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Update 16/06/2026
— Stocks had a relatively sleepy session on the heels of Monday's rally, with the DJIA (+0.6%) furthering its push into record territory as oil prices continued to fall, while the S&P 500 (-0.6%) and Nasdaq Composite (-1.2%) faced pressure amid a pullback across tech names. —The information technology sector (-2.3%) finished with the widest loss by a considerable margin after posting a 3.4% gain in the previous session. Semiconductor stocks in particular faced some profit-taking, with the PHLX Semiconductor Index (-5.7%) giving back all of yesterday's gains as stocks such as Lumentum (LITE 875.36, -81.88, -8.55%) and Monolithic Power (MPWR 1496.52, -155.77, -9.43%) were among the worst-performing S&P 500 components.—NVIDIA (NVDA 207.42, -5.03, -2.37%) was a "magnificent seven" laggard amid a mostly lower showing across the group, helping drive the Vanguard Mega Cap Growth ETF 1.1% lower. —For much of the session, it appeared that relative weakness across the mega-cap cohort would have little effect on SpaceX (SPCX 202.09, +9.59, +4.98%). After surrendering most of an early advance during the afternoon, the stock found renewed buying interest into the close and extended its powerful post-IPO run.—As tech charted a lower course, the broader market saw some rotational interest that helped soften the tech-inflicted blow on the major averages. Strength in the broader market was once again supported by a retreat in oil prices, as investors remained optimistic that Friday's planned signing of the U.S.-Iran peace agreement will result in a lasting resolution and help keep energy prices contained. Crude oil futures settled today's session $4.84 lower (-6.0%) at $76.06 per barrel, and the energy sector (-0.4%) was the only other S&P 500 sector to finish with a loss wider than 0.1%. —Meanwhile, seven S&P 500 sectors posted gains, led by the financials sector (+1.5%) as falling oil prices eased growth concerns and supported bank stocks. JPMorgan Chase (JPM 331.14, +11.74, +3.68%) was the best-performing Dow component after Bloomberg reported that L3Harris (LHX 310.45, +6.28, +2.06%) selected JPMorgan and Morgan Stanley (MS 220.83, +2.85, +1.31%) to lead a potential $2 billion IPO of its missile unit, Axyv.—Other cyclical sectors were also among today's outperformers. The majority of stocks in the industrials sector (+0.7%) traded higher, while the materials sector (+0.5%) was supported by another solid showing from construction material names as Treasury yields continued to move lower. —Outside of the S&P 500, the Russell 2000 (-0.9%) and S&P Mid Cap 400 (-0.3%) finished lower.—Corporate news flow was on the lighter side again today, though there were a few notable stock-specific moves. Moderna (MRNA 55.39, +3.26, +6.25%) surged in reaction to upbeat pipeline and commercialization updates, while CoreWeave (CRWV 117.03, +10.32, +9.67%) finished with an even wider gain after the company said it delivered the fastest DeepSeek-V3 671B training performance in the benchmark. —Altogether, today's session reflected a pause in the recent technology-led advance rather than a meaningful deterioration in sentiment. Profit-taking across semiconductor and mega-cap names weighed on the major averages, but continued weakness in oil prices helped support rotation into other areas of the market and kept the broader tone constructive. —Attention now turns to tomorrow's FOMC meeting, where the Fed is widely expected to leave rates unchanged, though investors will be closely monitoring the first meeting under Fed Chair Warsh for clues about the policy outlook and how the Committee views the recent improvement in inflation and energy prices.—U.S. Treasuries continued their upbeat start to the week, sending the 30-year yield to its lowest close since late April while yields on the 5 and 10 year note yields recorded their lowest settlements since mid-May as the market remained optimistic that geopolitical tensions with Iran will become a distant memory soon. The Treasury complex climbed past its early highs in mid-morning action, staying near their best levels after the U.S. Treasury sold $22 billion in 20-year bonds to strong demand. The 2-year note yield settled down two basis points to 4.05%, and the 10-year note yield settled down four basis points to 4.43%.
