Source: Charles Schwab, data from 6/1 – 6/5

Weekly Market Minute

“A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.”
— Suze Orman

🧭 This Week In the Markets

Image Source: Dado Ruvic/Reuters

Markets Snap Nine-Week Winning Streak

U.S. equities moved sharply lower on Friday, led by a significant sell-off in semiconductor stocks. The technology-heavy Nasdaq Composite fell more than 4%, marking its largest single-day decline since the tariff-related volatility of early 2025. While the exact catalyst behind the weakness in chip stocks remained somewhat unclear, investor disappointment surrounding Broadcom’s AI-related outlook following its earnings report appeared to weigh on sentiment throughout the week. Friday’s decline accelerated as Treasury yields surged after a much stronger-than-expected May employment report, raising concerns that interest rates may remain elevated for longer than previously anticipated. The broader S&P 500 also finished lower, posting its first weekly decline in ten weeks.

May Payroll Growth Far Exceeds Expectations

The U.S. labor market delivered a much stronger-than-expected performance in May, as nonfarm payrolls increased by 172,000, more than double the Dow Jones consensus estimate of 80,000 and highlighting the continued resilience of the economy. The unemployment rate remained unchanged at 4.3%, while average hourly earnings rose 0.3% for the month and 3.4% over the past year, both matching expectations. Job gains were broad-based, led by leisure and hospitality, local government, and health care, while upward revisions to March and April payroll figures added an additional 93,000 jobs to prior estimates. The report suggests employers continue to hire despite elevated interest rates and ongoing economic uncertainty.

Bitcoin Extends Decline as Investors Reassess Crypto Outlook

Bitcoin continued its recent slide this week, briefly falling below $60,000 as selling pressure intensified across the cryptocurrency market. The digital asset finished the week down approximately 17% and remains more than 50% below its October 2025 all-time high. Several factors contributed to the decline, including weaker investor sentiment following a small bitcoin sale by Strategy, the software company widely known for its sizable bitcoin holdings. Adding to the pressure, spot bitcoin ETFs experienced their longest streak of net outflows on record, signaling reduced demand from investors. Market participants have also questioned some of bitcoin’s traditional investment narratives, as the cryptocurrency has struggled to benefit from either heightened geopolitical uncertainty or the continued strength in technology stocks.

🏢 Corporate Earnings

• Broadcom (AVGO)  reported mixed Q1 results with earnings of $2.44 per share on $22.19 billion in revenue, compared to expectations of $2.40 per share and $22.27 billion, though shares fell sharply as investors had anticipated a higher long-term AI revenue target.
• Palo Alto Networks (PANW)  topped fiscal Q3 earnings expectations, with earnings of $0.85 per share on $3.00 billion in revenue, beating estimates of $0.80 per share and $2.94 billion in revenue, while raising guidance as demand for cybersecurity solutions continues to benefit from the rise of AI-driven threats.

📊 Sector Performance

5-day closing price ($) and change (%)

Source: Select Sector SPDRs, data based on the Sector SPDR ETFs as of 6/5

📰 Dollars & Sense: This Week’s Rapid Read

What the World Cup could mean for the US economy
The World Cup, which kicks off next week, could deliver a win for the United States economy no matter how the nation’s soccer team fares.

Source: ABC News

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Sources: CNBC, CNBC, CNBC
Corporate Earnings: Broadcom, Palo Alto Networks

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