The Week That Was, The Week Ahead: Macro and Markets, June 7

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The U.S. economy added 172,000 jobs in May, topping expectations, while the unemployment rate held steady at 4.30%. The report showed that the labor market remains resilient, but it also reduced investor hopes for a rate cut this year. The 10-year Treasury yield rose to 4.77%, keeping valuation pressure on growth stocks.

Bitcoin (BTC-USD) also came under pressure, falling 4.68% to $61,818.09 after sliding below $60,000 during the week. Gold (CL:XAUUSD) dropped 1.81% to $4,347.20, while oil (CM:CL) fell 2.31% to $90.33 as traders weighed Middle East supply risks against hopes for U.S.-Iran de-escalation.

Tech Sector Sees Red Across the Board

Technology was the weakest part of the market by a wide margin. The Technology Select Sector SPDR Fund (XLK), an exchange-traded fund tracking major U.S. technology stocks, fell 6.69% as investors rotated toward defensive sectors such as consumer staples, utilities, healthcare, and real estate.