Your premarket brief — what happened overnight, and what's set up for today.
Stocks
US equities sold off sharply Friday as a steep selloff in semiconductor shares rattled markets, with the Nasdaq dropping 4.2% in its worst session since April 2025 while the S&P 500 lost 2.6%. Chipmakers led the retreat, with Broadcom falling more than 7% following a double-digit decline Thursday, while Marvell Technology and Micron Technology plunged around 16% and 13% respectively. The weakness came after stronger-than-expected jobs data showed the US economy added 172,000 positions in May, far exceeding forecasts, pushing Treasury yields higher and reigniting the higher-for-longer narrative just when consensus had turned dovish. The Dow Jones dropped 621 points or 1.20% Friday to close at 50,941, and today's a Saturday — markets are closed, futures dark until Sunday evening.
Macro
The May nonfarm payroll report revealed the US economy added 172,000 jobs, significantly above the forecasted 85,000, while unemployment held steady at 4.3% and annual wage growth moderated to 3.4%, prompting investors to increase bets on a Federal Reserve interest rate hike with markets now pricing in a quarter-point increase by year-end. The 10-year Treasury yield hit 4.48% while the 30-year climbed to 4.98%, a violent repricing that caught long duration positioned wrong-footed. The dollar firmed on the shift. June's data calendar includes the FOMC meeting June 16-17, CPI inflation, producer prices, PCE inflation, and personal income data — but today you've got none of that; it's the weekend, and the only thing on deck is whether Powell uses the silence to shift the script.
Geopolitics
WTI crude fell toward $91 per barrel Friday as investors looked for signs of progress in US-Iran negotiations while uncertainty persisted over a ceasefire between Israel and Lebanon, with President Trump saying talks with Tehran were progressing well despite Iran-backed Hezbollah rejecting a US-brokered ceasefire proposal, leaving oil prices more than 4% higher for the week after renewed clashes between US and Iranian forces. Iran has retaliated with attacks on nearby US military bases and the energy infrastructure of regional allies, while also halting oil and gas shipping through the Strait of Hormuz, and eighty days into this crisis roughly 1,500 vessels sit trapped in the Persian Gulf carrying oil, gas, and products. Loadings at Oman's Mina Al Fahal export terminal were temporarily delayed following an explosion, although operations later resumed. The risk premium is real, but fading conviction on whether this grinds on or cracks open keeps the bid capped for now.
Commodities
Oil's the story: WTI crude futures fell toward $91 per barrel Friday, giving back some of the week's Hormuz premium as Trump talk turned optimistic and the physical market showed it can still adapt, but prices remain more than 6% higher for the week and any headline can reignite the bid. Brent slid 2% to around $93 per barrel as markets focused on signs of weaker global demand, with concerns mounting after Chinese crude imports fell to their lowest level in ten years, reflecting reduced refinery activity and softer demand. Gold cracked: gold decreased to $4,366 per ounce, the lowest since March 2026, heading for a weekly decline of nearly 4% as the stronger-than-expected US jobs report heightened inflation and interest rate concerns. The rate-hike repricing hit the yellow metal hard. Natural gas and agriculture traded quietly Friday; grains and softs steady, no major moves to flag heading into the weekend.
On Deck Today
- It's Saturday — US markets are closed, no data releases, no Fed speakers, and futures won't reopen until Sunday evening.
- The real calendar is geopolitical: watch for any Iran-US negotiation headlines, Strait of Hormuz shipping updates, or Trump comments that could move oil and risk sentiment before the Sunday reopen.
- Next week brings the June FOMC meeting (June 16-17), CPI data, and a test of whether Friday's selloff was capitulation or just the start of a deeper unwind in tech and long-duration positions.