The Globe and Mail reports in its Saturday edition that Wall Street's nine-week winning streak ended with a thud Friday, as red-hot technology stocks took a hit after a hot May jobs report fuelled fears of a hawkish policy pivot from the U.S. Federal Reserve. A Reuters dispatch to The Globe says selling was concentrated among chip stocks and other tech favourites that have surged in recent weeks. All three major U.S. stock indexes closed sharply lower, with plunging chip stocks dragging Nasdaq down by its largest one-day percentage loss in over two years. The Philadelphia SE Semiconductor Index suffered its largest one-day percentage plunge since March, 2020, erasing more than US$1-trillion in stock market value. The S&P/TSX Composite Index came right along for the ride, closing down 2.28 per cent, as Canada also released a surprisingly strong jobs report. Gold and oil prices were both down sharply, further dampening any buying interest for Canadian stocks. Rising interest rates and the Iran war weighed on sentiment heading into the weekend, but many investors said they expected tech stocks to continue rallying. Ohsung Kwon, chief equity strategist at Wells Fargo, said the semiconductor sector was "way overbought."