U.S. stocks ended sharply lower on Friday, as a stronger-than-expected May jobs report heightened bets on a potential Federal Reserve rate hike later this year.
The Dow Jones Industrial Average fell 695.15 points, or 1.35 percent, to 50,866.78. The Standard and Poor's 500 sank 200.57 points, or 2.64 percent, to 7,383.74. The Nasdaq Composite Index shed 1,121.53 points, or 4.18 percent, to 25,709.43.
Six of the 11 primary Standard and Poor's 500 sectors closed in negative territory, with technology and consumer discretionary leading the declines at 5.78 percent and 2.43 percent, respectively. Consumer staples and utilities were the top performers, rising 1.64 percent and 0.8 percent, respectively.
The U.S. Bureau of Labor Statistics reported that employers added 172,000 jobs in May, exceeding economists' expectations of around 88,000. The unemployment rate held steady at 4.3 percent.
While the strong labor market data underscored economic resilience, it also raised concerns about persistent inflation and reduced the likelihood of near-term monetary easing.
Traders now price in a Federal Reserve rate hike by the end of this year. According to the CME FedWatch Tool, the probability of interest rates rising by year-end jumped to 72.7 percent on Friday, up from 50.5 percent the previous day. This shift came even as U.S. President Donald Trump continued to press for interest rate cuts while his nominee, Kevin Warsh, assumed leadership of the Federal Reserve.
Market volatility intensified this week as investors took profits after recent rallies and adjusted expectations for Fed policy. The CBOE Volatility Index, Wall Street's fear gauge, surged over 30 percent to its highest level in two months.
In the technology sector, concerns over the artificial intelligence investment boom persisted. Broadcom continued to plummet following its disappointing earnings forecast earlier in the week, while Micron Technology, Advanced Micro Devices, and Intel also posted notable losses.
U.S. stocks tank as strong jobs report fuels rate-hike expectations
A large number of international guests have been drawn to Ninghai County in east China's Zhejiang Province, immersing themselves in the culture of its villages and enjoying warm welcomes from local people eager to share their traditional practices.
Recently, a traditional long-table banquet was held in the county's Qiantong Ancient Town, an exceptionally well-preserved town built during the Song Dynasty (960–1279).
Given the rising popularity of rural tourism in China, it was no surprise that the 300 tickets for the event sold out within a few minutes. However, local organizers had not expected the event to bring so many guests from overseas to the 200-meter-long table.
"I especially like the tall (long) table, it's actually a new experience for me," said an international visitor.
"The atmosphere here is lively and I really like it. The dishes arrived still hot, crispy and delicious," said another overseas guest.
Inspired by the stories of Xu Xiake, an explorer and travel writer from the Ming Dynasty (1368-1644), more than 100 overseas students also visited old villages in the county, where they learned traditional crafting techniques like paper cutting.
"I can experience traditional culture and I also like that in this village. There are some old traditional things," said an overseas student.
"This place is so beautiful, with many delicious foods," another student said.
The students also learned to make a kind of traditional dessert that symbolizes good wishes for longevity.
"It's my first time to see it. It's very interesting. I want to learn new things," said one of the students.
"I feel really amazed there, really happy. I was really enjoying this experience to do it," said another.
Local people were more than willing to share these ancient practices with young people from around the world.
"Through hands-on experience, our foreign friends can more easily understand our traditional culture. Our communication like this is more sincere and unforgettable," said Liang Lanlan, an intangible cultural heritage inheritor.
Traditional culture in east China county draws international guests
