Why a robust jobs report sparked a 10% SOX crash and snapped S&P’s winning streak — Market Wrap Jun 5, 2026

7horns.ai Daily Briefing EN · Jun 5, 2026 · 4m

Today's AI insights from 7horns.ai reveal a sharp market reversal as the S&P 500 fell 2.63%, snapping its nine-week winning streak, while the Nasdaq plunged 4.18%, driven by a steep 10% drop in the Philadelphia Semiconductor Index. The catalyst was a stronger-than-expected May jobs report adding 172,000 jobs versus the 80-85k forecast, fueling fears of prolonged Fed rate hikes. Treasury yields surged, with the 10-year topping 4.5% and the 30-year exceeding 5%, intensifying selling pressure. Tech megacaps suffered heavy losses: Tesla dropped 6.56%, Nvidia 6.20%, and Meta Platforms 5.51%…