Coherent, IBM, DXC Shares Fall as Strong Jobs Data Dampens Rate-Cut Hopes

Shares of technology companies including Coherent (COHR), IBM (IBM), and DXC Technology (DXC) declined on June 6, 2026, following a stronger-than-expected U.S. jobs report that reinforced expectations for sustained high interest rates. The U.S. economy added 172,000 nonfarm payrolls in May, far exceeding the 85,000 estimate and holding unemployment at 4.3%. The robust data dimmed prospects for near-term Federal Reserve rate cuts, a headwind for growth-focused sectors like tech. Higher rates pressure stock valuations by reducing the present value of future earnings. Coherent, a maker of optical transceivers for AI data centers, dropped despite recent strategic validation from Nvidia. Its shares have been volatile, with 55 moves over 5% in the past year. The stock has doubled year-to-date to $388.74, near its 52-week high of $426.89. The broader tech sell-off reflected recalibrated expectations for a "higher-for-longer" rate environment.