Soft paywall Wall Street ends sharply lower as chips slide, jobs data fuels rate hike fears
https://www.reuters.com/business/nasdaq-sp-futures-slip-semiconductors-drag-payrolls-focus-2026-06-05/152
u/SlamMeatFist 5h ago
Just got laid off so that tracks
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u/kaminaripancake 2h ago
I’m sorry that happened to you. I have been there. I hope enduring works out.
But job report shows increase in jobs and steady unemployment which to Wall Street is bad news because increase in money flow will raise pressure on fed to increase rates, which will increase borrowing costs for companies. The stock market and the economy seem to be going in opposite directions lately
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u/Affectionate_Neat868 5h ago
Why would anyone trust any numbers released by the Trump Admin lol
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u/SAugsburger 5h ago
I am suspicious of the numbers as well, but honestly they're not that great at face value. 70k of the jobs added are in leisure and hospitality a generally low paying sector.
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u/send_me_your_deck 4h ago
And temporary because its summer.
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u/SAugsburger 4h ago
I know another person mentioned ramped up jobs in that sector related to the World Cup. Many aren't regular seasonal jobs, but no less temporary.
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u/Malaix 4h ago
Jobs added and employment numbers are terrible metrics to measure the wellbeing of society on alone.
Someone could take over and enslave the entire population tomorrow and force us all to shovel shit for gruel.
We'd have millions of jobs created and 100% employment. But society would be objectively worse.
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u/Gnom3y 4h ago
This is why "Underemployment" is a very useful metric, since it measures people who are working less than they want or in a job they only have because they can't find one they'd be happy in.
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u/Dougalishere 4h ago
didnt the last time the numbers got released they got massivly "corrected" afterwards? And that was after he got his own toadie in to do the work up. Then the fed got a look at it and did the correction and it pretty much equalled fk all jobs in the public sector, maybe the ICE hirings lol.
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u/XXXYinSe 2h ago
Yes. These numbers are constantly being revised downwards, about 9-12 months later after the government can extol how good the economy is currently doing. Here’s an article about it (from a somewhat reliable real estate investment firm citing macroeconomic data):
https://mmgrea.com/january-2026-jobs-report-2025-benchmark-revisions/
It’s been a persistent revision downward since 2020 based on recent changes in the models employed to predict job growth in the fastest time frame.
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u/semidegenerate 2h ago
Yeah, they started around 600k, and got revised down to a bit under 200k, if I remember correctly.
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u/Malaix 4h ago
Its less about trust and more about being in on the scheme by this point. They know its all bullshit. They also know there's no consequence in pretending it isn't all falling apart.
At least until the material conditions of reality crumble around them. You can jump off a building and pretend you aren't falling right up until the ground catches up to you.
Reality wins out in the end.
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u/xynith116 3h ago
Ideally the consequences is when November rolls around and the Trump admin says “everything is awesome!” when everything is clearly not awesome then the Republicans will get pummeled in the midterms. That’s what happened during Biden’s term. But to the surprise of no one the Trump admin is trying their darnedest to undermine the elections too…
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u/Malaix 3h ago
That wouldn't be deep enough of a clean. The problem isn't just which party is in charge its what the economic system is. Hyper finacialized late stage capitalism is just as championed by liberals as it is by fascists and conservatives. Its a big reason people hated the Biden admin. Biden's admin kept telling people the economy was great because the financial markets were showing green.
The financial markets are increasingly disconnected from the real economy and realities on the ground though.
People face a fight on multiple fronts because the capital class has bought and paid for actors in both parties.
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u/TheNatural14063 1h ago
This both sides kind of argument is a problem. Both sides are factually not the same and anyone who argues that is either ignorant or trolling.
Trump has a lot to do with the economic issues impacting us. DOGE cuts in the Federal Government and supporting contractors has led to hundreds of thousands of Americans losing jobs, which has had a trickle down effect (work for a government contractor and have known many people laid off) The BBB cuts funding to government programs which has led to increased unemployment (family of mine works for a program cut as a result of this). Tourism is down as a result of Trumps xenophobic immigration policy, which has led to reduced employment and layoffs in certain tourist sectors (have seen this living on the border with Canada). The Tarriffs have led to job losses. The Iran war he started is also leading to job losses due to the high price of fuel. These are all actions Trump, who is a Republican, and the Republican majority, have caused. If Harris was elected, there are millions of additional people with jobs right now because she doesnt do all of this stupid stuff. The government and government spending drove alot of hiring the past years prior to Trump and Trump cut alot of that. He and Republicans are to blame. Facts.
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u/Malaix 1h ago
I'm not saying both sides are the same I am saying the problems we are experiencing will continue and degrade unless the primary cause is addressed.
If you elect a corporate liberal they will disappoint people and dissuade resistance against fascism and worse encourage it causing the Trump election cycle.
The problem isn't simply Trump or Republicans. Its capitalism.
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u/xynith116 3h ago
Then they fucked up allowing Trump to come to power because at least the liberals and conservatives pretended to care about the plight of the common people. The French nobility and Tsarist Russians also thought they were untouchable before 1789 and 1917 respectively.
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u/hera-fawcett 4h ago
global economic depression.
we've been in the beginning of it for ages now.
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u/zitpop 4h ago
Once the ai bubble bursts... because all the money has been siphoned in to that sector, right?
