U.S. stocks sink after May jobs report; Nasdaq -4.18% as Fed hike bets rise

U.S. equities fell sharply on Friday after a May payrolls report shifted trader expectations toward higher Federal Reserve rates. The Nasdaq dropped 4.18% and the S&P 500 slid 2.64%, while Bitcoin fell more than 5% and moved below $60,000. Attention now turns to Wednesday’s CPI release and the Fed’s June 16–17 meeting.