Mumbai, June 8 -- Investors sold stocks, bonds, bitcoin and gold Friday after strong jobs data raised odds for Federal Reserve interest rate hikes, and Wall Street wrestled with weakness in AI stocks.

The S&P 500 fell 2.64%, into the red for the week and snapped a nine-week winning streak. The tech-heavy Nasdaq Composite fell 4.18%, its worst day since April 2025.

The economy added 172,000 jobs in May according to data released Friday from the Bureau of Labor Statistics. The strong job gains come after recent data showed inflation was heating up because of the oil spike from the war with Iran. Though strong job gains are good news for the economy, according to the markets it could mean higher interest rates for longer.

Bitcoin tumbled ...