Stocks Tumble To Wrap Up Week… And Tim Cook’s Last Developer’s Conference 6/5/26

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**Brian** (1:05)
Live from the Nasdaq market site, this is Fast Money, a big show. Here's what's on tap, stops tanking. The Nasdaq posting its biggest point loss ever. The S&P 500 breaking a nine week wind streak in a big way with its worst day of the year. And is this the end of the AI driven rally? We'll discuss, we will debate, we'll talk about it. And while it certainly was a rough day for the AI trade, one top analyst says some retailers could actually get a boost from the data center build out, and he will bring stock picks. Plus, Lulu shares, they go downward dog. Will Apple score a win at its developers conference? And Chipotle bucking the sell off. Hi everybody and welcome. I am Brian, in for Melissa tonight, coming to you live from Studio B at the Nasdaq. Big show on your desk, Tim Seymour, Steve Grasso, Mike Co and Mike Schumacher, head of macro strategy at Wells Fargo Securities. All right, we're going to start with a pretty loud message that stocks can and will go down. I know it's hard to believe, but if you need proof, here you go. The Nasdaq losing 1100 points, worst point loss ever. The S&P 500 seeing its worst day since October and the widely owned and widely traded Nasdaq 100 crumbling 4.3%.
Its worst day in more than a year.
What has been hot today was not. Semiconductor stocks being sold in a big way. The SMH ETF, SM its own head sagging 9%.
Broadcom down another 8% after a 12% loss yesterday. AMD, Intel, Micron and Marvell all plunging more than 10%.
Software, cybersecurity stocks also caught up in the Sellathon, Microsoft, Palo Alto, Palantir, Kurz, CrowdStrike, Oracle and more all with big losses. Now this happened after borrowing costs went up because this morning we actually got some decent economic news with the May jobs number coming in way better than expected. That sent the 10 year yield jumping back above 4.5% a move that spooked some stock investors. So welcome everybody. Let's kick it off, Tim. Listen, every drop this year, every drop recently has been a buying opportunity, is this one.

**Tim Seymour** (3:30)
Great to have you, Brian. I don't know, but I'd rather focus on the things that drove the sell off, which are some of the world's biggest companies, some of the biggest parts of this rally were either a Broadcom, which gave you some negative guidance a couple of days ago. There's rumors Metta is going to bring a stock deal. We talked about the Google deal all week. You had a payroll number which at least puts the Fed solidly in the no hike camp. It's great having Mike Schumacher here tonight because I really do think we're in a case where there could be a dynamic that the Fed's more in play than they were. However, if the Fed's hiking because of a payroll number, it's probably a good thing. I think you've got a place where we were parabolic on the way up.
I would say that technically there are some things that have happened that aren't great for the next few days of trading either. I think we've had some selling climaxes, some outside reversals, this guy likes to call them. I mean, we've had some cases. By the way, this didn't start here. It started in Asia overnight. We had a big cost be with a big sell-off. So, I think you've got a case where it's time for a big breath. But some of the most exciting parts of what people have been investing in gave you reason to say, hmm, and again, if the biggest companies in the world are issuing equity, that's something that I think also has people concerned.