Live Markets: Wall Street loses steam with chips bringing tech down

Coca-Cola Co

05/06/2026 15:24

U.S. indexes fall with Nasdaq leading losses, off >1.5%
Staples leads S&P 500 sector gainers; Tech weakest group
Euro STOXX 600 index ~flat
Dollar rallies; US crude off >1%, gold down >2%; bitcoin down >4%
US 10-year Treasury yield rises to ~4.54%
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WALL STREET LOSES STEAM WITH CHIPS BRINGING TECH DOWN
Wall Street indexes are losing ground on Friday with chip stocks eyeing a second consecutive selloff against the backdrop of a much stronger-than-expected jobs report.
The Nasdaq Composite .IXIC is taking the biggest hit early in the session, down more than 1.5%. The S&P 500 .SPX is off nearly 1%. After rallying sharply on Thursday, the Dow Jones Industrial Average .DJI opened higher, but has since fallen into negative territory.
So far, similar to Thursday's line-up, one of the strongest groups among the 11 major S&P 500 sectors is defensive healthcare .SPXHC, up more than 1%. Consumer staples .SPLRCS is rising 1.4%.
Interestingly, one of the biggest gainers in staples is Coca-Cola KO.N, which is up about 2.5%. This, after a 2.5% selloff on Thursday after its CFO flagged uneven demand across income groups at an industry conference and said the company was adjusting to keep its soft drinks both affordable and appealing.
But like on Thursday, the biggest S&P 500 sector loser is technology .SPLRCT, down more than 2.5%. Its biggest decliners are chip companies and the Philadelphia Semiconductor index .SOX is down more than 4%. 
Meanwhile, while the situation in the Middle East is still murky, U.S. crude oil prices are down more than 1%. Iran reaffirmed support for its Lebanese ally Hezbollah and demanded Israel withdraw from southern Lebanon, underscoring complications facing an interim deal to end the broader conflict between the U.S. and Iran.
Here is your morning snapshot from 10:09 a.m. ET (1409 GMT)
(Sinéad Carew)
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EARLIER ON LIVE MARKETS:
S&P 500 FUTURES REMAIN PRESSURED AS YIELDS JUMP AFTER JOBS DATA CLICK HERE

    BOFA BACKS CREDIT AS BUBBLE HEDGE 
    CLICK HERE
     
  
TIME TO HEDGE? CLICK HERE
TECH DRAGS ON STOXX BEFORE U.S. PAYROLLS CLICK HERE
EUROPE BEFORE THE BELL: MUTED START CLICK HERE
SMALL MISS, BIG HIT CLICK HERE
     

Wall Street indexes fall https://fingfx.thomsonreuters.com/gfx/mkt/zjvqmxwjnvx/Pasted%20image%201780668578454.png