Global equities finished lower last week, as a technology-led sell-off dragged down indices on Friday. A disappointing earnings report from chipmaker Broadcom as well as a repricing in US rate expectations were the culprits for the S&P 500’s first weekly loss since March.

On the data front, US nonfarm payrolls and unemployment were the headline releases. Nonfarm payrolls beat forecasts on Friday as the US economy added 172,000 jobs in May, while the unemployment rate remained unchanged at 4.3%. This was the third consecutive month of strong job gains in the US, leading bond markets to tilt expectations towards interest rate hikes rather than cuts amid rising inflation. The Institute for Supply Management (ISM) published its…