Stocks Tumble To Wrap Up Week… And Tim Cook’s Last Developer’s Conference 6/5/26

CNBC's "Fast Money"

CNBC

Investing, News, Business

3.9 • 1.3K Ratings

🗓️ 5 June 2026

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

A bleak day for markets as the Dow, S&P 500 and NASDAQ all tumble to wrap up the week. The semi stocks leading the sell-off, and if this is the start of a broader pullback. Head of Macro Strategy at Wells Fargo Mike Schumacher lays out where he sees stocks heading next, and gives his take on what this means for Fed rates. Plus, details behind SpaceX’s blockbuster IPO next week, Boeing production reaching new heights, Apple’s Siri makeover, and how retailers could benefit from an AI buildout. Fast Money Disclaimer

Transcript

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0:00.0	Live for the NASDAQ market site, this is fast money, a big show.
0:07.8	Here's what's on tap, stops tanking.
0:09.8	The NASDAQ posting its biggest point loss ever.
0:13.0	The S&P 500 breaking a nine-week win streak in a big way with its worst day of the year.
0:18.1	And is this the end of the AI-driven rally? We'll discuss. We will debate.
0:22.8	We'll talk about it. And while it certainly was a rough day for the AI trade, one top
0:27.5	analyst says some retailers could actually get a boost from the data center buildout, and he
0:33.4	will bring stock picks. Plus, Lulu shares, they go downward dog. Will Apple score a win at its
0:39.5	developers conference? And Chipotle bucking the selloff. Hi, everybody, and welcome. I am Brian,
0:46.2	in for Melissa tonight, coming to you live from Studio B at the NASDAQ, big show on your desk, Tim Seymour,
0:53.5	Steve Grasso, Mike Co, and Mike Schumacher,
0:56.5	head of macro strategy, and Wells Fargo securities.
1:00.0	All right, we're going to start with a pretty loud message that stocks can and will go down.
1:07.3	I know it's hard to believe, but if you need proof, here you go. The NASDAQ losing 1100
1:14.3	points. Worst point loss ever. The S&P 500 seeing its worst day since October and the widely owned
1:21.5	and widely traded NASDAQ 100 crumbling 4.3 percent. Its worst day in more than a year. What has been hot today was not.
1:33.0	Semiconductor stocks being sold in a big way. The SMH, ETF, SM its own head, sagging 9 percent.
1:41.9	Broadcom down another 8 percent after a 12% loss yesterday.
1:46.8	AMD, Intel Micron, and Marvell, all plunging more than 10%.
1:51.2	Software.
1:52.2	Cybersecurity stocks also caught up in the sell-a-thon, Microsoft, Palo Alto, Palantir, Crowdstrike, Oracle, and more, all with big losses.
2:02.2	Now, this happened after borrowing costs went up because this morning, we actually got some
	...

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