Global X Space Tech Index ETF is trading 6.4% down today as high-beta growth and technology names face a broad selloff following stronger-than-expected U.S. jobs data.
- The robust labor report has led investors to price in a more hawkish Federal Reserve path, driving Treasury yields higher and prompting a rotation out of speculative sectors like space technology.
- The broader market is under significant pressure, with the Nasdaq dropping over 3% as higher interest rate fears weigh on valuations for growth-oriented companies.