Nasdaq plummets Friday
A man walks near The Nasdaq logo on the company’s building on April 20, 2026, in New York City.
Zamek | View Press | Corbis News | Getty Images
The Nasdaq Composite suffered a massive decline on Friday.
The tech-heavy index dropped 4.18% to end the day at 25,709.43. The S&P 500 shed 2.64% to close at 7,383.74, while the Dow Jones Industrial Average lost 695.15 points, or 1.35%, to end at 50,866.78.
— Sean Conlon
World Cup may have helped push May payrolls surge
Signage for the FIFA World Cup at Penn Station in New York, US, on Thursday, June 4, 2026.
Bloomberg | Bloomberg | Getty Images
Economists think one potential driver of the outsized gain in May payrolls was the upcoming World Cup event in the U.S.
Several firms mentioned the soccer tournament, which starts June 11, as one source for the surprisingly strong gain of 172,000 for the month, which defied the consensus for just 80,000.
"The upside surprise was highly concentrated in two sectors. Leisure & hospitality added 70k jobs (out of 92k private services gains), while non-education local [government] (security, infrastructure, etc) rose 50k," wrote Bank of America economist Shruti Mishra. "This is consistent with early World Cup hiring, which we had flagged as a risk, though we expected it in June."
The World Cup will be held across 16 cities, including 11 in the U.S.
—Jeff Cox
Odds of a hike by year-end rise
Odds of an interest rate hike coming later this year rose Friday, after an unexpectedly strong jobs report weakened expectations for further easing.
The total probability of interest rates rising by the end of this year jumped to 72.7% on Friday, up from 50.5% one day prior, according to the CME FedWatch Tool.
The likelihood the Federal Reserve would hold the target rate where it currently is at 3.50%-3.75% dropped to 26.9%, down from 47.4% previously, the data showed. And the chance the central bank would cut by just a quarter percentage point by the December meeting fell to 0.5%, down from 2.2%.
The shift in expectations was reflected in the bond market, with the 10-year yield jumping sharply above 4.53% on Friday after the latest jobs data raised expectations for higher for longer interest rates.
— Sarah Min
More advancers than decliners in the S&P 500
The S&P 500 was down by more than 2% in late afternoon trading, but a look inside the broader index showed a majority of stocks were in positive territory. Just ahead of the 3 o'clock hour, there were 266 advancers in the index.
— Sarah Min
Staples rise amid tech sell-off
Packages of Clorox disinfecting wipes are displayed at a Costco Wholesale store on July 12, 2025 in San Diego, California.
Kevin Carter | Getty Images
Investors rotated into safety through a slew of consumer staple stocks as chipmakers led to a broader tech sell-off.
The S&P 500 Consumer Staples sector was up more than 2%, the best performer of the broad index's 11 sub-groups.
Amid the names rising was consumer goods company Procter & Gamble, which was up more than 5%. Clorox, the consumer product manufacturer, rose by about the same amount. Retailer Walmart was up more than 2%.
Staples have been underperformers this year as the artificial intelligence trade gained steam again at the end of March. The sector is the second-worst performing in 2026, with just a slightly better performance than financials.
S&P 500 Consumer Staples sector year-to-date.
— Davis Giangiulio
Intel, AMD and Micron shares drop after Broadcom’s earnings
Intel, Advanced Micro Devices and Micron shares hit a speed bump after Broadcom reported its earnings earlier this week.
A weaker-than-expected AI chip outlook from Broadcom not only sent the Palo-Alto company's shares plunging but also impacted the semiconductor and memory stocks.
Shares of AMD , Intel and Micron Technology all fell over the past two trading sessions, after posting massive gains in recent months as investors tapped into AI-related names.
Over the last two trading days, Micron Technology dropped 17%, Intel by 9% and AMD by 12.6%.
— Deena Zaidi
Paramount, WBD stocks drop on report states will sue to block merger
Shares of Paramount Skydance and Warner Bros. Discovery dropped sharply following a report that a group of states is preparing a lawsuit to block the proposed merger of the two media companies.
The merger has been in the midst of a regulatory review process after receiving shareholder approval in April. Paramount CEO David Ellison has said publicly the deal is on track to close by September.
On Friday Reuters reported that a group of states were moving to sue to block the merger, although it wasn't immediately clear which states. Earlier on Friday Reuters reported that California Attorney General Rob Bonta would soon make a decision on whether to sue to block the deal.
Paramount's stock was down 7%, while WBD fell 2% in afternoon trading.
