Foreign media: A sharp decline in U.S. tech stocks triggered turmoil on Wall Street, with the Nasdaq index dropping more than 4% in a single day—the largest drop since April 2025—while the S&P 500 fell 2.6% and the Dow Jones Industrial Average dropped 1.35%.
The unexpectedly strong April nonfarm employment data heightened market concerns about the Federal Reserve maintaining high interest rates or even raising them further, prompting investors to sell high-risk tech stocks such as AI and semiconductors, shifting instead toward defensive sectors like healthcare and utilities, while digital assets like Bitcoin also suffered heavy losses.
Critics warn that tech stock valuations are excessively high, raising fears of a repeat of the 2000 dot-com bubble. President Trump criticized the market's negative reaction to positive economic data, accusing it of being "overly focused on inflation," and revealed he will invite AI executives next week to discuss a proposal for government equity stakes in tech firms, aiming to let ordinary citizens share in the benefits of AI development.
Original source: toutiao.com/article/1867220195713098/
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