The Nasdaq plunged 1,100 points late at night, with Micron Technology falling over 13%, Intel down 11%, Chinese concept stocks collectively dropping sharply, Baidu falling nearly 10%

In the early morning of June 6 Beijing time, the three major U.S. stock indices closed with a collective plunge, the Dow Jones Industrial Average fell 1.35%; the S&P 500 index dropped 2.64%, the largest single-day decline since October 2025; the Nasdaq Composite fell 4.18%, dropping over 1,100 points, the largest single-day decline since April 2025.
The U.S. non-farm payroll report for May released last night showed strong performance, almost completely extinguishing the market’s hopes for a recent Fed rate cut, with traders now fully pricing in a 25 basis point rate hike before December this year, and an approximately 60% chance of a rate hike in October. As a result, gold, silver, international oil prices, and the cryptocurrency market all experienced a sharp dive, with tech stocks in the U.S. stock market also suffering their largest single-day drop of the year.
Major tech stocks all declined, Oracle fell over 9%, Tesla and Nvidia dropped over 6%, Facebook fell over 5%, Amazon declined over 3%, Microsoft dropped 2.6%.
Semiconductor stocks all plummeted, the Philadelphia Semiconductor Index’s decline widened to 10% in the late trading session, the largest single-day drop since March 2020. Marvell Technology fell over 16%, Micron Technology dropped over 13%, Intel, Sandisk, and Western Digital fell over 11%, Qualcomm and AMD declined nearly 11%, Broadcom fell nearly 8%.
Optical communication stocks all declined, Nokia fell over 13%, Coherent and Corning dropped over 10%, Lumentum fell over 8%.
Chinese concept stocks fell sharply, the Nasdaq China Golden Dragon Index dropped more than 3.5%, Qimengdao fell nearly 25%, Baidu and Pony.ai fell nearly 10%, China Internet, Jinko Solar fell nearly 9%, Kingsoft Cloud and Xunlei dropped over 6%, NIO fell over 5%, XPeng Motors fell nearly 5%, Alibaba and Xiaomi fell nearly 4%.
The commodities market all tumbled, spot gold prices fell 3.3%, to $4,327.46 per ounce, with an intraday range of $170, erasing all gains of the year. Spot silver plummeted 8%, to $67.87 per ounce.
International oil prices also declined, WTI crude oil futures fell 3%, to $90.19 per barrel; Brent crude futures dropped over 2%, to $92.77 per barrel.
Bitcoin briefly broke below the $60,000 mark last night, now trading at $61,495. Ethereum fell 9%, SOL and Dogecoin dropped over 5%, ZEC fell 21%, according to CoinGlass data, a total of 348k traders were liquidated in the past 24 hours. $ZEC
{spot}(ZECUSDT)