S&P 500 Plunges 2.64% to 7,383.68 as Fed Hike Odds Hit 60%

U.S. equities plunged on June 6 as the S&P 500 fell 2.64% to 7,383.68 and the Nasdaq dropped 4.18%, marking its worst session since April 2025. The selloff followed May nonfarm payrolls of 172,000 versus 80,000 expected, which lifted 10-year Treasury yields to 4.55% and pushed prediction markets to price a roughly 60% chance of a 25 bp Fed rate hike by year-end. The reaction accelerated a rotation out of tech and AI stocks into defensives, with Bitcoin also falling below $60,000 amid higher-for-longer rate expectations ahead of the June FOMC meeting.