Public Markets 8 Hours

Last updated: June 5, 2026, 2:31 PM ET

Equity Markets

U.S. stocks tumbled 3% Friday as chip and memory groups led the decline, while the S&P 500's record streak faltered after traders aggressively priced in interest-rate hikes following stronger-than-expected employment data. In premarket action, the S&P 500 Index dropped 0.5% as the AI trade continued to lose momentum, with investors rotating out of artificial intelligence stocks and into more defensive sectors.

IPO Market

SpaceX's record-setting $75 billion IPO has already attracted more orders than available shares, according to people familiar with the matter, with the rocket company priced at $135 per share—potentially exceeding Saudi Aramco's 2019 offering in both valuation and funds raised. The retail investor allocation could reach 25% of the offering, with UK demand surging to tens of thousands of small investors registering interest. Morgan projects the company's revenue could reach $3.4 trillion by 2040, as banks share bullish projections with top investors ahead of the float.

Fixed Income & Commodities

Gold prices settled 3.1% lower Friday, ending the week down 4.90% at $4,337.10 per ounce, while silver plummeted nearly 6.6% amid a broader commodities selloff. Natural gas futures gave back some gains after advancing the previous two sessions on hotter weather forecasts, while crude slipped ahead of the weekend as the market hoped for U.S.-Iran negotiations to reopen the Strait of Hormuz, where commercial traffic remained near zero as peace talks stalled. OPEC crude output plunged further last month, hitting its lowest level in decades as the U.S. blockade of Iran continued to curb production.

Economic Data & Fed Policy

The U.S. jobs market pushed past shocks and strains with steady unemployment and ongoing hiring, though wage growth failed to keep pace with higher prices. The stronger-than-expected May employment data spurred the White House to tout economic recovery, while simultaneously reducing the odds of Federal Reserve rate cuts. Traders in the $31 trillion Treasuries market fully priced in a Federal Reserve interest-rate hike by the end of this year after job growth exceeded forecasts, prompting the Fed to shift focus to inflation over potential rate reductions.

Currency Markets

The dollar extended gains after U.S. jobs data came in stronger than anticipated, signaling labor market resiliency, while progress in U.S.-Iran peace deal talks stalled. The dollar's upward trajectory could continue if Federal Reserve officials signal further rate increases, with the most reliable measure of dollar dominance showing sustained strength in loans and dollar obligations created outside the U.S. despite perceptions of declining global influence.