Stocks slumped last week as investors winced as stronger-than-anticipated May payrolls boosted bets that the Federal Reserve will raise rates this year. Under PressureThe S&P 500 ended Friday's session at 7,383.74, breaking a winning streak that had gone on for nine weeks, the market benchmark's longest such run since 2023. The S&P 500 is now up 7.9% this year. The S&P 500 on Tuesday set new intraday and closing highs over 7,600. The gains were erased later in the week after the Labor Department released its May employment data on Friday. The jobs report showed nonfarm payrolls rose by 172,000, well above the 88,000 increase expected in a survey compiled by Bloomberg. April and March payrolls also received upward revisions for a net upward revision of 93,000 jobs. However, the May unemployment rate remained at 4.3%, as expected. The probability of a 25-basis-point increase in interest rates in December rose to 43%, from 36% a week ago, according to the CME FedWatch tool. The comparisons for September were 33% versus 20%. For October, the data showed an increase to 39% from 25%. The consumer discretionary sector had the largest percentage drop of the week, falling 6.2%, followed by a 5.4% loss in technology and a 3.9% slide in communication services. Materials shed 1.2% while utilities edged lower. Ford Motor (F) was hit hardest in consumer discretionary, losing 15%. The automaker reported its total US vehicle sales fell 13.6% year over year in May to 190,828 vehicles. Internal combustion vehicle sales fell 12.3% while hybrid and electric vehicle sales were down 15.7% and 43.9%, respectively, the company said. Also weighing on consumer discretionary, Lululemon Athletica (LULU) shares fell 13%. The athletic apparel retailer forecast fiscal Q2 earnings per share and revenue below analysts' expectations despite its fiscal Q1 results slightly topped Street views. Lululemon Athletica also trimmed its 2026 guidance. In the technology sector, Ciena (CIEN) had the largest percentage drop of the week, falling 16%. The drop came even as the networking systems and software company provided an upbeat fiscal third-quarter revenue outlook and its results topped market estimates. Broadcom (AVGO) also weighed on the technology sector as its stock declined 14%. The chip designer reported fiscal second-quarter results above Wall Street's estimates as its artificial intelligence revenue more than doubled on the back of increased demand for custom accelerators and networking solutions. However, analysts at RBC Capital Markets and UBS said investors were disappointed that the company only reiterated its its 2027 artificial intelligence guidance rather than raising it. On the upside, the energy sector rose 2.5%, followed by a 2.3% gain in health care, a 1.5% rise in real estate and a 1.3% increase in financials. Consumer staples and industrials also edged higher. Marathon Petroleum (MPC) had the largest weekly percentage increase in the energy sector, climbing 5.3%. The company reported it swung to a larger-than-expected Q1 adjusted net profit from a year-earlier loss while revenue also topped expectations. Next week, the lead up to one of the most anticipated IPO's, and largest IPO's, in history on Friday, June 12th takes place. SpaceX (Space Exploration Technologies) which will trade under ticker SPCX will attempt to IPO at at price of $135.00 per share at a valuation of $1.75 Trillion raising roughly $75B to facilitate its next stages of growth in Starlink, Starship, xAI, and building data centers in space, and finally, post-IPO to acquire Cursor for $60B. We'll be tracking the offering and expect volatility in SPCX when it begins trading sometime (as early as 10AM, but expect an afternoon release) on June 12th. Goldman Sachs is the lead bank in brining SpaceX public and were the lead bank when Elon Musk's, Tesla, was brought to public markets on June, 29, 2010. |
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Source: YCharts.com, June 6, 2026. Weekly performance is measured from Monday, June 1 to Friday, June 5. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points. |
This Week: Key Economic DataTuesday: NFIB Small Business Optimism Index. U.S. Trade Balance. Existing Home Sales. Wholesale Inventories. Wednesday: Consumer Price Index (CPI). Federal Budget. Thursday: Weekly Jobless Claims. Producer Price Index (PPI). Friday: Consumer Sentiment. Source: Investor’s Business Daily - Econoday economic calendar: June 5, 2026. This Week: Companies Reporting EarningsWednesday: Oracle Corporation (ORCL) Thursday: Adobe Inc. (ADBE) Friday: SpaceX - IPO (SPCX) Source: Zacks, June 5, 2026. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule their earnings reports without notice. |
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“What you do makes a difference, and you have to decide what kind of difference you want to make.” –Jane Goodall |
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Is It Time for a Paycheck Checkup?Paycheck checkups are a great practice when something happens in your life that may change your tax status, such as getting married or divorced, having a baby, getting a new job, or getting a raise or promotion. You can also adjust your withholding status if you want to change the tax withheld due to other circumstances. Other factors can also be checked during your paycheck checkup, such as how much you contribute to your health insurance and retirement. These expenses can also impact your tax liability. This information is not a substitute for individualized tax advice. Please consult with a qualified tax professional to discuss your specific tax issues. Tip adapted from IRS.gov8 |
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5-Minute Core-Strengthening WorkoutEven if you only have a little time to dedicate to a core workout, this circuit will get you going and only takes 5 minutes. Here are the moves:
Tip adapted from Nourish Move Love9 |
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On a summer day, two fathers and two sons went fishing, and each one of them caught one fish. Why did they return home with just three fish? Last Week's Riddle: It traveled from Kentucky to Texas in three days, and it did so while staying in a corner. What is it? Answer: A stamp. |
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Zambezi River at Victoria Falls, Matabeleland North, Zimbabwe Victoria Falls, Matabeleland North, Zimbabwe |
Footnotes And Sources1. WSJ.com, June 5, 2026 10. MT Newswires, YCharts.com, June 1 - 5, 2026 |
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