Stocks slump as Big Tech sinks and a strong May jobs report boosts odds for higher interest rates

Stocks declined as tech companies like Nvidia and Micron Technology lost value, driven by a strong May jobs report that increased expectations of higher interest rates. The S&P 500 and Nasdaq saw significant drops, while bond yields rose following the Labor Department's report of 172,000 new jobs. The Federal Reserve, led by Kevin Warsh, is expected to keep rates steady in June but faces pressure for future hikes.