The U.S. stock market had its worst day since October as a sell-off in big technology companies weighed down the broader market. Bond yields surged as a strong jobs report boosted expectations that the Federal Reserve will be forced to hike interest rates at some point this year. The S&P 500 slumped 2.6% Friday, finishing with its first losing week in the last 10. The Dow Jones Industrial Average fell 695 points, or 1.4%. The Nasdaq composite fell 4.2%. Nvidia and Broadcom were among the heaviest weights on the market. The Labor Department reported that employers added 172,000 jobs in May, roughly double what forecasters had expected. Oil prices fell.

The U.S. stock market fell from its records and joined a worldwide drop for stocks after higher oil prices sent a shiver through the bond market. The S&P 500 fell 1.2% Friday from its all-time high. The Dow Jones Industrial Average dropped 1.1%, and the Nasdaq composite sank 1.5% from its own record. Technology stocks led the market lower, particularly AI winners. They had shot so high that some critics said they had gone too far. Yields jumped in the bond market on worries about how much rising oil prices will worsen inflation. The 30-year Treasury yield is back to where it was in 2007.