Russell 2000:
S&P Mid Cap 400:
Nasdaq Composite:
S&P 500:
DJIA:
—Reviewing today's data:
May Housing Starts 1.177 mln (Briefing.com consensus 1.440 mln); Prior was revised to 1.392 mln from 1.465 mln, May Building Permits 1.413 mln (Briefing.com consensus 1.410 mln); Prior was revised to 1.423 mln from 1.442 mln
The key takeaway from the report is that the weakness in starts was concentrated on the multi-unit side, as starts there were down 40.2% month-over-month, yet it would be remiss not to mention that single-unit starts in the South-the largest homebuilding region-were down 5.2% month-over-month.
May Import Prices 1.9%; Prior was revised to 2.0% from 1.9%
May Import Prices ex-oil 0.8%; Prior was revised to 0.6% from 0.8%
May Export Prices 1.3%; Prior was revised to 3.5% from 3.3%
May Export Prices ex-ag. 1.2%; Prior was revised to 3.7% from 3.4%

Update 12/06/2026
— The stock market ended a bumpy week on a higher note, with falling oil prices contributing to broad market gains that helped the S&P 500 (+0.5%), Nasdaq Composite (+0.3%), and DJIA (+0.7%) finish higher for the week. —Today's session included arguably the most anticipated market event of the week: the SpaceX (SPCX 160.95, +25.95, +19.22%) IPO. The stock got off to a solid start, with the 555.56 million share offering pricing at $135, opening at $150 for an 11% opening premium, and then pushing higher to trade roughly 20% above the IPO price. —There was some volatility across other mega-cap stocks following the debut of SpaceX, with some analysts positing that investors may be taking profits across the group as a source of funds for SpaceX's debut. However, it is also worth noting that the group is coming off a solid gain in yesterday's session. —Amazon (AMZN 238.55, -2.96, -1.23%) was a laggard, though Tesla (TSLA 406.43, +7.28, +1.82%) reversed an earlier loss, which helped the consumer discretionary sector (flat) reclaim its flatline late in the session. The Vanguard Mega Cap Growth ETF (+0.2%) finished little changed. —The information technology sector also faced some volatility across its largest components, but was supported by another solid showing from its semiconductor components today. Advanced Micro Devices (AMD 511.57, +23.12, +4.73%) was a chipmaker standout after Citigroup upgraded the stock to Buy from Neutral with a $575 target. —The PHLX Semiconductor Index added 1.5% to what was already a solid week. —Elsewhere in the sector, Adobe (ADBE 204.02, -14.78, -6.76%) lagged after topping earnings expectations as the strategic pivot toward freemium user acquisition and AI engagement, along with a CFO departure, weighed on the stock. —Meanwhile, stocks benefitted from another strong showing across the broader market as oil prices retreated again today. Crude oil futures settled today's session $2.93 lower (-3.3%) at $84.88 per barrel amid reports that the U.S. and Iran are nearing a peace agreement that could come into effect by next week.—Similar to yesterday's action, the materials sector (+1.8%) finished with the widest gain today, with chemical names Mosaic (MOS 22.69, +1.60, +7.59%) and Albemarle (ALB 170.42, +11.36, +7.14%) finishing as the top-performing S&P 500 names. —The financials (+1.4%), utilities (+1.1%), and real estate (+1.0%) continued this week's broadening out trend with solid gains, and only the health care sector (-0.2%) finished lower. —Outside of the S&P 500, the Russell 2000 (+0.8%) and S&P Mid Cap 400 (+0.7%) also notched solid gains.—Overall, the week ended on an encouraging note, with strength extending well beyond the technology sector as falling oil prices and easing geopolitical concerns supported risk appetite. The combination of a successful SpaceX debut, continued semiconductor leadership, and improving participation across cyclical sectors suggests investors remain willing to look through near-term volatility, particularly if developments on the U.S.-Iran front continue to move in a constructive direction.—U.S. Treasuries ended the week on a modestly lower note with the long bond dipping from its June high, though the complex remained in positive territory for the week. The 2-year note yield settled up two basis points to 4.09% (-7 basis points this week), and the 10-year note yield settled up two basis points to 4.49% (-5 basis points this week).
