Nine weeks of green candles. Gone in an afternoon.
The S&P 500 closed down more than 2.6% on June 5, snapping its longest weekly winning streak since December 2023. The Nasdaq Composite fared worse, plunging nearly 4.2% in what became its largest single-day drop since April 2025. The culprit: a May jobs report so strong it made investors immediately recalculate the odds of the Federal Reserve reaching for the rate hike lever.
Bitcoin, never one to sit out a risk-off party, fell more than 4% to approximately $61,900. Some exchanges briefly logged prices below $60,000. Crypto-adjacent equities like Coinbase and MicroStrategy each shed about 7%, tracking the broader carnage with depressing precision.
The jobs report that broke the rally
US nonfarm payrolls added 172,000 positions in May, nearly double what analysts had penciled in. In most contexts, a strong labor market is good news. For a market that had spent nine consecutive weeks climbing on the assumption that rate cuts were coming, it was the opposite.
