Wall Street just had its worst day in months, and you can thank a jobs report that was, paradoxically, too good.
The S&P 500 closed down 2.6% on June 5, erasing roughly $1.8 trillion in market value in a single session. The tech-heavy NASDAQ 100 fared even worse, dropping 4.8% in what amounted to its steepest single-day decline since April 2025. Bitcoin, increasingly correlated with risk assets, fell approximately 4.3% to close near $60,850.
A jobs report nobody wanted
The Bureau of Labor Statistics reported that the US economy added 172,000 nonfarm payrolls in May. Consensus estimates had called for somewhere between 80,000 and 88,000 new jobs. The unemployment rate held at 4.3%.
The selloff was broad, but it hit hardest where valuations were most stretched. Semiconductor stocks bore the brunt. Nvidia shares plummeted 6.2%, while Broadcom posted a notable revenue miss that compounded the sector’s pain.
