of the major indexes ended the week with a loss.
The market closed at 4:00pm on Friday.
Fundstrat said investors should buy mega-cap tech stocks because of the plunge in valuations. Today is cheaper than when the index was at its lowest point in 70 years. Markets crashed worse than dot-com, according to Tom Lee.
The housing market is under pressure due to the Fed rate hikes. Lael Brainard, the Fed's vice chair, told CNBC that it's hard to stop the rate hikes until inflation is under control.
President Biden's visit to Saudi Arabia won't solve the energy crisis because the US faces structural shortages, according to the head of energy research at Goldman. The remedy isn't sustainable and could help in the near term.
According to a top energy analyst, Russia will likely lose its relevancy in the organization due to sanctions. Moscow may lose its position as a major global oil player in the near future.
A top Beijing official said that the Chinese currency could strengthen against the dollar as the currency will see less volatility.
The price of oil moved higher. The international benchmark was up 3.04% to $121.2 a barrel.
The price of gold fell to 1,853.20 ounces. The 10-year Treasury yield went up.
The price of the virtual currency fell to $29.542.40, a decline of 2%.
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