Wall Street's 10-Week Win Streak Snaps in a Jobs Shock

The week in markets ran from May 31 to June 7, 2026, and it ended the way few expected when it began. Wall Street spent four sessions extending records before a far hotter than expected May jobs report landed on Friday, revived talk of a Federal Reserve rate hike, and detonated a selloff that snapped the S&P 500's longest weekly winning streak in years. Crypto fared even worse, posting its ugliest week since the 2022 FTX collapse. A note on prices: stocks, gold, and oil are closed over the weekend, so the levels below are Friday's June 5 close and reopen Monday. Bitcoin and Ether trade around the clock, so those are live Sunday prices.

The Week Wall Street's Streak Snapped

For four days it looked like another record run. Then Friday's jobs print changed everything. The S&P 500 fell 2.64 percent on Friday to close at 7,383.74, leaving it down about 2.6 percent on the week, its first weekly decline in 10 weeks and the end of a historic streak, per CNN. The Nasdaq Composite dropped 4.18 percent on Friday to 25,709.43, its worst single session since April 2025, and shed roughly 4.7 percent on the week, per TheStreet. The lone bright spot was the Dow, which had ripped to a record 51,561.93 on Thursday as money rotated out of high-flying chips into value names. Even after a 1.35 percent Friday drop to 50,866.78, the Dow finished the week roughly flat, a stark contrast to the Nasdaq. All three levels are Friday's close and reopen Monday.

Biggest Movers: A $1 Trillion Chip Rout

The damage was concentrated where the gains had been. Semiconductors led Friday's carnage, with Marvell sinking about 16 percent, Micron about 13 percent, and AMD and Intel each losing around 11 percent, while Nvidia fell roughly 6 percent and Broadcom dropped more than 7 percent. The combined market-value destruction across the chip complex and mega-cap tech reached roughly $1 trillion in a single session. The trigger had been building all week: Broadcom's record quarter still failed to clear a sky-high AI guidance bar, setting off a rotation out of the group that Friday's rate scare turned into a stampede. The episode was a reminder of how concentrated this rally's leadership had become, and how exposed the tape was to any shift in the rate outlook.

Crypto's Worst Week Since FTX

The real carnage was in digital assets. Bitcoin trades around $61,000 early Sunday, having fallen as low as $61,351 during the week to press the $60,000 psychological level last seen in February, per CNBC. That is a drop of roughly 16 percent from last Friday near $73,100, and it puts Bitcoin and Ether on track for their biggest weekly losses since the FTX collapse in November 2022. The broader crypto market shed close to $390 billion in value as nearly $7 billion in leveraged positions were liquidated, per Cryptobriefing. Ether trades near $1,575, down about 21 percent on the week from near $2,007 and the hardest hit of the majors.

The mechanical driver was relentless institutional selling. US spot Bitcoin ETFs logged a record 13-day outflow streak of about $4.33 billion before the run finally broke Friday, when spot Bitcoin and Ether funds posted small net inflows, the first turn in nearly three weeks, per CoinDesk. Two fresh catalysts deepened the gloom: MicroStrategy disclosed its first ever Bitcoin sale, and a large Mt. Gox wallet transfer stirred old supply fears. Reference structure: with the February low in play, the $60,000 area is the zone structural buyers are watching, while $65,000 was the support that gave way on the breakdown.

Macro and Geopolitics: Jobs, the Fed, and Iran

The number that defined the week dropped Friday. US employers added 172,000 nonfarm payrolls in May, more than double the roughly 85,000 economists expected, while the unemployment rate held at 4.3 percent and wages rose 3.4 percent on the year, per the Bureau of Labor Statistics. A labor market that strong, against still-sticky inflation, flipped the policy narrative on its head. Traders who had been positioned for rate cuts moved to price the risk of an outright rate hike before year-end, Treasury yields rose, and the dollar firmed. That sets up the June 16-17 FOMC meeting as the first real test of how Chair Kevin Warsh reads a sticky-inflation, strong-jobs economy. Geopolitics supplied the other swing: US strikes on Iranian radar and drone sites earlier in the week sent WTI crude spiking toward $96 before de-escalation hopes let the barrel ease back to about $92 by Friday's close and drained gold's safe-haven bid. Spot gold settled near $4,366, a 2026 low and a weekly loss of nearly 4 percent, per Trading Economics.

Deals and Pockets of Strength

Not every story was red. The week's marquee corporate move came from Omaha: Berkshire Hathaway agreed to acquire homebuilder Taylor Morrison for about $6.8 billion in cash, a 24 percent premium and one of the first major deals under new CEO Greg Abel, per CNBC. In banking, JPMorgan, Bank of America, and Citi unveiled plans for a shared tokenized-deposit network to blunt the threat stablecoins pose to bank deposits. Crypto had its own bright spots beneath the rout: total assets across US spot Solana ETFs crossed roughly $1.09 billion, XRP drew the strongest ETF month of 2026 with $118.29 million of May inflows as the CLARITY Act sat on a July 4 target and Ripple's RLUSD stablecoin expanded to Turkey, and Hyperliquid's HYPE was the lone crypto ETF segment to attract inflows during the 13-day bleed, with Grayscale launching a HYPG product.

The Week Ahead: CPI and the Countdown to the Fed

The catalyst stack for the second full week of June is dominated by inflation and the run-up to the Fed:

• May CPI, due Wednesday, June 10 at 8:30 a.m. ET. After the hot jobs print, a firm inflation reading would cement the hawkish repricing and pressure both high-multiple tech and crypto, while a cooler number would hand the rate-scare narrative its first off-ramp, per the BLS schedule.
• The June 16-17 FOMC meeting. Every data point now feeds the first true policy test under Chair Warsh. With the market leaning toward hike risk, the statement, the dot plot, and the press conference all carry outsized weight across assets.
• Bitcoin ETF flows. Friday's small net inflow broke a record 13-day outflow streak. Whether that turn holds or fades is the dominant near-term crypto signal, and traders are watching the $60,000 area closely.
• Chips and the Iran file. Watch whether semiconductors stabilize after a $1 trillion washout, and whether the US-Iran de-escalation holds or another headline rebuilds the oil war premium.

This recap is published for general market education. ThriveInMarkets is a market commentary publisher and does not provide personal investment advice. Price levels and figures referenced are observations, not instructions to transact. Verify all prices on your own platform before any decision.