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Last updated: June 6, 2026, 2:33 AM ET

Equity Markets

U.S. stocks suffered their worst day of the year on Friday as the S&P 500 tumbled 2.6%, with chip and memory stocks leading losses that pushed the Nasdaq down 4%. The Nasdaq 100 plunged 4.8% as investors dumped mega-cap technology names and rotated into defensive sectors, ending a nine-week winning streak. Marvell Technology and Flex will join the S&P 500 later this month in the latest quarterly rebalance, though both stocks fell in the broader tech selloff. Goldman Sachs' Flood sees the pullback as a buying opportunity, projecting the S&P 500 can reach 8,000 this year despite Friday's carnage in top-heavy markets where just a handful of large tech companies dominate performance.

Fixed Income & Policy

Bond markets fully priced in a rate hike after U.S. job growth topped forecasts, sending the two-year yield to its highest level in a year and pushing Treasury yields higher across the curve. The dollar index rose 1.07% to 96.60 over the week, with traders betting the Federal Reserve will shift toward tightening policy following the strong May employment report that showed 172,000 jobs added. Citigroup economists remain outliers maintaining their call for three Fed rate cuts this year, unswayed by data that has prompted most forecasters to abandon easing expectations.

Currency Markets

The dollar strengthened broadly after the jobs report, with the WSJ Dollar Index hitting 96.60 as investors priced out Fed easing. Indonesian officials pledged renewed efforts to stabilize the rupiah and attract capital inflows after the nation's stocks tumbled at the fastest pace globally this week. India exempted foreign investors from withholding tax on bonds to shore up the rupee, though household inflation expectations rose amid war in Iran and below-normal monsoon predictions that threaten growth in Asia's third-largest economy.

Energy & Commodities

Oil markets faced pressure from OPEC+ supply concerns as crude output hit its lowest level in decades amid U.S. sanctions on Iran and Persian Gulf disruptions. Natural-gas futures gave back two days of gains to end the session lower, while Comex gold settled at $4,337.10, down 4.9% for the week and 3.1% on Friday as the dollar strengthened. The energy complex faced headwinds from rising geopolitical tensions that have kept Hormuz traffic near zero as peace talks stall.

IPO Pipeline

SpaceX prepared for a record allocation with up to a quarter of its $75 billion IPO reserved for retail investors as UK demand surged to tens of thousands of small investors registering interest. Morgan Stanley projected the rocket maker's revenue could reach $3.4 trillion by 2040, helping justify its $1.77 trillion valuation pitch to investors. However, S&P Dow Jones Indices indicated mega-IPO candidates including SpaceX face a long road to index inclusion, rejecting proposals to relax eligibility requirements. Sinda Ltd. filed for a U.S. IPO to fund Mexican silver mining operations, while TAG Immobilien eyed a Polish IPO kickoff in coming weeks for its Robyg SA unit.

Financial Services Regulatory

Goldman Sachs general counsel Ruemmler will remain with the bank as adviser despite Epstein ties that prompted initial resignation, while Western Asset Management agreed to a $100 million SEC settlement over trading practices of former star manager Ken Leech. Franklin's Western Asset Management separately settled with the SEC for $100 million to resolve a civil investigation as its former trader awaits criminal trial. Hillhouse Investment neared a significant minority stake purchase in Goldman-backed LRQA from the bank's asset management arm, signaling continued private equity appetite for certification businesses.

Corporate Governance

Manchester United explored refinancing $425 million of debt due next year through private placements, while Mike Ashley's Frasers Group sought a Big Four auditor after governance improvements following previous struggles to secure audit sign-off. BP veteran directors offloaded nearly £2 million in shares ahead of strategic uncertainty, as the group struggled to convince markets of its strategic clarity. Time's up for Swatch as profit declines increased pressure for change, though the Hayek family decried short-termism and defended current strategy.

Market Commentary

Goldman Sachs traders noted that despite the rout, extreme positioning wasn't evident in markets that had enjoyed a relentless rally since late March, suggesting room for further volatility. JPMorgan turned rosy on Tesla a day after CEO Jamie Dimon lauded Elon Musk and discussed SpaceX, completely reversing the bank's earlier bearish stance on the electric vehicle maker. Bernstein soured on packaged food stocks amid headwinds from rising oil prices to GLP-1 drug adoption, adding to the defensive rotation that favored utilities and consumer staples over growth sectors.