finance
S&P 500, Nasdaq Pull Back After Much Stronger-than-Expected May Jobs Report
Major U.S. stock indexes reversed sharply on Thursday and Friday. The moves followed May employment figures that exceeded forecasts.
BenzingaAudio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
The S&P 500, Nasdaq 100, and Dow Jones fell sharply on Thursday and Friday, erasing billions of dollars in market value. The S&P 500 retreated 3 percent from its year-to-date high. 35 percent and the Nasdaq 100 dropped 6 percent from recent levels.
The Kobeissi Letter posted on X that the sell-off stemmed from a combination of factors. The post cited strong macroeconomic data released during the week that increased the odds of Federal Reserve rate hikes.
U.S. Government report released on Friday showed nonfarm payrolls rose by 172,000 in May 2026. Economists had expected an increase of 85,000 jobs. ADP separately reported that the private sector added 122,000 jobs in May.
Job vacancies jumped by more than 700,000 in April 2026. The report noted the increase occurred despite the Iran war. U.S. inflation has remained above the 2 percent target for years. The Kobeissi Letter said these figures together point to the possibility of further Fed tightening.
Transparency
1 source · single source
CorroborationLimited · 1 source