"Opposing this deal means opposing expanded consumer choice, new opportunities for creators and workers, and greater competition throughout the creative ecosystem—the opposite of what antitrust law is meant to achieve," Paramount said in a statement on Friday. "It also means giving entrenched incumbents like Netflix an advantage they do not deserve. We will continue to fight against any attempt to derail a deal that plainly benefits consumers, creators, and the industry as a whole."
— Lillian Rizzo
Health care stocks rise on Friday, fueled by rotation out of tech sector
Health care stocks rose on Friday, fueled in part by a rotation out of the technology sector as investors looked for stocks with steadier prospects.
The State Street Health Care Select Sector SPDR ETF (XLV) was last trading more than 1% higher on the day. The ETF was on pace to end the week with a 3% gain.
XLV 5D chart
The health care sector was the second-best performer of the 11 GICS sectors on Friday, lagging only behind consumer staples.
One of the stocks leading the fund higher was Cooper Companies, up nearly 8% on the day. Shares rose after the medical devices company posted a second-quarter earnings and revenue beat.
Other leading health care stocks on Friday included Insulet Corporation and Universal Health Services, which respectively rose 5% and 4%.
— Lisa Kailai Han
Stocks making midday moves: Quantinuum, Colgate-Palmolive, FedEx Freight Holding Company
These are the companies making headlines in midday trading:
- Quantinuum — Shares dropped more than 8%. Quantinuum debuted on the Nasdaq Thursday to a lukewarm reception, closing flat on the day. Friday's decline brought the stock below its IPO price of $60 per share. A slate of quantum computing stocks slid alongside it, with Rigetti Computing falling 13% and D-Wave Quantum slumping nearly 12%.
- Consumer staples, healthcare — The sectors were bright spots in Friday's sell-off as investors shunned tech names for defensive corners of the market. Consumer staples were last up 2%, as Colgate-Palmolive, Coca-Cola and Procter & Gamble jumped more than 3%. The healthcare sector advanced 1.7%, with Insulet trading nearly 5% higher and Eli Lilly gaining almost 3%.
- FedEx Freight Holding Company — Shares popped more than 8% as the FedEx spin-off headed for a winning week. FedEx Freight, which focuses on the less-than-truckload industry, began trading on the New York Stock Exchange on June 1. The stock is on track for a 6% gain on the week.
Read here for the full list.
— Davis Giangiulio
Bitcoin cracks $60,000, sinking to lowest level since October 2024
Justin Tallis | Afp | Getty Images
Bitcoin dropped below the $60,000 level for the first time since October 2024 to cap an already bruising week for crypto investors, falling as low as $59,764.90. It's on pace for a 17% loss.
Coinbase, Circle and Strategy each lost about 8%, with Strategy heading for a 25% weekly loss.
On Monday, investors will learn whether Strategy was a buyer, a seller or inactive during this week. If the company comes back as an aggressive buyer after its small but significant sale last week that triggered the current crypto sell-off, it could help stabilize sentiment. If the report shows it sold or was inactive, it's likely to fuel concerns about one of crypto's most important sources of structural demand.
Read what's behind bitcoin's bad week here.
— Tanaya Macheel
Bitcoin falls to lowest level since October 2024
Bitcoin extended its losses on Friday, dropping to October 2024 lows to cap an already bruising week for crypto investors.
The flagship cryptocurrency was last lower by 5% at $60,450.00. Earlier, it fell to $60,028, its lowest level since Oct. 11, 2024. Read more.
Bitcoin, 1-year
— Joseph Wilkins and Tanaya Macheel
Alphabet is seeking fresh capital as stock heads for 4-week losing streak
Sundar Pichai, chief executive officer of Alphabet Inc., during the Google I/O Developers Conference in Mountain View, California, US, on Tuesday, May 19, 2026.
David Paul Morris | Bloomberg | Getty Images
A month ago, Alphabet briefly surpassed Nvidia by market cap. The stock has since been on a downward slide, and is on pace to wrap its fourth straight weekly drop, the longest losing streak in more than a year.
That's the market mood Alphabet faces as it pursues $85 billion in fresh capital to help fund its artificial intelligence build-out. While Google has been Wall Street's favorite megacap tech name over the past year, some skepticism is seeping into the story as the cash-rich company seeks even more money for infrastructure and to advance AI models that it hopes will compete with offerings from Anthropic and OpenAI.
"I never thought Google would need to hit the public markets to raise money to fund their spending," Dan Niles, founder of Niles Investment Management, said in an interview. Read more.
— MacKenzie Sigalos
BTIG downgrades Lululemon after athleisure retailer cuts annual outlook
BTIG downgraded shares of Lululemon to a neutral rating from buy after the athletic apparel retailer cut its annual outlook on Thursday.
