US Stock Market Move | The Nasdaq fell 1.6%, while popular tech stocks were under pressure. Intel Corporation (INTC.US) dropped over 5%.

On Friday, the three major stock indexes in the US continued to fall at the opening, with the Nasdaq plunging 1.6%. Tech stocks were under pressure, with Marvell Technology, Inc. (MRVL.US), Advanced Micro Devices, Inc. (AMD.US), Intel Corporation (INTC.US) all falling more than 5%, Broadcom Inc. (AVGO.US) falling over 4%, NVIDIA Corporation (NVDA.US) falling over 3%, and Tesla, Inc. (TSLA.US) falling over 2%. On the news front, as the market opened tonight, the negative news continued to weigh on tech stocks. The US added 172,000 new nonfarm jobs in May, far exceeding the expected 85,000, and the unemployment rate remained at 4.3%. The strong employment data has increased market expectations for a Fed rate hike - traders have moved up the timing of the first rate hike from the previous expectation of March next year to January next year. In addition, tensions in the Middle East, especially with GEO Group Inc, have escalated - the Iranian navy warned US warships in the Gulf of Oman, further dampening market risk appetite.