Major Rotation As Nasdaq Posts Largest Point Drop Ever 6/5/26

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 5 June 2026

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stephanie Aliaga, Global Market Strategist at JPMorgan Asset Management, joins to assess the market backdrop and explain how investors should position as rates move higher and the AI trade takes a breather. Leslie Picker reports on new comments from Elon Musk during a SpaceX roadshow and the growing anticipation surrounding the company's future plans. The jobs market takes center stage next. Apollo Chief Economist Torsten Slok reacts to the latest employment data and explains what it means for growth, inflation and the Federal Reserve. Howard Silverblatt examines why the S&P 500's rules could keep SpaceX out of the index despite investor enthusiasm. Seema Mody reports on efforts by brokerages to give retail investors more ways to gain exposure to SpaceX. The episode also explores the sharp decline in crypto-related stocks and asks whether Bitcoin is finally finding a bottom or whether the crypto winter still has further to run.

Transcript

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0:00.0	The bell is bringing an end to the trading day at the NYSC Future Corp, bringing the bell,
0:05.7	and at the NASDAQ, Special Olympics USA Games doing the honors.
0:09.6	Welcome to closing bell overtime live from the Studio B at the NASDAQ market site.
0:13.8	I'm Mike Santoli.
0:15.0	Melissa Lee is off today.
0:16.7	Stock sinking after a stronger than expected jobs report is more profit-taking hits chips and some other hot areas of the market.
0:23.4	The Dow down nearly 700 points. The S&P 500 down more than 2.5%. The NASDAQ having its worst day in more than a year, down 4%.
0:32.5	A rough ride for the Russell as well. Those weekly winning streaks for the S&P and the NASDAQ have been snapped.
0:39.4	It is the NASDAQ's worst week since the April 2025 tariff tantrum.
0:44.0	Also on our radar, Groundhog Day for Bitcoin, another big decline, more old levels being taken out.
0:50.1	Will there be six more weeks or more of crypto winter?
0:53.5	And the S&P index gatekeepers hold their ground
0:56.2	and say they won't bend the rules for SpaceX. Plus a big event for Apple and Tim Cook as his
1:01.8	tenure as CEO comes to a close. We're going to get to all of that, but we have to start with today's
1:07.5	selling. Christina Parks and Neville is joining us now to run through some of the movers.
1:11.5	Christina.
1:13.6	Thanks, Mike. Well, you did see U.S. stocks selling off sharply, especially into the closed,
1:17.6	driven by tech today as a violent unwinding chip stocks, as well as higher yields hit the market.
1:23.6	So the Dow did slip, but it did hold up best after touching an intraday record earlier in the session.
1:29.0	Tech, though, on the other hand, the epicenter, the XLK is seeing its worst day in over a year.
1:34.3	AMD, super micro, micron, were all under pressure.
1:37.8	Sandus, though, was the biggest lagger in the S&P 500 as the entire memory complex got hit.
	...

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