Russell 2000: +18.6% YTD
S&P Mid Cap 400: +14.9% YTD
Nasdaq Composite: +11.4% YTD
S&P 500: +8.6% YTD
DJIA: +6.5% YTF
—Reviewing today's data:
June University of Michigan Consumer Sentiment - Prelim 48.9 (Briefing.com consensus 46.2); Prior 44.8—
The key takeaway from the report is that the improved readings revolved around the early-month easing in gasoline prices, which was a relief factor felt by consumers across age, education, and political party. Still, there were reported concerns about higher inflation remaining stubborn.

Update 11/06/2026
— The stock market posted broad gains today, with cooling geopolitical tensions triggering an intraday slide in oil prices that helped the S&P 500 (+1.8%), Nasdaq Composite (+2.5%), and DJIA (+1.9%) chart session highs throughout the afternoon hours. —Stocks opened mostly higher following the PPI report for May (1.1%; Briefing.com consensus 0.7%), which was hotter than expected at the headline level but also included a downward revision to April's reading. Core PPI (0.4%; Briefing.com consensus 0.4%), however, was in line and likewise included a downward revision to the April figure. —The broader market continued yesterday's trend of solid participation, while semiconductor stocks garnered some buy-the-dip interest after several consecutive weaker sessions. However, action remained somewhat choppy during the first half of the session as other tech names and mega-cap stocks elsewhere struggled. Oracle (ORCL 184.10, -17.16, -8.53%) was a laggard after issuing underwhelming guidance alongside last night's earnings beat, while Alphabet (GOOG 356.56, +3.24, +0.92%) traded more than 2% lower before paring its loss.—Even NVIDIA (NVDA 204.87, +4.45, +2.22%) spent time in negative territory, and by the early afternoon, the S&P 500 was defending its flat line. —The market made a sharp move higher in the early afternoon after President Trump said tonight's round of strikes against Iran had been called off due to progress in finalizing a deal. CBS News later reported that "a memorandum of understanding between the U.S. and Iran is likely to be signed early next week, paving the way for further negotiations on a long-term deal."—Crude oil futures settled today's session $2.12 lower (-2.4%) at $87.81 per barrel, leading to improvements across most pockets of the market. —The information technology sector (+2.9%) finished sharply higher, buoyed by a 7.9% gain in the PHLX Semiconductor Index. Memory names such as Sandisk (SNDK 1881.51, +238.28, +14.50%) and Micron (MU 995.87, +103.99, +11.66%) were among the top movers, while machinery names such as Lam Research (LRCX 362.52, +40.72, +12.65%) and Applied Materials (AMAT 552.64, +55.63, +11.19%) also notched double-digit gains. —Elsewhere, the industrials sector (+3.3%) surged as airlines such as United Airlines (UAL 112.61, +9.83, +9.56%) moved sharply higher amid the retreat in oil prices, while electrical product names posted gains in sympathy with semiconductors. The materials sector (+3.3%) captured a similar gain on broad strength, while cruise lines and homebuilders led the consumer discretionary sector (+2.4%) higher in a classic "oil down, rates down, stocks up" fashion. —Tesla (TSLA 399.15, +17.56, +4.60%) provided solid mega-cap leadership, and the Vanguard Mega Cap Growth ETF (+1.8%) shook off its early weakness to chart a gain similar to those across the major averages. —Weakness was largely limited to the energy sector (-2.1%), while the consumer staples sector (-0.5%) faced some selling after several sessions of strong rotational buying. The real estate sector (-0.1%) finished slightly lower.—Outside of the S&P 500, the Russell 2000 (+3.0%) and S&P Mid Cap 400 (+2.6%), which were already outperforming, finished sharply higher amid the afternoon slide in oil prices and interest rates. —Altogether, it was a productive day for stocks, with the retreat in oil prices helping transform an already constructive session into a broad-based rally. The major averages now enter the final session of the week with solid gains, while investors turn their attention to Friday's highly anticipated SpaceX IPO. According to a regulatory filing, the company is offering 555.6 million shares at $135 per share, a development that helped fuel gains across space and rocket-related stocks today. At the same time, some analysts continue to suggest that preparations for the offering may be contributing to recent volatility across mega-cap and technology stocks as investors raise cash and reposition portfolios ahead of the debut.—U.S. Treasuries recorded solid gains on Thursday after an early continuation of this week's sideways drift gave way to a late rally that sent yields toward their closing levels from last Thursday. The 2-year note yield settled down seven basis points to 4.07%, and the 10-year note yield settled down eight basis points to 4.46%.
