Closing Bell Overtime: Major Rotation As Nasdaq Posts Largest Point Drop Ever 6/5/26

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**Mike Santoli** (1:01)
The bell is bringing an end to the trading day at the NYC Future Corp, bringing the bell, and at the NASDAQ Special Olympics USA Games, doing the honors. Welcome to Closing Bell Overtime, live from the Studio B at the NASDAQ market site. I'm Mike Santoli, Melissa Lee is off today. Stocks sinking after a stronger than expected jobs report as more profit taking hits chips and some other hot areas of the market. The Dow down nearly 700 points, the S&P 500 down more than 2.5%, the NASDAQ having its worst day in more than a year, down 4%, a rough ride for the Russell as well. Those weekly winning streaks for the S&P and the NASDAQ have been snapped. It is the NASDAQ's worst week since the April 2025 tariff tantrum. Also on our radar, Groundhog Day for Bitcoin, another big decline, more old levels being taken out. Will there be six more weeks or more of crypto winter? And the S&P index gatekeepers hold their ground and say they won't bend the rules for SpaceX, plus a big event for Apple and Tim Cook as his tenure as CEO comes to a close. We're going to get to all of that, but we have to start with today's selling. Christina Parchinevel is joining us now to run through some of the movers. Christina.

**Christina Parchinevel** (2:14)
Thanks, Mike. Well, you did see US stocks selling off sharply, especially into the close driven by tech today as a violent unwind in chip stocks as well as higher yields hit the market. So the Dow did slip, but it did hold up best after touching an intraday record earlier in the session.
Tech, though, on the other hand, the epicenter, the XL casing, its worst day in over a year, AMD, Supermicro, Micron, were all under pressure. Sandisk, though, was the biggest lager in the S&P 500 as the entire memory complex got hit. NVIDIA, not immune either. Just over the past three months or so, the SOX ETF is up about 60%, but NVIDIA is up just 12% in that stretch, one of the weaker performers. And then you also had MetaLower today, too. Even after denying a report, it's considering a larger stock offering to fund AI, similar to what we've seen from Alphabet, that creating concerns in the market as a whole. But stepping back, many of today's losers, and this is important, like Intel, Marvell, Dell, I'm naming the tech ones, they're still up way over 70% year to date, suggesting this may be more of a rotation than a fundamental break. You really see that rotation, though, in today's leaders. Consumer staples were higher with Walmart, Coca-Cola, the usual Procter and Gamble, All Green on your screen, and a couple other names too bucking the trend, Service Titan on earnings, and then FedEx Freight recently spun off, that name closing higher as well, up about 6%.
Mike?

**Mike Santoli** (3:38)
Yeah, for sure, Cristina, definitely not kind of an all out washout of any sort. But interesting, you mentioned that some of the stocks up the most, that clearly had the strongest earnings momentum, were down the most. So crowded stocks, they have a pretty violent unwind. I'm interested in how Broadcom's results seemed at least to be, you know, one of the final straws on the camel's back, to kind of bring the NASDAQ lower over the last couple of days. And whether that was a change of the story, or just a reflection of how high expectations had gotten.

**Christina Parchinevel** (4:10)
Well, two points. Specifically on Wednesday, you did see a great discrepancy in the SOX ETF, the fact that it was trading, what, over 70% above its 200 day moving average.