Applied Digital (APLD), Lumen (LUMN), Iridium (IRDM) Shares Fall as Strong Jobs Data Dims Rate-Cut Hopes

Shares of Applied Digital, Lumen Technologies, and Iridium Communications dropped sharply on June 6, 2026, after a stronger-than-expected U.S. jobs report fueled concerns that the Federal Reserve will keep interest rates elevated for longer. The Labor Department said nonfarm payrolls rose by 172,000 in May, nearly double the 85,000 consensus estimate, while the unemployment rate held steady at 4.3%. The robust data erased expectations for near-term rate cuts, pressuring growth-oriented stocks whose future earnings are less valuable in a high-rate environment. Applied Digital, which has seen 93 moves of more than 5% in the past year, retreated further from its May 2026 high of $49.65, now trading 22% below that level. Lumen and Iridium also declined amid a broad recalibration toward a higher-for-longer rate scenario.