Wall Street’s weekslong stock rally came to an abrupt halt this week amid a tech sell-off driven by profit-taking and rising bond yields, following another robust jobs report.
For the week, the Dow Jones Industrial Average edged down by 0.32 percent to close at 50,866. The S&P 500 fell by 2.59 percent to 7,383. The Nasdaq Composite sank by 4.68 percent, while the Russell 2000 dropped by 2.94 percent.
The Chicago Board Options Exchange Volatility Index closed the week at 21.51, down by 40.4 percent.
Stocks opened lower on the first day of June amid a spike in oil prices and bond yields, as well as profit-taking.
West Texas Intermediate crude oil futures soared more than 5 percent to nearly $93 per barrel as Iran threatened that it would suspend talks with the United States in response to Israel’s continued military operations in Lebanon….