Live Nasdaq Composite: Chip Selloff and Rising Yields Weigh on Nasdaq After Jobs Report Stuns

By Gerelyn Terzo Updated Jun 5, 12:58PM EDT · Published Jun 5, 10:16AM EDT

Quick Read

May nonfarm payrolls hit 172,000, more than doubling the 85,000 estimate, sending the Nasdaq down 2% as rate hike fears resurfaced.
JPMorgan upgraded TSLA to Neutral and tripled its price target to $475, citing Tesla's lead in physical AI and expanding addressable markets.
Jensen Huang confirmed Samsung, SK Hynix, and MU all qualified to supply HBM4 memory for NVDA's next-generation Vera Rubin AI platform.
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Live Updates

Google Backfires

Jun 5, 2026 at 12:58 PM EDT

Alphabet (NASDAQ:GOOGL | GOOGL Price Prediction) is carrying some baggage into the weekend, with shares on track for a fourth straight weekly loss following a stretch that has seen the enthusiasm from last month’s brief Nvidia market cap overtake give way to a more cautious read on the stock. Adding to the pressure, Alphabet disclosed this week that it is looking to pull in $85 billion through equity sales, a number that crept up $5 billion from its original figure. The timing is drawing attention beyond just the dollar amount, with Anthropic and OpenAI both readying their own landmark public offerings, Alphabet may be making a calculated move to get in front of investors before that wave of AI-driven supply hits the market.

President Trump on Jobs Report

Jun 5, 2026 at 12:21 PM EDT

President Trump criticized the market’s reaction to Friday’s jobs report, taking to Truth Social to argue that strong employment numbers should be sending stocks higher, not lower. “With a great Jobs Report, like just announced, stocks should go up, not down. That’s the way it was for 200 years. Growth does not mean inflation! How else can a Country attain GREATNESS??? President DJT,” he wrote. Markets, however, are telling a different story, with the Nasdaq leading a broad selloff as investors zero in on what a blowout jobs number means for the Federal Reserve’s next move on interest rates.

SpaceX to the Moon

Jun 5, 2026 at 10:16 AM EDT

Morgan Stanley is making the case that SpaceX’s $1.77 trillion IPO valuation may not be far out. Analysts predicxt the Elon Musk-led space company could generate $3.4 trillion in revenue by 2040, a forecast anchored largely by what they see as explosive growth in its AI business in the years ahead.

SpaceX posted $18.7 billion in revenue in 2025, and with plans to raise roughly $75 billion in what would rank as the largest public offering in history, the roadshow kicking off Thursday is asking investors to bet not just on rockets and satellites, but on a company positioning itself at the intersection of space infrastructure and artificial intelligence for decades to come.

This article will be updated throughout the day, so check back often for more daily updates.

Friday is shaping up to be a bumpy close to the week for the Nasdaq Composite, with the tech-heavy index slipping 1.6% as rising Treasury yields and renewed chip stock pressure weighed on sentiment following a May jobs report that came in well above expectations. The S&P 500 is down 1% in tandem, while the Dow is holding up comparatively well, off just 151 points, or 0.3%, as the session’s pain concentrates in the names that have led the market’s record-setting run.

On the economic front, the May’s jobs report landed well above expectations, with nonfarm payrolls coming in at 172,000 against an 85,000 estimate, more than doubling the consensus and topping every economist forecast tracked by Bloomberg. The unemployment rate held at 4.3%, while upward revisions to the prior two months pushed the three-month trend to its strongest pace in more than two years.

Rate hike odds are creeping onto the radar, and prediction markets are taking notice. Polymarket now puts the probability of a rate increase in 2026 at 47%, while the chances of the Fed holding rates steady for the entire year have climbed to 69%.

Here’s a look at where things stand as of morning trading:

Dow Jones Industrial Average: 51,496 Down 0.13%
Nasdaq Composite: 26,333 Down 1.85%
S&P 500: 7,501 Down 1.09%

Market Movers

JPMorgan made a notable about-face on Tesla (NASDAQ:TSLA), lifting the stock to Neutral from Underweight and more than tripling its price target to $475 from $145. The firm credited Tesla’s positioning at the forefront of physical AI and its expanding reach into what JPMorgan described as uncharted total addressable markets as the core of its revised thinking.

Nvidia (NASDAQ:NVDA) CEO Jensen Huang has given the green light to Samsung, SK Hynix and Micron Technology (NASDAQ:MU), with all three chipmakers clearing qualification to supply HBM4 memory for the next-generation Vera Rubin AI platform, according to Bloomberg. “All three vendors are in production, and they’re all racing to support Vera Rubin,” Huang said, a statement

SanDisk (Nasdaq: SNDK) is sinking 6.7% on the day, while Super Micro Computer (Nasdaq: SMCI) is spiraling by 7.7%.

About the Author Gerelyn Terzo →

Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.