After a strong May jobs report, U.S. markets posted their worst day since October, with tech stocks leading declines. The S&P 500 fell 2.6%, the Nasdaq dropped 4.2%, and bond yields rose as investors recalibrated expectations for Fed rate increases. Coverage tied the selloff to fears that the AI-fueled chip boom may be slowing and to uncertainty about the Fed’s willingness to cut rates soon. Large-cap semiconductors and AI-linked names fell sharply, while expectations for an end-of-year hike climbed. For higher education finance managers, the relevance is risk management: tech equity and credit conditions influence endowment performance, research commercialization valuations, and the cost of capital for large-scale initiatives.