Key insights
- US equities opened lower on Friday, with the S&P 500 and Nasdaq declining while the Dow showed a slight gain. Strong jobs data fueled fears of continued hawkish Federal Reserve policy, negatively impacting sentiment. Chip stocks also eased after a recent rally, contributing to the tech-heavy Nasdaq's underperformance. The market is reacting to the potential for higher-for-longer interest rates.
(Corrects day of the week to Friday from Thursday in paragraph 1)
June 5 (Reuters) - The S&P 500 and the Nasdaq dropped at market open on Friday as chip stocks eased after a sharp rally, while a strong jobs report reinforced expectations of tighter monetary policy.
The Dow Jones Industrial Average rose 48.1 points, or 0.09%, at the open to 51610.02. The S&P 500 fell 47.0 points, or 0.62%, at the open to 7537.36, while the Nasdaq Composite dropped 294.4 points, or 1.10%, to 26,536.593 at the opening bell.
(Reporting by Medha Singh in Bengaluru)