Russell 2000: +17.7% YTD
S&P Mid Cap 400: +14.1% YTD
Nasdaq Composite: +11.1% YTD
S&P 500: +8.0% YTD
DJIA: +5.8% YTD
—Reviewing today's data:
May PPI 1.1% (Briefing.com consensus 0.7%); Prior was revised to 1.1% from 1.4%, May Core PPI 0.4% (Briefing.com consensus 0.4%); Prior was revised to 0.7% from 1.0%
The key takeaway from the report is that producers aren't finding much price relief; hence, consumers won't find much price relief in the near-term either, unless producers choose to absorb the higher costs.
Weekly Initial Claims 229K (Briefing.com consensus 222K); Prior was revised to 225K from 215K, Weekly Continuing Claims 1.795 mln; Prior was revised to 1.771 mln from 1.786 mln
Jobless claims were higher in the latest week, but the key takeaway remains that they are not at levels that would connote a material degradation of the labor market.

Update 09/06/2026
— The stock market faced a significant amount of volatility today, with stocks opening to broad strength before a sharp reversal across tech names sent the major averages sharply lower. The S&P 500 (-0.3%), Nasdaq Composite (-1.0%), and DJIA (+0.2%) finished mostly lower, though strength in the broader market helped the indices finish well off their midday lows. —The information technology sector (-1.8%) was at the core of the intraday retreat, finishing as the worst-performing S&P 500 sector. Early weakness across software names limited gains in the sector, but a continuation of yesterday's buying across semiconductor stocks saw the sector advance nearly 1% this morning. —The PHLX Semiconductor Index (-1.9%) was up nearly 2% before charting a sharply lower course that rippled across the broader market. Around midday, the index was down nearly 8%. Most semiconductor and related names reclaimed some of the weakness, but Coherent (COHR 355.94, -45.99, -11.44%) finished as the worst-performing S&P 500 component, while electrical component names such as Corning (GLW 173.94, -13.60, -7.25%) and Lumentum (LITE 821.76, -73.64, -8.22%) also finished near their session lows.—Elsewhere in the sector, Apple (AAPL 290.55, -10.99, -3.64%) extended yesterday's decline as investors remained underwhelmed by the company's AI announcements at WWDC, including updates to Siri and other artificial intelligence features. —Notably, today's reversal across the tech and mega-cap spaces came without a news catalyst, which likely explains the willingness of investors to steadily buy back into those same stocks throughout the afternoon. The Vanguard Mega Cap Growth ETF (-1.1%) finished firmly lower, but significantly improved from the session lows that left it with a nearly 4% loss.—Strength at the sector level also steadily improved throughout the afternoon, returning to pre-midday levels. The energy sector (-1.6%) was the only other S&P 500 sector to finish with a loss as relatively tame developments on the geopolitical front kept oil prices lower, with crude oil futures settling today's session $3.10 lower (-3.4%) at $88.16 per barrel. —The lower oil prices added support for the broader market, with several cyclical sectors, including the materials (+1.7%), industrials (+1.2%), and financials (+0.9%) sectors, weathering