Weekly Market Commentary: Stocks Snap Streak of Gains Following Strong Jobs Report
06/08/26
Sunflower Bank Weekly Market Commentary: June 8, 2026
Each week, our Wealth Management team analyzes the U.S. stock market and bond market activity and news of the previous week, summarizing their findings into a weekly market update report. The key points of this week's commentary, "Stocks Snap Streak of Gains Following Strong Jobs Report," include:
- Equity markets declined last week and risk assets came under significant pressure on Friday. The S&P 500 declined -2.5% on the week, snapping a nine-week streak of positive returns.
- Friday was the worst day for the S&P 500 since October 2025, and the worst day for the Nasdaq 100 since the Liberation Day sell-off in April 2025. The two indexes declined -2.7%, and -4.8%, respectively. Areas of the market that have performed especially well lately were the hardest hit. The Philadelphia Semiconductor Index (up +93% year-to-date as of Thursday’s close) dropped -10%.
- The catalyst for the outsized moves was seemingly a hot May Jobs Report that further reduced the prospect of the Federal Reserve’s next move being an interest rate cut. The Bureau of Labor reported that the US economy added 172,000 jobs in May, well ahead of the 88k jobs economists were expected.
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This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. This article is not a substitute for such professional advice or services, before making any decisions related to these matters, you should consult a qualified professional advisor.