US stocks ended lower on Friday, with technology shares leading the decline, as a stronger-than-expected jobs report reduced expectations of interest rate cuts by the Federal Reserve this year.The S&P 500 fell 0.7%, while the Dow Jones Industrial Average declined 81 points, or 0.2%. The tech-heavy Nasdaq Composite dropped 1.4%, weighed down by losses in major technology companies including Nvidia and Broadcom, AP reported.Investor sentiment was hit after the US Labour Department reported that employers added 1,72,000 jobs in May, roughly double economists’ forecasts. The stronger labour market data pushed bond yields sharply higher and weakened hopes of near-term monetary easing.Big technology stocks were among the biggest drags on the broader market, with Nvidia and Broadcom leading losses.Earlier in the session, trading had been mixed as investors awaited the jobs report for clues on whether the Iran conflict and the rapid adoption of artificial intelligence were beginning to affect corporate hiring.While some analysts fear AI could eliminate entry-level jobs, others argue that its impact on employment has been gradual, reducing hiring rather than triggering widespread layoffs.Hiring has remained resilient despite economic uncertainty and elevated energy prices linked to the ongoing Iran conflict.Higher oil prices have raised concerns about inflation and economic growth, as businesses face rising operating costs.Benchmark US crude traded around $93 a barrel, largely unchanged from the previous day, while Brent crude hovered near $95 a barrel. Both remain well above the roughly $70-per-barrel level seen before the conflict began in late February.Oil prices have stayed elevated as the Strait of Hormuz, a key route for global oil and natural gas shipments, remains effectively closed, raising concerns about energy supplies and inflation.Although US and Iranian negotiators reached a tentative agreement last week to extend their ceasefire, the deal has yet to be finalised. Developments in Lebanon have also cast uncertainty over prospects for a lasting settlement.European markets traded higher, with Britain’s FTSE 100 rising 0.5%, Germany’s DAX gaining 0.2% and France’s CAC 40 advancing 0.6%.In Asia, South Korea’s Kospi slumped 5.5% to 8,160.59, with technology stocks leading the decline. SK Hynix fell 9.9%, while Samsung Electronics lost 6.4%.Japan’s Nikkei 225 slipped 1.3% to 66,588.12 despite data showing real wages rose for a fourth consecutive month. Chip equipment maker Tokyo Electron dropped 6.6%.Hong Kong’s Hang Seng fell 1.2%, Shanghai’s Composite Index lost 0.7%, Australia’s S&P/ASX 200 declined 0.7%, while Taiwan’s Taiex dropped 1.3%. India’s Sensex was down 0.3%.