Lululemon also issued a weak outlook for its current quarter, with interim CEO Meghan Frank blaming "negative commentary in the brand" as well as product launches that didn't meet expectations. However, the company did beat earnings and revenue expectations for its fiscal first quarter.
"While Q1 was largely in-line, the decel toward the end of the quarter suggests more work ahead, with Q2 sales set to decline for the first time post-COVID. Despite initiatives to improve product, marketing, and merchandising, we see potential for trends to deteriorate further before improving," wrote BTIG analyst Janine Stichter. "While the company pointed to a confluence of factors, we do not believe the root of the challenges has been fully diagnosed, and see the company as being in a holding pattern as we await the arrival of incoming CEO Heidi O'Neill in September."
Stichter added: "While we acknowledge significant self-help opportunity and a relatively inexpensive valuation, we see reduced visibility into estimates and remain more comfortable on the sidelines."
Shares of Lululemon were last trading 7% lower on Friday.
LULU 5D chart
— Lisa Kailai Han
Nvidia sees growing market as new generations come online, says Bank of America
Jensen Huang, chief executive officer of Nvidia Corp., presents the RTX Spark Superchip at the Nvidia GTC conference on the sidelines of Computex 2026 in Taipei, Taiwan, on Monday, June 1, 2026.
Lam Yik Fei | Bloomberg | Getty Images
Nvidia thinks its addressable market can double as new versions of its chips come into the fold, according to comments by CFO Colette Kress at the Bank of America Global Technology Conference.
The bank reiterated its buy rating on the chipmaker and $350 price target after Kress' keynote address. That price target represents a 60% gain from Thursday's close. Analyst Vivek Arya wrote in a Thursday note that Nvidia's room for growth with its new innovations is compelling.
"NVDA believes every new generation of its systems can increase the company's addressable market materially, from the current ~$40bn/GW for Blackwell Ultra, toward $60-80bn/GW for Vera Rubin and Rubin Ultra, and toward ~$100bn/GW for Feynman maybe," Arya wrote. "While exact figures may vary, NVDA continues to address more parts of the AI system each generation."
Arya also called Nvidia the "king of diversity," thanks to its mix of both supplying hyperscalers and increasingly AI cloud, industrial and enterprise companies too.
Nvidia 1-year.
— Davis Giangiulio
S&P 500, Nasdaq fall on Friday
The S&P 500 and Nasdaq Composite traded lower on Friday morning.
The broad market index declined 0.6% shortly after the opening bell, while the tech-heavy Nasdaq fell 1.1%. The Dow Jones Industrial Average was near flat.
— Sean Conlon
U.S. economy adds 172,000 jobs
The U.S. economy added 172,000 jobs in May, far more than economists polled by Dow Jones expected at 80,000. The unemployment rate held steady at 4.3%, as expected.
— Fred Imbert
Lululemon Athletica, Docusign and Broadcom among the stocks making moves before the bell
Jonathan Raa | Nurphoto | Getty Images
Check out the companies making the biggest moves premarket:
- Lululemon Athletica — Shares sank 13% after the athleisure company lowered its full-year earnings and revenue guidance, citing headwinds. The company's current-quarter earnings and revenue guidance also came below what analysts were expecting, per LSEG.
- Docusign — The software stock slipped 4% after Docusign's outlook failed to impress the Street. The company sees second-quarter revenue in a range of $865 million to $869 million, encompassing the LSEG consensus estimate of $866 million.
- Chip stocks — A slew of companies appeared set to fall again on Friday after tumbling on Thursday following Broadcom's earnings report. Broadcom itself was off 1% again, after it fell 12.5% the day before. Advanced Micro Devices was off almost 3%, while Intel was down more than 2.5%. Arm slipped 5%. Nvidia fared better, only down 1%.
Read here for the full list.
— Davis Giangiulio
Citi strategist still bullish despite 'signs of growing exuberance'
Citi strategist Beata Manthey still sees a constrictive outlook for stocks even as signs of froth emerge.
"Global equities are near all-time highs, with signs of growing exuberance," she wrote to clients. "exuberance. Valuations across several segments appear stretched, investor sentiment is turning increasingly optimistic, and the pickup in IPOs and broader equity issuance highlights strong demand for risk. None of this, on its own, signals an imminent downturn. History suggests that major peaks aren't defined by a single trigger, but by a broad set of indicators all moving into more extreme territory at the same time."
— Fred Imbert
European tech slides as global sell-off spreads
European stock markets fell on Friday, with the pan-European Stoxx 600 last seen down 0.2%, while major bourses in London, Paris, Frankfurt and Milan all traded lower.
Most regional sectors were in the green, but technology and miners were the key outliers, sliding 2.1% and 2%, respectively, as the sell-off in U.S. chipmakers spread to European markets.
