U.S. tech stocks experienced a significant downturn on Friday, with the Nasdaq 100 dropping 3.4% amid fears of an impending interest rate hike by the Federal Reserve. This decline was spurred by a robust jobs report showing the economy added 172,000 nonfarm payrolls in May, far exceeding the anticipated 85,000. The unemployment rate held at 4.3%, and inflation rose to 3.8%, reinforcing expectations for further monetary tightening. Consequently, Treasury yields surged, with the 2-year yield climbing to 4.15%. The broader market reflected this sentiment, with the S&P 500 and Russell 2000 also declining. In the cryptocurrency market, Bitcoin fell 4% to $61,000, marking a 17% drop for the week, while Ethereum saw a nearly 10% decrease. Defensive sectors like consumer staples and healthcare gained as investors rotated away from high-growth stocks, which were heavily impacted by rising interest rates.