the intraday volatility to notch solid gains. —Even the consumer discretionary sector (+0.1%), which was weighed down by weakness in Tesla (TSLA 396.68, -12.27, -3.00%), managed to finish slightly higher, supported by strength in its homebuilder components that sent the iShares U.S. Home Construction ETF 4.0% higher. —Additionally, there was a solid rotation into more defensive sectors, with the health care (+1.3%), utilities (+1.1%), and consumer staples (+1.0%) sectors all posting solid gains. J.M. Smucker (SJM 112.39, +10.62, +10.44%) was the top-performing S&P 500 name after topping EPS expectations and issuing upside guidance.—The real estate sector (+2.1%) captured the widest gain, building on its Q2 strength as investors continue to rotate into lower-volatility, income-oriented areas of the market.—As a result, the S&P 500 Equal Weighted Index (+0.8%) finished with a solid gain despite the retreat in the market-weighted S&P 500 (-0.3%).—Outside of the S&P 500, the Russell 2000 (+0.4%) and S&P Mid Cap 400 (+0.9%) outperformed. —Overall, today's session underscored the volatility that continues to characterize semiconductor and other AI-related names, though the rebound from session lows also reflected a sustained eagerness to buy dips across growth-oriented stocks. At the same time, the broader market remained notably resilient, with strength spanning cyclical, defensive, and income-oriented sectors alike. The divergence between the equal-weighted and market-weighted S&P 500 suggests that participation beneath the surface remains constructive, even as leadership among the market's largest technology names becomes increasingly volatile ahead of SpaceX's IPO on Friday.—U.S. Treasuries had a steady showing on Tuesday, keeping yields in a narrow range just below their highest levels in three weeks, which masked a volatile session on Wall Street. The U.S. Treasury launched this week's note and bond auction slate with a 3-year note auction, which was received relatively well given the overall volatility across capital markets.—The 2-year note yield settled down four basis points to 4.12%, and the 10-year note yield settled down two basis points to 4.53%.
Russell 2000: +15.5% YTD
S&P Mid Cap 400: +12.9% YTD
Nasdaq Composite: +10.5% YTD
S&P 500: +7.9% YTD
DJIA: +5.8% YTD
—Reviewing today's data:
May NFIB Small Business Optimism 95.3; Prior 95.9
April Trade Balance -$55.9 bln (Briefing.com consensus -$55.5 bln); Prior was revised to -$56.6 bln from -$60.3 bln
The key takeaway from the report is that the export strength was concentrated in crude oil exports (+$6.4 billion), fuel oil exports (+$1.3 billion), and other petroleum products (+$1.0 billion), which were boosted by the supply disruptions tied to the difficulties traversing the Strait of Hormuz.
May Existing Home Sales 4.17 mln (Briefing.com consensus 4.07 mln); Prior was revised to 4.04 mln from 4.02 mln
The key takeaway from the report is that existing home sales hit their highest level since December, bolstered by lower mortgage rates (versus the year-ago period) and income gains outpacing home price growth, which led to improving affordability conditions across all regions.