Dutch semiconductor mainstay ASML was last seen 3.8% lower, while German chipmaker Infineon Technology slumped more than 6% in morning trade.
— Hugh Leask
South Korea leads losses in Asia markets as tech stocks slump
A woman walks past an electronic quotation board displaying the Nikkei 225 stock prices on the Tokyo Stock Exchange along a street in Tokyo on June 5, 2026.
Kazuhiro Nogi | AFP | Getty Images
South Korea stocks plunged Friday, leading losses in the region, as the slump in Wall Street tech names overnight spread into Asia, dragging benchmark indexes lower.
The Kospi ended Friday's session 5.54% lower at 8,160.59. Index heavyweights Samsung Electronics and SK Hynix dropped 6.40% and 9.92%, respectively. The small-cap Kosdaq index fell 4.50%.
In a move that could pressure South Korea's tech sector further, the country's labor minister urged its biggest technology companies to distribute more of the gains from the AI-driven semiconductor boom with workers and suppliers, saying record profits risk exacerbating income inequality.
Japan's benchmark Nikkei 225 fell 1.31% to 66,588.12.
Australia's S&P/ASX 200 dropped 0.70% to 8,625.10.
Hong Kong's Hang Seng index was down 1.11% in its last hour of trade, while mainland China's CSI 300 dropped 1.79% to 4,816.92.
India's Nifty 50 was marginally lower in choppy trade, while the BSE Sensex was flat as of 1:00 p.m. local time (3:30 a.m. ET)
—Justina Lee
South Korea stocks fall 4% as tech heavyweights follow plunge in Wall Street’s AI-linked names
South Korea stocks plunged Friday, leading losses in the region, as the slump in Wall Street tech names overnight spread into Asia dragging benchmark indexes lower.
The Kospi was last down 4.11%, with heavyweights Samsung and SK Hynix dropping 6% and 8%, respectively, while the small-cap Kosdaq fell 2.41%.
Japan's benchmark Nikkei 225 lost 1.1%.
Australia's S&P/ASX 200 was 0.2% lower.
Hong Kong's Hang Seng index was down 0.46%, while the CSI 300 declined 0.29%.
— Lee Ying Shan
Trump said he would be 'honored' to meet Iran's supreme leader 'if it was to make a deal'
U.S. President Donald Trump speaks during a "Beautiful, Clean Coal" event in the Oval Office of the White House on June 4, 2026 in Washington, DC.
Kevin Dietsch | Getty Images
On Thursday, President Donald Trump said that he would be "honored" to meet Iranian Supreme Leader Ayatollah Mojtaba Khamenei "if it was to make a deal."
"If we make a deal, it's possible that I would meet," he said. "I'd be okay with that."
Trump added that he expects Khamenei to be a "professional."
"In some circles, he has a very good reputation, actually," the president said.
— Garrett Downs and Lisa Kailai Han
Stocks making the biggest moves after the bell: Lululemon Athletica, ServiceTitan and more
The Lululemon logo can be seen on a store in Manhattan.
Sven Hoppe | Picture Alliance | Getty Images
These are the stocks moving the most in extended-hours trading:
- Lululemon Athletica — Shares sank 11% after the athleisure company lowered its full-year earnings and revenue guidance, citing headwinds.
- ServiceTitan — The software platform provider with a focus on contractors saw shares pop 13%. ServiceTitan raised its guidance for the full year and now sees adjusted income from operations in a range of $142 million to $147 million.
- Argan — The construction engineering company gained 12%. First-quarter results surpassed expectations, with Argan earning $3.24 per share on revenue of $291 million.
Read the full list of stocks moving here.
— Lisa Kailai Han
S&P Dow Jones Indices stands pat on index eligibility rules
On Thursday, S&P Dow Jones Indices announced that it would make no changes to the eligibility criteria for adding stocks to the S&P 500, S&P MidCap 400 or S&P SmallCap 600.
As part of its decision, S&P Dow Jones Indices will continue to require initial public offerings to trade on an eligible exchange for at least 12 months before being considered or addition to an index. One of the proposed changes the firm was weighing included shortening this so-called IPO seasoning period to six months.
S&P Dow Jones Indices' move followed a consultation with market participants on potential changes to the indexes' methodologies.
Elon Musk's SpaceX plans to go public at the Nasdaq next Friday, with a valuation of $1.77 trillion. With S&P Dow Jones Indices opting to keep its eligibility criteria the same, it could take SpaceX at least a year to join the S&P 500. In turn, this could result in dramatic variations between the broad market index's returns versus those of other averages.
— Lisa Kailai Han