What Moved Markets This Week

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Wall Street ended the week on a sour note as investors digested a stronger-than-expected May jobs report, sending stocks lower, pressuring bitcoin below $60,000, and dragging down shares of Broadcom despite better-than-expected quarterly results.

The U.S. labor market showed unexpected strength in May as nonfarm payrolls increased by 172,000, more than double economists’ forecasts, while the unemployment rate held steady at 4.3%.

Bitcoin (BTC-USD) extended its recent slide, falling below the $60,000 level on Friday for the first time since September 2024 as risk-off sentiment intensified across global markets and fueled broad selling pressure in digital assets.

Shares of Broadcom (AVGO) fell sharply this week as investors reacted to Friday’s broader market selloff despite the company reporting fiscal second-quarter results that topped expectations, including adjusted earnings of $2.44 per share and revenue of $22.19B earlier in the week.

For the week, the tech-heavy Nasdaq Composite (COMP:IND) fell -4.68%, and the benchmark S&P (SP500) lost -2.59%, while the blue-chip Dow (DJI) lost -0.32%. Read a preview of next week’s major events in Seeking Alpha’s Catalyst Watch.

The U.S. stock market just got another massive listing plan as Anthropic (ANTHRO) beat OpenAI (OPENAI) to the punch, confidentially filing for an IPO this week. OpenAI is expected to file its own IPO paperwork in the coming weeks, if not days. The listings would be a major test for the broader AI frenzy, investor sentiment and the sector’s valuation landscape. Read more.

Seeking Alpha’s Calls Of The Week

Enterprise Products Partners’ (EPD) Pullback Is An Opportunity.

Gibraltar Industries (ROCK): This Play Deserves An Upgrade.

Why A Tesla (TSLA)-SpaceX (SPCX) Merger Makes Sense.

Energy Transfer (ET) Earnings: Wall Street Is Right About Gas.

Rocket Lab (RKLB) Upgraded To Buy – A New Era Of Growth.

Micron (MU) Is An Expensive Call Option On The AI Bubble.

lululemon’s (LULU) Moving Targets, Comps Make Me Nervous.

Here’s Why Twilio’s (TWLO) Steep AI Premium Isn’t Justified.

Broadcom (AVGO) Is Down 15%, Why I’m Selling Anyway.

ASML: What If The Semiconductor Market Matures In 2050?

Weekly Movement

U.S. Indices
Dow -0.3% to 50,867. S&P 500 -2.6% to 7,384. Nasdaq -4.7% to 25,709. Russell 2000 -2.9% to 2,834. CBOE Volatility Index +40.4% to 21.51.

S&P 500 Sectors
Consumer Staples +1%. Utilities -0.3%. Financials +1.3%. Telecom -3.9%. Healthcare +2.3%. Industrials +0.6%. Information Technology -5.4%. Materials -1.2%. Energy +2.5%. Consumer Discretionary -6.2%. Real Estate +1.4%.

World Indices
London -0.4% to 10,368. France +0.4% to 8,218. Germany -1.4% to 24,759. Japan +0.4% to 66,588. China -1% to 4,028. Hong Kong -0.9% to 24,962. India -0.7% to 74,243.

Commodities and Bonds
Crude Oil WTI +3.6% to $90.54/bbl. Gold -5% to $4,365.3/oz. Natural Gas -1.9% to 3.229. Ten-Year Bond Yield -0.2 bps to 4.536.

Forex and Cryptos
EUR/USD -1.19%. USD/JPY +0.66%. GBP/USD -0.89%. Bitcoin -17.3%. Litecoin -17.1%. Ethereum -21.7%. XRP -18.%.

Top S&P 500 Gainers
Humana (HUM) +15%. Hewlett Packard Enterprise (HPE) +14%. Medtronic (MDT) +11%. The Cooper Companies (COO) +10%. MGM Resorts (MGM) +9%.

Top S&P 500 Losers
Coinbase Global (COIN) -19%. Ciena (CIEN) -16%. Cboe Global Markets (CBOE) -15%. Ford Motor (F) -15%. QUALCOMM (QCOM) -14%.

Where will the markets be headed next week? Current trends and ideas? Add your thoughts to the comments section.