NASDAQ 100 falls 5% as yields jump after blowout jobs report
NASDAQ 100 falls 5% on June 5, continuing a risk-off move after a blowout US jobs report. The Nasdaq Composite ended down 4.18% and hit its worst single-day drop since April 2025. May payrolls added 172,000 jobs versus 88,000 expected, pushing the 10-year Treasury yield above 4.5% and the 30-year yield through 5%.
NASDAQ 100 falls 5% amid higher discount rates, pressuring tech and growth valuations. Semiconductor names were hardest hit: a chip index dropped about 9%–10%, while Marvell fell 16%, Micron 13%, and Intel/AMD each slid roughly 7%–11%. Meta also fell 5.5% amid speculation around a large stock sale. Broader benchmarks followed lower: the S&P 500 lost 2.64% and the Dow dropped 1.35%.
For crypto traders, rising real yields typically reduce appetite for speculative assets. A 10-year yield above 4.5% can compete more directly with risk exposure than a 3.5% level. The semiconductor selloff may also indirectly affect crypto mining through capex cycles and hardware availability/pricing. Net effect: macro-driven tightening and risk reduction are likely to weigh on crypto sentiment.
Bearish
The article links the sharp tech drawdown to a macro catalyst: a stronger-than-expected jobs report lifting Treasury yields (10Y > 4.5%, 30Y > 5%). That combination typically tightens financial conditions and increases the discount rate for future earnings, which historically triggers broader risk-off behavior. For crypto, which often trades as a high-beta asset, higher real yields can reduce marginal demand for speculative positions.
It also highlights semiconductors as the damage center, and the knock-on implications for mining hardware/capex cycles. Historically, during periods when equities fall on yield shocks (for example, past rate-up “hot jobs” prints), crypto has often experienced short-term pressure as traders de-risk and wait for clearer liquidity signals. Over the longer term, if yields stabilize and equities stop cascading, crypto can partially rebound; but until the rate narrative cools, volatility is likely to remain elevated and rallies may struggle to sustain.