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Rate hikes now will choke off the critical investments needed to lower prices.
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Stock Market on June 5, 2026: Dow falls 695 points after U.S. jobs report; S&P 500 and Nasdaq end sharply lower to book biggest percentage drops since 2025 after big losses in tech sector; Treasury yields jump MarketWatchNasdaq, S&P 500 suffer worst day of year as AI stocks tumble and Fed rate-hike odds rise CNNAmazon, Microsoft fare better than most in tech stock sell-off spree The Seattle TimesNasdaq falls 4% and suffers worst day since April 2025 as traders flee chip stocks: Live updates CNBC
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Employers added a 172,00 jobs overall last month, but there were losses in some sectors, including accounting, tax, bookkeeping and payroll services.
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Another big jobs report in May has swept aside the possibility of interest rate cuts anytime soon.
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U.S. employers added jobs for the third month in a row in May, while the unemployment rate held steady at 4.3%. But wage gains softened and likely failed to keep pace with rising prices.
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Officials at the Federal Reserve have turned their focus to resurgent inflation.
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The unemployment rate held at 4.3 percent in April, according to a Labor Department report. But the effects of the Iran war are only beginning to emerge.
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