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| | Hello. | The May jobs report just landed, and it was a real beat. | The US economy added 172,000 jobs, more than double the 88,000 economists were expecting. The Fed-rate-cut narrative just took a real hit, and the bond market is now dragging the entire stock market lower, with tech taking the worst of it. | Today's main story is what this print actually says about the economy, why the bond market is calling the shots right now, and the one number to watch from here. | 📈 The May jobs blowout and what to do about it
🛡️ CrowdStrike beats, gets a 4-for-1 split (stock still slid)
⚛️ Honeywell's quantum unit pops on its Nasdaq debut
🧘 Lululemon craters 11% on a soft outlook
🍎 Apple WWDC kicks off Monday with AI catch-up pressure | Let's get into it. | This is not financial advice. Always do your own research. Past performance doesn’t guarantee future results. |
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| | The May Jobs Print and the Split Market Reaction | The US economy added 172,000 jobs in May, nearly double the 88,000 economists expected. April's number was also revised up to +179,000 (a meaningful upgrade). Unemployment held steady at 4.3%. Wages grew 0.3% on the month. | Leisure and hospitality led with +70,000 (mostly food services and drinking places). Healthcare added another +35,000. The two soft spots: transportation and warehousing was basically flat, and financial activities cut 22,000 jobs. | The market reaction is the part worth paying attention to. The stock market is selling off broadly, but tech is taking the worst of it. The Nasdaq is down nearly 2%, the S&P 500 is down about 1%, and the Russell 2000 (small caps) is down roughly 1.4% after a morning pop that fully reversed. The actual driver isn't the jobs number itself. It's what the bond market did with it. | Why the bond market is calling the shots today | A strong jobs print tells the Fed it doesn't need to cut rates anytime soon. Bond traders responded by pushing Treasury yields higher, and the 10-year Treasury yield jumped to roughly 4.50% on the morning. When yields move that fast, every part of the stock market feels it: | Growth stocks (most of the tech you probably own) take the hardest hit because they're priced for big future earnings that just got discounted at a higher rate. Small caps tend to get hit because many of them carry floating-rate debt that just got more expensive. However, right now small caps are doing well because it looks like capital is rotating into them out of bigger stocks (maybe because there’s more room to grow). Even dividend-paying stocks look a little less attractive when bonds suddenly yield more.
| One thing to flag: some of today's tech weakness is also spillover from Broadcom's earnings drop yesterday, so the jobs report isn't causing the whole selloff. But it's definitely making it worse. | | What to actually do about it | The first and boring answer: probably nothing. The portfolio you wanted yesterday is still the portfolio you want today, give or take. | But here's the more useful second answer: watch the 10-year Treasury yield. It's the single best real-time gauge of the pressure that hit the market today. Higher yields squeeze the whole stock market, but especially growth. | | |
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| | 📰 Market Headlines | CrowdStrike beat the quarter, announced a 4-for-1 split, and the stock fell about 10% anyway. The cybersecurity company posted Q1 revenue of $1.39 billion, up 26% year-over-year and ahead of the $1.36 billion consensus. The board approved a 4-for-1 stock split that takes effect on July 2. So why did the stock drop? Because the billings number missed Wall Street's expectations, which had run ahead of the company. A reminder once again that beating estimates matters a lot less when expectations are already sky-high. | Honeywell's quantum computing unit, Quantinuum, hit the public market on Thursday. Quantinuum opened up roughly 13% above its IPO price before closing roughly flat on day one, valuing the company at about $15.7 billion. One thing to keep in mind: post-IPO drawdowns in the first 6-12 months are common, so be careful about chasing the pop. | | Lululemon shares fell roughly 11% Friday morning after the athleisure giant reported earnings and offered a softer-than-expected outlook for the rest of the year. PVH (parent of Calvin Klein and Tommy Hilfiger) also tumbled roughly 22% on its own miss this morning, so the broader consumer-retail picture is looking shaky too. Worth a look if you own any of these names. | Apple's annual developer conference (WWDC) kicks off Monday, June 8, and the company is heading in with real pressure to show actual progress on AI. After a year of getting outpaced by Google, Microsoft, and OpenAI on consumer-facing AI features, expectations going into the keynote are low. Things to watch for: a meaningful Apple Intelligence refresh, an updated Siri (which has been delayed multiple times), and possibly a new on-device language model for iPhone. |
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| | 🤖 AI/Future/Tech News | | Airbnb CEO Brian Chesky is launching his own AI lab focused on user interaction and design, competing with his mentee Sam Altman's OpenAI. Meta built six tents housing AI chips in Ohio, powered by off-grid gas turbines, borrowing tactics from Tesla and xAI to slash construction time. Apple's App Store hit $1.4 trillion in developer billings and sales for 2025, with 40 of the top 100 apps featuring consumer-facing AI. Waymo partnered with B2U to turn retired EV batteries into grid storage, deploying hundreds of megawatts across California and Texas to absorb solar peaks.
