S&P futures are up 0.25% Monday morning after Friday’s sharp selloff, which snapped the S&P 500’s nine-week winning streak. Global risk tone is weaker, with South Korea down more than 8%, Japan off nearly 4%, and Europe down roughly 0.9%. Treasuries are weaker, with yields up 2–3 bp after Friday’s bear flattening move, the dollar is up 0.1%, gold and silver are lower, Bitcoin futures are up 4.6%, and WTI crude is up 4.5%.
U.S. equities are showing some resilience despite the latest Middle East escalation and the spillover from last week’s tech selloff into Asia. Weekend comments from Trump continued to suggest the U.S. remains focused on a diplomatic solution. In tech, the selloff is being attributed more to stretched positioning and sentiment than any change in the AI compute/capex demand narrative. The broader market is also still supported by last week’s stronger macro data, which reinforced the resilient-growth backdrop.
Economic Calendar
Today’s only release is NY Fed one-year inflation expectations. Tuesday brings the April trade balance, May existing home sales, and a $58B 3-year Treasury auction. Wednesday’s highlight is May CPI, with headline CPI expected up 0.5% m/m and core CPI expected up 0.3%. Treasury will also sell $39B of 10-year notes. Thursday brings May PPI, initial claims, and a $22B 30-year auction. Friday closes the week with preliminary June University of Michigan sentiment and inflation expectations.
Company News
- NVDA / SK Hynix: Announced a multi-year agreement to design new memory chips for AI. Nvidia CEO Jensen Huang also called the global tech selloff a “buying opportunity.”
- AAPL: WWDC begins today, with AI enhancements for Siri the key focus.
- SpaceX: Its planned $75B IPO is reportedly 2x oversubscribed.
- OpenAI: Reportedly planning the biggest overhaul of ChatGPT since launch.
- MRVL / FLEX: Set to replace POOL and CPB in the S&P 500, effective June 22.
- GME / EBAY: GameStop CEO Ryan Cohen said he is willing to take an offer directly to eBay shareholders.
- INCY: Reportedly near a roughly $2B deal to acquire drug developer Star Therapeutics.
- NRIX: Higher on a licensing agreement with Roche.
U.S. equities sold off sharply Friday, ending not far from worst levels, with the Dow down 1.35%, S&P 500 down 2.64%, Nasdaq down 4.18%, and Russell 2000 down 3.47%. The S&P 500 broke a nine-week winning streak, while the Nasdaq posted its worst week since the April 2024 “Liberation Day” selloff. The biggest macro catalyst was a stronger-than-expected May employment report, which reinforced the resilient-growth narrative but also pushed Treasury yields higher and pressured risk assets. Nonfarm payrolls rose 172K, well above roughly 85K consensus, while April was revised up to 179K from the originally reported 115K. The unemployment rate held at 4.3%, and average hourly earnings rose 0.3% m/m after April’s 0.2% gain. Treasuries weakened in a bear flattening move, with the 2-year yield up 11 bp to 4.16%, the 10-year up 7 bp to 4.54%, and the 30-year up 3 bp to 5.01%. The dollar index rose 0.6%, gold fell 3.7%, silver dropped 6.6%, Bitcoin futures declined 5.2%, and WTI crude fell 3.0% to $90.24, though it still finished higher for the week.
The main market story was a sharp selloff in semis and AI-linked equities, with the SOX down more than 10% for its worst session since March 2020. There was no single catalyst, but selling pressure followed underwhelming Broadcom guidance, a major backup in bond yields, stretched positioning, and a recent wave of momentum/AI superlatives. Big tech weakness weighed heavily on the indexes, while equity-supply concerns also remained in focus following reports that Meta is considering a large stock offering to fund AI capex. Middle East headlines were relatively quiet, with both U.S.-Iran deal hopes and skepticism still elevated. Looking ahead, next week brings CPI and PPI, Apple’s WWDC, the SpaceX IPO, earnings from Oracle and Adobe, and $119B of Treasury auctions across 3-year, 10-year, and 30-year debt.
Sector performance was sharply negative and highly defensive. Consumer Staples was the only positive sector, up 1.64%, followed by relative gains in Utilities +0.80%, Real Estate +0.69%, Healthcare +0.65%, and Financials +0.13%. Industrials fell 1.10%, Communication Services declined 1.65%, Energy lost 1.77%, Materials fell 2.04%, and Consumer Discretionary declined 2.43%. Technology was the clear laggard, down 5.78%, pressured by semis, memory, networking/communications, hardware, software, and broader AI-linked weakness. Relative outperformers included transports, managed care, MedTech, pharma, regional banks, insurance, exchanges, payments, travel/leisure, restaurants, staples, telecom, and media, while laggards included semis, memory, software, E&Cs, apparel, auto suppliers, private equity, machinery, industrial metals, chemicals, energy, investment banks, and China tech.
Information Technology
- IOT: Beat expectations and raised FY guidance, with takeaways largely positive. However, investors scrutinized NNARR growth deceleration and a muted Q2 guide.
- GWRE -10.0%: Pressured after fiscal Q3 ARR missed, with management flagging deal slippage. Some analysts viewed the pullback as overdone, noting management confidence that delayed deals will close in Q4 and updated FY26 FRARR guidance of 22%+.
- RBRK: Beat and raised guidance, with takeaways broadly upbeat. However, expectations were high and ARR upside was lighter than in recent quarters.
- DOCU -7.2%: Q1 earnings and revenue beat, and FY revenue guidance was raised, but the beat was lighter than recent quarters. Analysts also noted limited change to the second-half growth debate and a lack of near-term catalysts.
- TTAN +4.1%: Reported a Q1 operating income and revenue beat and raised FY27 operating income and revenue guidance. Analysts highlighted AI monetization, especially virtual agents, along with margin expansion and enterprise momentum.
Communication Services
- META -5.5%: Fell after reports that the company is considering raising tens of billions of dollars through an equity offering to help fund AI ambitions. The report said Meta could boost AI-related capex to as much as $145B this year and even higher in 2027.
- GOOGL: Agreed to pay SpaceX $920M per month in a cloud-services agreement through mid-2029, according to a filing.
Consumer Discretionary
- LULU -8.6%: Q1 EPS and revenue beat, with comps ahead, though constant-currency comps contracted more than expected. Americas comps fell 5%, tied to sluggish response to new products. The company cut FY27 EPS and revenue guidance and was downgraded to neutral from buy at BTIG.
- GIII +5.2%: Q1 earnings, revenue, and margins beat. Management highlighted strong full-price selling and continued momentum in its go-forward brand portfolio. Q2 guidance came in ahead of expectations, and FY guidance was raised.
- ZUMZ -25.9%: Q1 came in ahead, but Q2 guidance was light. Management cited heightened macro headwinds pressuring discretionary spending, particularly in North America and Europe.
Healthcare
- COO +8.6%: Fiscal Q2 results came in ahead, though the company lowered FY26 revenue guidance on a softer second-half CVI outlook in APAC. Takeaways were positive on the settlement of CSI litigation and disclosure of meaningful interest in the CSI business.
Industrials
- PL -26.0%: Q1 EPS, EBITDA, and revenue were ahead, and FY27 revenue and gross-margin guidance were raised. However, the company filed an equity distribution agreement to sell up to $1.5B in common stock, overshadowing otherwise positive performance.
Eco Data Releases | Monday June 8th, 2026
No releases scheduled for today
S&P 500 Constituent Earnings Announcements | Monday June 8th, 2026
Data sourced from FactSet Research Systems Inc.
