Wall Street slumped Friday as investors reacted to a sudden selloff that mirrored the high‑altitude caution described by Bloomberg editor John Authers. The Nasdaq 100, trading above its 50‑day moving average for the first time since 2002, accelerated past overbought territory, triggering a rapid pullback across tech names.

The sharp dip followed a robust May jobs report that added 170,000 non‑farm positions, keeping the U.S. labor market tight. Market makers interpreted the data as enough evidence for the Fed to pause rate cuts, while the looming threat of a SpaceX IPO threatened to flood an already crowded equity market.

SpaceX’s listing will be fast‑tracked into the Nasdaq 100, where it could join the $1 trillion‑market‑cap ETF track by week’s end. However, S&P 500 rules still bar the company from joining for at least a year, limiting exposure for passive funds that dominate half of the market.

Crypto assets mirrored the turmoil, with Bitcoin falling below $60,000 after a 50% drop from its 2025 peak, and the total market cap sliding $2 trillion from October highs. The sharp retreat underscores the fragility of high‑valuation assets amid tightening monetary policy and a saturated IPO pipeline.