April Wholesale Inventories 0.6% (Briefing.com consensus 0.5%); Prior 1.3%

Update 08/06/2026
— The S&P 500 (+0.3%), Nasdaq Composite (+0.9%), and DJIA (-0.2%) started the week on a mostly higher note as semiconductor names rebounded from Friday's selloff, though the major indices finished well off their session highs as participation narrowed throughout the day.—The top-weighted information technology sector (+1.5%) paced the gains, though it too finished with just over half of its earlier gain. Semiconductor stocks led the advance and the PHLX Semiconductor Index (+5.6%) finished with the bulk of its strength.—Gains across the group were relatively broad as investors bought into Friday's dip, with some perhaps following the advice of NVIDIA (NVDA 208.64, +3.54, +1.73%) CEO Jensen Huang, who said over the weekend that the pullback creates a buying opportunity. —In addition to the broader rebound effort, several stock-specific headlines contributed to the action. Intel (INTC 110.27, +11.10, +11.19%) was the top performing S&P 500 name after The Information reported that Alphabet (GOOG 361.17, -4.59, -1.25%) and NVIDIA (NVDA 208.64, +3.54, +1.73%) are considering using the company as a backup chip supplier, while Corning (GLW 187.54, +9.96, +5.61%) moved higher after announcing a multibillion-dollar data center infrastructure deal with Amazon (AMZN 245.22, -0.81, -0.33%). —Though not S&P 500 components, Cerebras Systems (CBRS 237.83, +36.82, +18.32%) surged following its quiet-period expiration after most Wall Street initiations came in with bullish ratings, while Marvell (MRVL 288.85, +25.38, +9.63%) rallied after news that it will join the S&P 500 before the market opens on June 22. Both stocks added to the enthusiasm across technology and AI-related names that supported today's advance. —Elsewhere in the technology sector, Apple (AAPL 301.54, -5.80, -1.89%) reversed a 3% gain after underwhelming investors at its World Wide Developers Conference, where it introduced Siri AI and other AI features for its products. —Participation in the broader market waned considerably throughout the session, leaving just three S&P 500 sectors in positive territory at the closing bell. —The energy sector (+1.1%) outperformed amid a modest bump in oil prices, with crude oil futures settled today's session $0.69 higher (+0.8%) at $91.26 per barrel. Oil finished well off its overnight highs as Israel and Iran, which had been exchanging fire, agreed to halt strikes for the time being. —The consumer discretionary sector (+0.5%) rounds out the three advancing sectors, which was largely due to a solid rebound effort in Tesla (TSLA 408.90, +17.90, +4.58%) after Friday's slide. —Meanwhile, the communication services sector (-1.1%) finished near the bottom of the leaderboard amid weak leadership from its mega-cap components. Alphabet (GOOG 361.17, -4.59, -1.25%) continues to move lower following last week's announcement of an $84.75 billion equity raise, while Meta Platforms (META 585.39, -7.61, -1.28%) finished with a similar loss. —The utilities sector (-1.9%) and real estate (-1.6%) sectors finished with the widest losses after outperforming on Friday, while the materials sector (-1.3%) was pressured by weakness in its construction materials components. —Outside of the S&P 500, the Russell 2000 (+0.8%) and S&P Mid Cap 400 (+0.2%) finished higher, but like the broader market, ceded much of their earlier gains.—Altogether, today's session was somewhat underwhelming, as a powerful rebound across semiconductor stocks translated into only modest gains at the index level. The market continued to face weakness across many of its largest non-semiconductor components, while participation in the broader market steadily narrowed throughout the session. Additionally, the market will face several notable tests throughout the remainder of the week, including key inflation readings, Oracle's (ORCL 211.80, -1.88, -0.88%)earnings release, and the eagerly anticipated mega-IPO of SpaceX on Friday.—There was no economic data of note. —U.S. Treasuries had a mixed showing to begin the week, as 5s and shorter tenors finished flat while 10s and 30s settled modestly lower after outperforming last week. The 2-year note yield settled unchanged at 4.16%, and the 10-year note yield settled up two basis points to 4.55%.
