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Prefer to watch? Here's this weekend's video update.
The Week in Review
The week started strong. SPX crossed 7,600 for the first time ever on Monday. QQQ hit an all-time high Tuesday at 746. The Dow notched fresh records mid-week. Then Broadcom reported Wednesday night.
AVGO delivered AI chip revenue up 143% year-over-year — genuinely strong by any historical measure — but guided Q3 AI chip sales to $16B, below the $17.2B analysts expected, and left its full-year target unchanged. That was enough. AVGO dropped 12.6% Thursday, erasing $280 billion in market cap in one of the largest single-stock losses in megacap history. The Philadelphia Semiconductor Index fell 5.21%.
Friday finished the week off. NFP for May came in at +172K — more than double the 80K consensus. Unemployment held at 4.3%. Treasury yields spiked. Meta announced a multi-billion dollar secondary equity offering. The Nasdaq shed 4.18%, its worst day since the April 2025 tariff selloff. SPX dropped 196 points to 7,383. VIX exploded from 15.32 to 21.51 — a 40% single-session move. The 9-week winning streak is over.
Weekly Market Scorecard — Week Ending June 6, 2026
| Index | May 30 Close | June 5 Close | Change | % Change |
|---|---|---|---|---|
| SPX | 7,580.06 | 7,383.74 | -196.32 | -2.59% ↓ |
| QQQ | 738.31 | ~706.61 | ~-31.70 | ~-4.29% ↓ |
| IWM | 290.43 | 279.50 | -10.93 | -3.76% ↓ |
VIX closed Friday at 21.51, up from 15.32 the prior week — a 40% single-session spike. The 9-week winning streak that started at SPX 6,800 ended at 7,580. Friday’s close at 7,383 still leaves the index up significantly on the year, but the AI premium is now under scrutiny.
SPX / SPY
SPX closed Friday at 7,383, down 196 points (-2.59%) from the prior Friday close of 7,580. Key support: 7,350 (Friday’s low area), 7,300 (psychological), 7,200 (50-day MA — not tested since April). Resistance: 7,450 (break level), 7,500 (prior support now flipped resistance), 7,580 (prior ATH).
Volatility (VIX)
VIX closed at 21.51, up 40% on Friday alone from 15.32 the prior week. Out of complacency territory. The last time VIX moved from 15 to 21+ in a single week it took 3–4 weeks before the market found its footing. This is no longer a low-vol, buy-the-dip environment.
QQQ
QQQ closed Friday near 706, down approximately 4.29% from the prior week’s 738. The Nasdaq hit all-time highs Tuesday and gave it all back by Friday. Support: 700, 685. Resistance: 720, 738. The AI trade is being repriced — not necessarily unwound, but the market is demanding a higher bar for AI chip guidance.
IWM
IWM closed at 279.50, down 3.76% from 290.43. Small caps broke below the key 280 level. Support: 275, 270. Resistance: 285, 290. On a relative basis IWM held better than QQQ on the week — a mild positive.
Next Week’s Economic Calendar — June 8–12
Tuesday June 9 — FOMC Meeting begins 🔥🔥🔥
Wednesday June 10 — FOMC Rate Decision & Warsh Press Conference 🔥🔥🔥 — Kevin Warsh’s debut as Fed Chair.
Thursday June 11 — CPI (May) 🔥🔥; PPI 🔥; Initial Jobless Claims.
Friday June 12 — Michigan Consumer Sentiment (Preliminary).
Key watch: The FOMC Wednesday is the week’s centerpiece. With PCE at 3.8% and NFP printing more than double consensus, Warsh has no cover for a dovish tone. Any hawkish language puts SPX 7,300 in play. CPI Thursday is the data point that either confirms or moderates the post-NFP fear. A hot print (above 3.6%) paired with hawkish FOMC language is the double-whammy that tests 7,200–7,250 support on SPX.
30-Day Market Outlook
Overall Bias: Neutral to cautious. The bull trend is intact but the AI premium is being repriced and the macro headwind (hot NFP + Warsh Fed) is real.
Technical levels: SPX support at 7,350, 7,300, 7,200 (50-day MA). Resistance at 7,450, 7,500, 7,580. VIX at 21.51 — elevated caution. QQQ support 700/685; resistance 720/738. IWM support 275/270; resistance 285/290.
Macro narrative: Two narratives in direct conflict. Bull case: AI infrastructure capex structurally intact, economy healthy (+172K jobs, GDPNow +4.3%). Bear case: PCE at 3.8%, NFP hot, Warsh potentially hawkish, AI premium questioned after AVGO’s guidance miss. Resolution plays out over 2–3 weeks starting with Warsh’s FOMC debut.
Primary risk: Hot CPI (above 3.6%) paired with hawkish FOMC language removes the last rationale for the “Fed on hold” thesis. Secondary risk: AI capex deceleration — if Meta’s secondary signals hyperscaler AI investment is peaking, the entire AI premium across NVDA, AVGO, MRVL is vulnerable.