US politics live: A concerning stock market record has been broken amid a bloodbath on Wall Street, leaving Donald Trump baffled. Follow live updates as more than $2 trillion is wiped off Wall Street overnight, despite the US posting its third strongest jobs report in 18 months.
Market Turmoil Despite Strong Jobs Data
Donald Trump was baffled by the news, saying 'stocks should go up, not down' following the new data. US job growth surged past expectations in May, with the unemployment rate remaining steady at 4.3 percent. The labor market in the world's largest economy showed signs of firming after months of turbulence.
While the news appears positive on the surface, it has led to fears that the US Federal Reserve will be forced to hike interest rates. Wall Street stocks slumped as investors anticipate the Fed switching its focus to combating inflation through rate hikes later this year.
Trump's Reaction
'Stocks should go up, not down. That's the way it was for 200 years. Growth does not mean inflation!' Mr. Trump posted in response to the market actions.
Jobs Report Details
Total non-farm payroll employment increased by 172,000 in May, and the unemployment rate was unchanged at 4.3 percent, according to the US Bureau of Labor Statistics.
US Sanctions on Iran
Meanwhile, the US imposed sanctions on a network allegedly exporting Liquefied Petroleum Gas (LPG) from Iran to South and Eastern Asia by falsely flagging it as originating in Oman, the Treasury said. The network used front companies in the United Arab Emirates and China and a 'shadow fleet' of vessels, according to a Treasury statement. The system, designed to evade existing US sanctions, moved LPG worth hundreds of millions of dollars.
Read on for updates below.