Russell 2000: +15.1% YTD
S&P Mid Cap 400: +11.9% YTD
Nasdaq Composite: +11.6% YTD
S&P 500: +8.2% YTD
DJIA: +5.7% YTD

Update 5/6/2026
— The stock market faced a considerable retreat today, with losses across the S&P 500 (-2.6%), Nasdaq Composite (-4.2%), and DJIA (-1.4%), resulting in lower weekly finishes for each index. For the S&P 500, this week's lower finish ends an impressive win streak at nine weeks. —The major averages faced a combination of pressures today as tech stocks extended yesterday's slide, while the Employment Situation report for May (172,000; Briefing.com consensus 96,000) beat headline expectations by a wide margin, placing upward pressure on Treasury yields amid rising expectations for a rate hike. The CME FedWatch Tool now assigns roughly a 71% probability to a rate hike at the December FOMC meeting, up from around 50% yesterday.—Growth-oriented pockets of the market generally lagged as a result, which compounded with yesterday's selloff across semiconductor stocks. The PHLX Semiconductor Index finished 10.3% lower, weighing heavily on the information technology sector (-5.3%). —Weakness was broad across the semiconductor group, with Broadcom (AVGO 385.74, -33.17, -7.92%) extending its post-earnings skid, memory names such as Micron (MU 864.01, -131.99, -13.25%) facing double-digit retreats, and other large chipmakers, including Intel (INTC 99.17, -12.61, -11.28%) and NVIDIA (NVDA 205.11, -13.55, -6.20%), moving sharply lower. —Software stocks also lagged, with Oracle (ORCL 213.41, -22.93, -9.70%) a notable decliner ahead of its earnings report next week. The iShares GS Software ETF finished 4.2% lower. —The consumer discretionary (-2.4%) and communication services (-1.7%) sectors also lagged as their mega-cap components, including Tesla (TSLA 391.00, -27.45, -6.56%) and Meta Platforms (META 593.00, -34.57, -5.51%) faced sharp retreats of their own.—The Vanguard Mega Cap Growth ETF finished 3.7% lower, contributing to the underperformance of the market-weighted S&P 500 (-2.6%) compared to the S&P 500 Equal Weighted Index (-1.5%). —On the earnings front, lululemon athletica (LULU 114.23, -10.69, -8.56%) was a notable laggard in the consumer discretionary sector after cutting its full-year outlook. —More defensive-oriented pockets of the market did garner some rotational interest today, but it was nowhere near enough support to keep the major averages from a lower finish. The consumer staples sector (+1.6%) led the way, while the utilities (+0.8%) and health care (+0.7%) sectors also posted gains. —Elsewhere, the real estate sector (+0.7%) notched a similar gain, while the financials sector (+0.1%) finished slightly higher. —Outside of the S&P 500, the Russell 2000 (-3.5%) underperformed amid the spike in Treasury yields. —Overall, today's selloff reflected the combination of an ongoing unwind across semiconductor stocks and a sharp repricing of Fed expectations following the stronger-than-expected employment report. Rising Treasury yields amplified pressure on growth-oriented areas of the market, while the limited rotation into defensive sectors was not nearly enough to offset the broad weakness across technology and mega-cap stocks.—U.S. Treasuries finished the week with sharp losses in most tenors, sending the 2-yr yield to a fresh closing high for the year while yields in the belly finished at two-week highs. The 2-year note yield settled up 11 basis points to 4.16% (+4 basis points this week) and the 10-year note yield settled up six basis points to 4.54% (-2 basis points this week).
Russell 2000: +14.2% YTD
S&P Mid Cap 400: +11.8% YTD
Nasdaq Composite: +10.6% YTD
S&P 500: +7.8% YTD
DJIA: +5.8% YTD
—Reviewing today's data:
May Nonfarm Payrolls 172K (Briefing.com consensus 96K); Prior was revised to 179K from 115KMay Nonfarm Private Payrolls 120K , (Briefing.com consensus 89K); Prior was revised to 177K from 123K, May Unemployment Rate 4.3% (Briefing.com consensus 4.3%); Prior 4.3%, May Average Hourly Earnings 0.3% (Briefing.com consensus 0.3%); Prior 0.2%, May Average Workweek 34.3 (Briefing.com consensus 34.3); Prior 34.3
The key takeaway from the report is that it is manna for headline writers but still lacks some important sustenance to suggest it is a marker of an economy running on a full stomach. To wit: real average hourly earnings on a year-over-year basis are down 0.4%; there were job losses in the retail trade (-1,100), information (-2,000), and financial (-22,000) industries; and the percentage of unemployed workers for 27 weeks or more increased to 27.5% from 25.3%, which we will assume speaks to the difficulty of finding a new job with comparable compensation to the prior one.