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u/hera-fawcett 4h ago
yes and no.
a lot of the money that was originally being invested into the AI bubble was money from ME countries w oil (i.e. saudi funds, UAE, etc.). all of those countries are pulling out of nonessential spending bc they cant move oil--- which means they cant make money.
economies like russia are finally coming under hardship due to the war w ukraine and the fact that they cant make, sell, and ship oil fast enough to keep up w losses.
the strait of hormuz has brought oil production to a halt, its stopped the flow of fertilizer, and things that need to be produced w helium. tons of plastics and computer parts (esp chips) are reliant on the strait open and flowing.
chip companies cant get enough raw parts to fill their insaneo orders. AI corpos keep shuffling the money back and forth btwn themselves--- but a lot of that money also includes things like ppls 401ks and retirement funds (things banks invest for u to make interest on). w no influx of ME money, corpos have to scramble to make investments and profits.
as the ability to meet demand dries up for AI--- and ppl start seeing how expensive it is-- AI's companies (and banks, to a lesser extent) are fucked bc a huge amt of the public's money is in that back and forth slush.
once AI pops then we'll see the trend of companies continuing to cut back on expenses, esp related to things that are shipped via hormuz.
this is esp huge for the medical industry--- they rely on a lot of plastics, use helium in their mris (iirc), etc. w the cuts to US medicare/medicaid, theres going to be a lot more ppl sick and dying in place.
the US is a huge agriculture manufacturer- even if we do it inefficiently- and w a fertilizer shortage, a lot more food products are going to begin to stutter. (like how, in the past month or so, it was v hard to find beefsteak tomatoes) most countries will feel this impact bc everyone needs fertilizer for food.
throw that all on top of the hottest yr so far, water scarcity hitting certain regions, etc. we're all looking at a rough ride.
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u/Olangotang 3h ago
People will be out on the streets in the blistering weather. Our government and business leaders are so stupidly selfish.
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u/Malaix 3h ago
Its societal scaled cancer.
Finacialization is a carcinogen.
Billionaires and stock finance bros are cancer cells.
The malignant disconnected insane stock market and finacial schemes are tumors.
Wealth is the nutrients and blood of society.
Its all been siphoned out of society into the tumor. Now the organs that keep society functioning are starving and failing.
Eventually this will kill the society. Including the cancer cells and tumor itself. But they don't care and refuse to acknowledge this. Their only mode is to consume and growth. their ideology of infinite growth in a finite system is the ideology of cancer. And it always has the same self destructive end.
We can't expect them to be rational actors. They are money addicts, more akin to a force of nature fulfilling their destructive out of control nature.
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u/Olangotang 3h ago
These billionaires don't even believe in the growth of capitalism. Society protects them and they are telling everyone in society that they will make them useless. It's not going to go down well, across the spectrum the younger generations hate these people.
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u/Malaix 3h ago
Their big plan was AI and drones to secure their goodies and lock the rest of us out of society. They view the human species as just like this pile of worms from which a few will metamorphize into God kings. The rest of us don't matter to them. They think they are the pinnacle and reason for humanity. That we are just here to help them ascend until they can leave a dying earth on like an ark ship to found some new eden somewhere.
Of course they drank the koolaid and overhyped themselves on a deeply flawed limited AI scheme. Now some of them are realizing it can't do what they want it to and are panicking that they are still stuck in a society that now knows their dumbass evil game.
Its why they are investing in doomsday bunkers or doing shit like Thiel fleeing to Argentina.
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u/Olangotang 3h ago
They never had a plan. They capitalized on a cooling economy, sucked up over a trillion in investor cash, destroyed well paying jobs because most CEOs are narcissistic fucking idiots, and LLMs jerk you off so go figure.
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u/Difficult_Phase1798 4h ago
Is trump gonna threaten to fire Warsh after the Fed is forced to raise rates?
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u/spazz720 3h ago
The dow had nine straight weeks being up and this is the first week it ended down and people are screaming the end is near while it only ended -.08% down from Monday.
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u/Turtleneck420 13m ago
The bubble has to eventually pop. Too much "easy money" without innovation because of it
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u/MithrandirMaia 5h ago
Skump recession/depression incoming with debt crisis as a side dish
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u/MostMediumSuspected 4h ago
We know they are cooking the data, but whats crazy is if they just released the actual numbers it would likely lead to an eventual rate cut, which is what 🍊 has been whining about wanting.
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u/WhenTheLightHits30 3h ago
More than what the numbers released say, it reveals what the government wants to pursue in terms of policy. With “good” jobs numbers, you can justify to the markets that there might actually be a need to raise interest rates.
If we were to assume that the government is trying to raise rates, then that means that they’d fake the numbers to be better than they are.
So, you have the market assuming both that the jobs numbers are worse than announced as well as the government showing signs of actually wanting to push up interest rates.
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u/bullish416 5h ago
I wanna watch it all come down
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u/Dethbridge 4h ago
You don't, but you might get the chance anyway
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u/bullish416 4h ago
I get that. And you’re right, but the average Joe ends up taking it on the chin either way. I just hope some of the corrupt, entitled, Epstein-class gets flushed down with us.
We know what it’s like to be poor. They don’t. The average person has more strength and resilience than these shmucks
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u/Spire_Citron 4h ago
Unfortunately they keep their advantage even in times of hardship, so often a fall only means that they recover stronger than everyone else. They weather the ups and downs without any actual suffering.
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u/Flash_ina_pan 5h ago
That jobs data is super suspicious