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| | 🚨 Trending on Reddit | Reddit (RDDT) chatter centered on S&P 500 inclusion speculation. Users are actively discussing the possibility of Reddit joining the index, with an announcement expected Friday around 8 pm. Sentiment leaned bullish, with investors anticipating a significant price jump following the potential addition. Micron Technology (MU) mentions focused on the stock's recent drop. Users expressed concern over significant portfolio losses, with some debating whether to buy more shares if prices fall further. Chatter also highlighted the company prioritizing non-retail sectors due to high demand, leaving some retail investors feeling squeezed out. MicroStrategy (MSTR) conversation turned negative as users debated the feedback loop between Bitcoin and MSTR selloffs. Some criticized the company's heavy BTC investment strategy as potentially detrimental to Bitcoin itself, with overall sentiment pessimistic about the company's future given its concentrated approach. CrowdStrike (CRWD) chatter reflected disbelief about the stock's decline. Users questioned why anyone would have purchased at the highs, with comparisons drawn to other tech names like AVGO that saw only minor pullbacks. Sentiment was overall bearish, with traders expressing frustration over the magnitude of the drop.
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| | 🤫 Insider Trading | Stocks | Who bought/sold | Details | Total |
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Veracyte Inc ($VCYT) | EVP, General Counsel | Sold 3,176 shares @ $48.76 | $158,036 | Rackspace Technology Inc ($RXT) | CHRO | Sold 33,966 shares@ $5.56 | $188,851 |
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| | 🚚 Market Movers | Nu Holdings authorized a $1 billion buyback over 12 months as operations generate significant capital across Brazil, Mexico, Colombia and the US. International Paper completed its $360 million acquisition of North Pacific Paper Company to expand West Coast lightweight packaging capabilities. LCI Industries CEO Jason Lippert retired after 32 years, stepping down from the company he grew from $125 million to $4 billion in revenue as the board searches for his replacement. Broadcom is set to shed $300 billion in market value after AI revenue results disappointed investors.
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| | 🎙️ Make Your Voice Heard | When was the last time the 10-year Treasury yield crossed 5%? | |
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| | 🎤️ What you said last time | |
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| | 🧠 The Missing (Market) Links | US jobless claims jumped to 225,000 last week, the highest since February, though continuing claims fell to 1.78 million. Tech companies announced 38,242 job cuts in May, the most for any month in nearly two years, with sector layoffs up 65% year-over-year. PVH (parent of Calvin Klein and Tommy Hilfiger) tumbled roughly 20% Friday after a weak earnings print and a pulled outlook, joining a brutal morning for consumer retail that also dragged Five Below down ~14%. The 10-year Treasury yield jumped sharply on the hot May jobs print as traders pushed Fed rate-cut bets further out. Gold sold off ~1.3% on the same logic. Ciena fell ~14% after the optical networking maker (a quiet AI data-center beneficiary) issued a weak outlook, dragging Marvell down ~5% with it.
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| | 📜 Quote of the Day | | ❝ | | | The stock market is filled with individuals who know the price of everything, but the value of nothing. | | | | Philip Fisher |
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| | That’s all for today. Did we miss anything? Smash the reply button to let me know. | Cheers,
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