Consumer credit increased by $20.7 billion in April (Briefing.com consensus: $17.5 billion) following a downwardly revised $22.3 billion increase (from $24.9 billion) in March.—
The key takeaway from the report is that revolving credit growth outpaced nonrevolving credit growth in April, suggesting households may be using short-term borrowing to offset pressure from slowing real income growth and depleted savings. If this trend persists, it could support spending in the near term but raise concerns about household balance-sheet stress later.

Update 04/06/2026
— Stocks finished mostly higher today as rotational buying across the broader market helped offset a pullback in tech names. The weakness across technology stocks kept the Nasdaq Composite (-0.1%) without a gain for the day, but broader support sent the DJIA (+1.8%) to fresh record highs while the S&P 500 (+0.4%) also notched a decent gain. —Tech stocks were poised for a lower session following decisive moves lower from Broadcom (AVGO 418.91, -60.32, -12.59%), Ciena (CIEN 535.63, -84.74, -13.66%), and CrowdStrike (CRWD 719.09, -28.52, -3.81%) following their earnings reports.—Broadcom in particular set the stage for a weaker showing across semiconductor names, with the PHLX Semiconductor Index retreating 2.2%. However, it is worth noting that the index finished much improved from the early weakness that saw it retreat nearly 6% this morning.—Meanwhile, the consumer staples sector (-0.1%) was the only other S&P 500 sector to close with a loss as nine sectors finished at or above their baselines. —The health care sector was the top mover today as nearly all of its components traded higher, with managed care names such as Humana (HUM 349.89, +22.35, +6.82%) and UnitedHealth (UNH 396.47, +19.47, +5.16%) leading the advance. —The financials sector (+2.6%) posted a similar gain, with major banking names notching solid gains while asset managers such as Blackstone (BX 118.55, +8.27, +7.50%) traded even higher following a manageable BCRED redemption update that reassured investors about private credit flows and demand. —Notably, the financials and health care sectors are the worst-performing S&P 500 sectors on a year-to-date basis, highlighting the rotational aspect of today's action.—Elsewhere, the communication services sector (+2.1%) outperformed as investors bought into the recent dip in Alphabet (GOOG 369.37, +13.69, +3.85%) that followed the announcement of an $84.75 billion equity capital raise to expand AI infrastructure and compute.—Outside of the S&P 500, the Russell 2000 (+1.5%) outperformed as Treasury yields moved lower, while the S&P Mid Cap 400 (+0.4%) captured a more modest gain. —Overall, today's session reflected a healthy broadening in market participation, with investors rotating into financials, health care, and other previously lagging groups as technology stocks took a breather. The ability of the S&P 500 and DJIA to advance despite a notable semiconductor pullback suggests underlying market sentiment remains constructive, particularly as investors continue to buy weakness rather than retreat from risk assets. —U.S. Treasuries traded with a positive bias in the overnight session before losing some strength in the cash session. Yields, however, were still lower across the board, with the front end to the intermediate end of the curve exhibiting relative strength in a bull-steepener trade. The 2-year note yield settled down four basis points to 4.05%, and the 10-year note yield settled down one basis point to 4.48%.
Russell 2000: +18.3% YTD
Nasdaq Composite: +15.4% YTD
S&P Mid Cap 400: +13.9% YTD
S&P 500: + 10.8% YTD
DJIA: +7.3% YTD
—Reviewing today's data:
Q1 Productivity-Rev. 0.3% (Briefing.com consensus 0.8%); Prior 0.8%, Q1 Unit Labor Costs-Rev. 1.8% (Briefing.com consensus 2.3%); Prior 2.3%
The key takeaway from the report is the understanding that productivity has picked up nicely from a year ago (+2.8%), while unit labor costs (+0.5%) have come down, tempering concerns about labor-based inflation pressures.
Weekly Initial Claims 225K (Briefing.com consensus 216K); Prior was revised to 212K from 215K, Weekly Continuing Claims 1.777 mln; Prior was revised to 1.785 mln from 1.786 mln
The key takeaway from the report is that there isn't any concerning key takeaway. Granted, initial jobless claims-a leading indicator-were up from the prior week, but they remain at levels that are consistent with an otherwise solid labor market.