Daily summary: Stocks drop as NFP data drives rate hike bets

• European indices closed lower on Friday after a strong US jobs report strengthened expectations for aggressive monetary policy tightening by the Fed, which could also mean a faster pace of rate increases by the ECB. Germany's DAX lost 0.3%, while CAC40 fell 0.23%. UK market was closed due to a public holiday; 

• The Dow Jones fell 0.80%, while the S&P 500 and Nasdaq slid 1.4% and 2.33% respectively;

• Tesla stock plunges nearly 9.0% after its CEO Elon Musk warned in an internal email that he wanted to cut the electric vehicle maker's workforce by 10% amid a super bad feeling about the economy;

• The US economy added 390K payrolls in May, above Wall Street expectations, while the wage growth slowed slightly. 

• The ISM Services PMI dropped to 55.9 in May from 57.1 in April, below analysts’ estimates of 56.4 and pointing to the slowest expansion in the services sector since February of 2021;

• USD and CAD are the best performing major currencies while NZD and AUD lag the most;

• WTI crude futures jumped above the $119-per-barrel, while Brent crude futures traded close to $120 per barrel and were set for a sixth weekly advance;

• Gold prices extended losses to trade below $1860 an ounce, while silver pulled back below $22.00; 

• Cryptocurrencies pulled back slightly on Friday. Bitcoin broke below $30,000 level, while Ethereum trades below $1750;

USDJPY pair rose sharply on Friday as the dollar rebounded on renewed inflation worries and wider risk-off sentiment. Pair is currently approaching a recent high at 131.20. Source: xStation5