S&P Futures Muted as Fresh U.S.-Iran Hostilities Lift Oil and Bond Yields, ADP Jobs Report and Broadcom Earnings on Tap

U.S. stocks fell sharply Friday despite a strong May jobs report, with Wall Street posting its worst day since October. The S&P 500 dropped 2.6% to 7,383.74, the Dow fell 1.4%, and the Nasdaq slid 4.2%, led by declines in Nvidia (-6.2%), Broadcom (-7.9%), Micron (-13.3%) and Meta (-5.5%). The Labor Department reported 172,000 jobs added in May, pushing Treasury yields higher and raising expectations for Fed rate hikes.

The Nasdaq fell 4% (worst since April 2025), with the S&P 500 down 2.6% and the Dow off 1.35%, as fears of Fed rate hikes pressured tech and chip stocks. Broadcom’s late-Wednesday guidance after quarterly results and Friday’s strong jobs report (172,000 net jobs added; prior months revised up) drove yields higher (10-year to 4.532%).

The S&P 500 fell 2.6% on Friday, its biggest one-day drop since Oct. 10, with the Nasdaq down 4.2% and the Dow down 1.4%. Tech led losses: Nvidia -6.2%, Broadcom -7.9%, Micron -13.3%, and Meta -5.5% after a report it may seek a new stock offering. Bond yields rose after the Labor Department said May jobs increased by 172,000, reducing expectations for a Fed rate cut.

Broadcom (AVGO) closed at an all-time high on June 2, then fell about 13% on June 4 and another 8% on June 5 after reporting fiscal Q2 results for the period ended May 3, 2026. The company reported record AI semiconductor revenue of $10.8B (+143% YoY) and guided to about $16B in fiscal Q3 (+200%+). Total revenue rose to $22.2B (+48%), but infrastructure software grew 9% to $7.2B. The article cites a steep prior run-up and a reaffirmed AI target of $100B+ for fiscal 2027, with AVGO trading at ~64

Wall Street ended lower after stronger-than-expected U.S. jobs data lifted Treasury yields and triggered a selloff in chip stocks. On June 5, the Nasdaq fell 4% to 25,709; the Dow dropped 695 points to 50,866 and the S&P 500 fell 200 to 7,383. U.S.-traded chipmakers lost over $1 trillion in value, Reuters said, with Nvidia, Micron and AMD hit after Broadcom’s weak report.

Wall Street closed lower on June 5 after stronger-than-expected U.S. jobs data pushed Treasury yields higher and triggered a selloff in chip stocks, according to Reuters. The Nasdaq fell 4% to 25,709, the S&P 500 dropped to 7,383, and the Dow fell to 50,866. U.S.-traded chipmakers lost over $1 trillion in value. The 10-year yield rose above 4.5%; the dollar hit an eight-week high; gold fell ~2% and Bitcoin slipped to about $62,000.