Wahed FTSE USA Shariah ETF is trading at $71.91 (-1.7%) as a broad U.S. tech selloff and hawkish labor market data pressure growth-oriented assets.
- The fund's heavy exposure to the information technology sector—comprising nearly half its total weight—is driving the decline following a sharp pullback in the Nasdaq.
- A stronger-than-expected May jobs report, featuring 172,000 additions and a 4.3% unemployment rate, has dampened investor hopes for near-term interest rate cuts.
- Broader market sentiment remains risk-off as the resilient labor data pressures growth stocks and recalibrates expectations for Federal Reserve policy.