Global equities just had a classic “AI hangover” week: megacap tech and chips sold off hard on a hotter‑than‑expected US jobs report, South Korea’s KOSPI hit circuit breakers, and yet tech snapped back almost immediately as traders bought the dip. At the same time, the market is bracing for the record‑breaking SpaceX IPO at around a $1.7T+ valuation, which could become the defining sentiment event for growth stocks this month.
📉 What’s happening
...- US: hot jobs, cold AI trade (for a day)
- The US added about 172k jobs in May, roughly double the 85k consensus, with unemployment steady at 4.3%, reinforcing the “resilient economy” narrative and pushing Fed hike expectations higher.
- That print triggered a brutal Friday risk‑off move: the S&P 500 dropped about 2.6%, while the Nasdaq fell over 4%, its worst one‑day decline in more than a year as investors dumped AI and megacap tech.
- For the week, the Nasdaq 100 was down roughly 4.5%, the S&P 500 about 2.4%, and the small‑cap Russell 2000 nearly 4%,
