US stock markets experienced significant declines as a robust jobs report dampened expectations for interest rate cuts, leading to a sharp selloff in technology and semiconductor stocks. The Nasdaq Composite Index fell more than 4%, ending its nine-week rally, while the Dow Jones Industrial Average also declined. Investor sentiment was further affected by persistent tensions in the Middle East and rising bond yields. These factors combined to create a challenging environment for equities, particularly in sectors sensitive to interest rate changes such as technology and chip manufacturing. Wall Street tumbled as a strong U.S. jobs report dimmed hopes of rate cuts, triggering a sharp selloff in overheated tech and chip stocks.