Wall Street walked into Friday wearing an AI cape.

Then the jobs report kicked it down the stairs. 

Volume Surge!
Indicator Divergence! 
Sell programs went into overdrive! 

The week ended risk-off after a stronger-than-expected May payrolls report lit a fire under Treasury yields and punched rate-cut hopes in the mouth. 

The Nasdaq fell 4.2% Friday, the S&P 500 dropped 2.6%, and the S&P snapped a nine-week winning streak. 

That is not a paper cut. 

That is a market saying, “Maybe paying infinity for AI revenue in 2027 was a little spicy.”

The damage was concentrated where the crowd had been camping: semiconductors, AI infrastructure, mega-cap growth, and anything priced like gravity had been canceled.

TFT Truth:

When yields rise, valuation discipline walks back into the room with brass knuckles.

The tape did not whisper this week.

It screamed:

Read the volume. Follow the rotation. Trade the turn.

This was a risk-off, valuation-reset week.

The Dow bent.

The S&P broke its streak.

The Nasdaq got body-slammed.

The Russell confirmed that risk appetite weakened beyond mega-cap tech.

The tactical posture for next week:

Rotation Watch / Retracement Watch

Do not chase the first green candle like a raccoon with a Robinhood account.

The internals said one thing:

This was not harmless profit-taking.

It was distribution.

Yields moved higher.

Semis cracked.

Down volume expanded.

Speculative risk got clipped.

When the market sells the most loved stocks on heavy volume, that is not noise.

That is the tape filing a restraining order against FOMO.

The week’s main catalyst was the May jobs report, which showed 172,000 jobs added and unemployment near 4.3%. That stronger labor read reduced rate-cut hopes and increased concern that the Fed may stay hawkish longer.

The second catalyst was the semiconductor wipeout.

The PHLX Semiconductor Index fell 10.3% Friday, its worst one-day drop since March 2020, and the chip selloff erased roughly $1.3 trillion in market value.

The third catalyst was the looming SpaceX IPO.

Reuters reported that SpaceX’s blockbuster IPO is expected to test high-flying U.S. stock appetite after the rally and after Friday’s reset. 

The timing is deliciously Wall Street: launch the rocket after the market remembers gravity exists.

1. Hot May Jobs Report

What

The May jobs report showed 172,000 jobs added, stronger than expected, with unemployment around 4.3%.

So What

Rate-cut hopes faded.

Now What

The market now needs inflation to cool, or the Fed pressure stays alive

2. Treasury Yields Spiked

What

Stronger labor data pushed Treasury yields higher and pressured long-duration growth stocks.

So What

Higher yields compress valuation multiples.

Now What

Watch the 10-year yield. It is the hidden chart behind QQQ

3. Semiconductor Selloff

What

The PHLX Semiconductor Index dropped 10.3% Friday, erasing roughly $1.3T in chip market value.

So What

AI leadership got crowded and expensive.

Now What

Watch NVDA, AVGO, MRVL, MU, AMD, and INTC for either reclaim behavior or continued distribution

4. Broadcom Disappointed AI Bulls

What

Broadcom’s AI outlook did not satisfy elevated expectations, triggering a selloff in the stock and the broader chip complex.

So What

This was the market saying, “Show me more than a story.”

Now What

Guidance quality now matters more than AI branding

5. SpaceX IPO Watch

What

SpaceX’s expected blockbuster IPO is set to test investor appetite after a major tech selloff. Reuters reported the IPO is coming as high-flying U.S. stocks face a fresh stress test.

So What

This IPO is not just a listing.

It is a liquidity and valuation gut check.

Now What

Watch pricing, float, first-day volume, institutional demand, and whether retail gets handed a shiny rocket-shaped bag.

1. MRVL — Marvell Technology

• Weekly move: +28.5%
• Notable daily/intraday move: Friday -16.7%
• Close: $263.47
• Volume: 93.9M Friday
• Catalyst: Jensen Huang called Marvell a potential “next trillion-dollar company,” igniting a major AI/networking rally before Friday’s chip-sector reversal.
• Chart pattern/setup: Blow-off breakout into high-volume reversal
• Art in the Chart: The chart went from rocket ship to eject button.
• TFT Read: Great trade if you caught the turn. Painful tuition if you married the candle.

2. AVGO — Broadcom

• Weekly move: Approx. -16.1%
• Notable daily/intraday move: Friday -7.9%
• Close: $385.73
• Volume: 51.1M Friday
• Catalyst: Broadcom’s AI revenue outlook failed to satisfy stretched investor expectations, triggering a broader chip selloff.
• Chart pattern/setup: Earnings/guidance breakdown
• Art in the Chart: When perfection is priced in, “pretty good” becomes a felony.
• TFT Read: AI is powerful. Paying any price for AI is not.

3. INTC — Intel

• Weekly move: -13.5%
• Notable daily/intraday move: Friday -11.4%
• Close: $99.17
• Volume: 145.2M Friday
• Catalyst: Broad semiconductor liquidation and failure to hold the $100 round-number zone.
• Chart pattern/setup: Support failure
• Art in the Chart: Intel lost the $100 handle like it owed it money.
• TFT Read: Cheap is not a setup. Supported is a setup.

