Market Minute ⏱️ 6/8/26: Tech Stocks Steady After Friday Rout

Mike Larson | Editor-in-Chief

Stocks are stabilizing in the early going, with the tech sector steadying after a rough patch of trading. Crude oil is modestly higher, while gold and silver are off a bit. Treasuries and the dollar are also losing some ground.

Friday was a rout. “Everything” sold off after a much stronger-than-expected May jobs report raised fears of tighter Federal Reserve policy. The year’s hottest stocks – including semiconductor and AI names – got hit particularly hard. The iShares Semiconductor ETF (SOXX), for instance, tanked 10.4%, while the Global X Artificial Intelligence & Technology ETF (AIQ) slid 8.1%.

SOXX, AIQ, NVDA, AAPL (5-Day % Change)

That said, Nvidia Corp. (NVDA) CEO Jensen Huang called the pullback a buying opportunity during a trip in South Korea – adding that “you should be very happy because now you can buy at a discount.” Excitement is building about Apple Inc.’s (AAPL) Worldwide Developers Conference this week and the AI-fueled version of Siri the company is expected to reveal. Marvell Technology Inc. (MRVL) is also rebounding on news the red-hot chipmaker will get added to the S&P 500 Index (^SPX).

Plus, a weekend flareup of attacks and counterattacks in Lebanon, Israel, and Iran may be dying down again. All of that sets Wall Street up for a better start to the week...with crude oil prices coming off their early morning highs. But the biggest potential test of market sentiment and risk-taking appetite will be the SpaceX Initial Public Offering (IPO). Shares are expected to price June 11 and begin trading on June 12 under the ticker symbol SPCX.

Perry: Why Investors Can Still Get Valuable Investing Information from Traditional AND Social Media

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• Economy: Rising Inflation and Job Market Improvement Put Fed Hikes in Play
  👉️ TICKERS: TLT, SPY
  As we’ve been predicting in recent months, labor market conditions are improving, while inflationary pressures remain elevated. We expect the Federal Reserve will shift to a tightening bias at the June meeting and will probably hike the federal funds rate in July if current trends persist, notes Ed Yardeni, editor of Yardeni QuickTakes.

• ACDVF: A Contrarian Airline Play to Buy BEFORE Conditions Improve
  👉️ TICKERS: AC:CA, ACDVF
  Air Canada Inc. (ACDVF) is a contrarian pick — and deliberately so. An airline in the middle of an oil price crisis. Alex Letko, portfolio manager at LetkoBrosseau, likes it because the current volatility completely masks the underlying transformation the company is executing, writes Amber Kanwar, host of the In the Money with Amber Kanwar podcast.

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