Interest rate hike expectations heat up, causing technology stocks to be sold off. Overnight, the market value of US stocks lost nearly $2.3 trillion.

The strong employment report from the US Department of Labor has raised bets that the next move by the Federal Reserve will be to raise interest rates, leading to a sell-off in tech stocks and an increase in bond yields, which has impacted the US stock market. The Nasdaq 100 index experienced its largest drop in over a year, and the S&P 500 index ended its nine-week winning streak. Overnight, US stocks took a heavy hit with a total market value loss of nearly $2.3 trillion. Large tech stocks all saw declines, with Nvidia falling by over 6% and losing $300 billion in market value, while Broadcom, Meta, and Tesla collectively lost $330 billion in market value.