4. MU — Micron Technology

• Weekly move: Approx. -11.0%
• Notable daily/intraday move: Friday -13.1%
• Close: $864.01
• Volume: 77.2M Friday
• Catalyst: Memory and AI chip names were hit hard as the sector repriced after Broadcom and rising-rate fears.
• Chart pattern/setup: Momentum reversal
• Art in the Chart: Memory got repriced by traders who suddenly remembered rates matter.
• TFT Read: Momentum is beautiful until it becomes liquidity for institutions.

5. AMD — Advanced Micro Devices

• Weekly move: -9.6%
• Notable daily/intraday move: Friday -10.8%
• Close: $466.38
• Volume: 46.9M Friday
• Catalyst: AI/semiconductor valuation reset after hot jobs data and rising yields.
• Chart pattern/setup: Failed rally
• Art in the Chart: The breakout crowd met the trap door.
• TFT Read: Leadership stocks can still punch both ways.

Strength

The market is still positive year-to-date.

The Russell 2000 remains the YTD leader.

The Dow held better than the Nasdaq.

That means the market did not fully break.

It rotated.

That matters.

A broken market sells everything.

A rotational market punishes crowded trades and rewards preparation.

Weakness

Leadership concentration is the problem.

AI, semis, and mega-cap growth carried the tape.

Then Friday exposed the weakness.

When everybody owns the same winner, the exit door gets very small, very fast.

Opportunities

This reset creates opportunity.

Not blind dip-buying.

That is how retail becomes confetti.

The opportunity is in watching:

• Which semis reclaim broken levels
• Which AI names hold support
• Which software names show relative strength
• Which defensives keep catching flows
• Which IPO-related sympathy names attract volume

The trade is not “buy the dip.”

The trade is find the dip that institutions actually defend.

Threats

The threats are obvious:

• CPI comes in hot
• PPI confirms wholesale inflation
• Jobless claims stay too low for Fed comfort
• Consumer sentiment weakens
• Yields keep rising
• SpaceX drains liquidity
• AI leaders fail to reclaim key levels

The biggest threat?

Traders chasing a bounce because the candle turned green.

Green is not a system.

Green is a color.

Lesson: 
Great Stocks Can Become Bad Trades

This week’s teaching chart is MRVL.

Marvell exploded after a major AI catalyst.

Then it reversed violently Friday.

That is the difference between:

• A great story
• A great stock
• A great trade

They are not the same thing.

Daily Chart Tip

Watch for volume expansion near highs.

When price spikes and then closes weak, buyers lost control.

Weekly Chart Tip

A strong weekly gain with a weak Friday close can signal exhaustion.

Monthly Chart Tip

If the monthly chart is extended, even good news can become exit liquidity.

TFT Read

The market does not reward belief.

It rewards timing, risk control, and reading the turn.

WEEK AHEAD / GAME PLAN

MON 6/8
WWDC26 begins
Apple Keynote: 1 PM ET
Platforms State of the Union: 4 PM ET

TUE 6/9
Yields + Semis Reclaim Watch
SpaceX IPO Demand Watch

WED 6/10
CPI: 8:30 AM ET
Core CPI: 8:30 AM ET

THU 6/11
PPI: 8:30 AM ET
Jobless Claims: 8:30 AM ET
Continuing Claims Watch

FRI 6/12
Consumer Sentiment: 10 AM ET
Inflation Expectations Watch

POSTURE: Rotation Watch / Retracement Watch
WARNING: Respect the reset. Do not chase the first bounce.

Week 24 : IPO WATCH

SpaceX — The IPO Gravity Test

SpaceX is the headline IPO watch.

The market is being asked to digest one of the most anticipated offerings in history right after semiconductors erased more than a trillion dollars in market value.

That is either confidence.

Or Wall Street launching a rocket during a thunderstorm.

What?

SpaceX is expected to come to market after a massive AI-led rally and fresh tech-sector selloff.

So What?

IPO appetite tells us whether institutions still want speculative growth at premium valuations.

Now What?

Watch:

• Pricing range
• Float size
• First-day volume
• Institutional allocation
• Retail demand
• Lockup details
• Sympathy moves in space, defense, satellite, AI infrastructure, and private-market valuation comps

TFT Valuation Gut Check

Great company does not automatically mean great entry.

SpaceX may be a generational business.

But valuation still has a job.

Wall Street loves rockets.

Gravity still applies.

| Alfred Rappaport

The chip sector erased roughly $1.3 trillion in value Friday, yet the SOX was still up around 73% year-to-date after the selloff.

That is the lesson.

A monster bull trend can still deliver monster drawdowns.

The amateur asks:

“Is AI dead?”

The operator asks:

“Where is the next high-probability reclaim, failure, or rotation?”

Trader translation:

Hasty traders chase candles.

Diligent traders build systems.

The market rewards preparation before participation.

If you do not have a plan before the candle moves, congratulations.

You are liquidity.

This week was a reminder:

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Your savings account does not protect you from opportunity cost.

Your opinions do not protect you from volatility.

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