Bitcoin keeps tumbling 📉

Welcome back to the Day Trading newsletter 📈

The week belonged to the bond market. A scorching May jobs report on Friday torched what was left of rate-cut hopes, sent Treasury yields jumping, and dragged stocks to their ugliest day of the year.

Bitcoin quietly slid to its lowest levels since 2024 and even its most famous bull blinked.

Let’s get into it 👇️ 

📆 Tuesday 6/9 — NFIB Small Business Optimism (6am ET): An early read on how Main Street is handling higher-for-longer rates, tariffs, and elevated oil. A soft number would suggest the rate squeeze is biting smaller firms.

📆 Wednesday 6/10 — May CPI (8:30am ET): The week's marquee event. With markets now pricing a ~70% chance of a Fed hike this year, a hot inflation print would cement those fears; a cool one offers some relief.

📆 Wednesday 6/10 — Oracle Q4 earnings (after close): A bellwether for enterprise AI and cloud demand, landing right after Broadcom's "good but not good enough" quarter rattled the whole AI trade.

📆 Thursday 6/11 — May PPI (8:30am ET): The wholesale-inflation read. Watch whether tariff and oil costs are seeping into the pipeline before they reach consumers.

📆 Thursday 6/11 — Adobe Q2 earnings (after close): Another test of whether AI features are actually translating into real revenue growth, not just hype.

💼 The U.S. economy added 172,000 jobs in May, blowing past forecasts for around 80,000 and keeping unemployment at 4.3%. Wages rose 3.4% from a year earlier. The hotter-than-expected print marked the strongest three-month stretch of hiring in over two years — and gutted the case for near-term Fed rate cuts.

📊 Stocks suffered their worst day of 2026 on Friday, with the Nasdaq tumbling 4.2% to 25,709 — its steepest drop since the early-2025 tariff turmoil. The S&P 500 fell 2.6% to 7,384 and the Dow shed 695 points, or 1.4%. The hot jobs data and spiking yields hammered the high-flying names that had led the market all year.

🤖 Chip stocks led Friday's rout as investors finally balked at sky-high AI valuations. Micron sank about 12%, AMD dropped 11%, Broadcom extended its post-earnings slide another 7%, and Nvidia fell nearly 6%. The trigger was Broadcom's softer-than-hoped AI guidance, which cracked the assumption that AI demand can only go up.

🔼 Bond yields jumped and traders flipped to betting the Fed's next move could be a hike, not a cut. The 10-year Treasury yield climbed above 4.54%, its highest since May 21, after the strong jobs report. Odds of a Fed rate hike by year-end leapt to around 70% on prediction markets — a stunning reversal from the cuts investors expected just weeks ago.

📉 Gold tumbled more than 3% on Friday to around $4,340 an ounce, erasing its gains for all of 2026. The hot jobs report lifted the dollar and Treasury yields, denting the appeal of an asset that pays no interest. It's a brutal stretch for what's usually a safe haven — even with a Middle East war still simmering in the background.

🛢️ Brent crude eased back toward $94 a barrel on Friday but still finished the week higher as Iran tensions kept a floor under prices. President Trump said talks with Tehran were progressing, even as a US-brokered ceasefire hit snags. Traders are weighing the risk of disruption in the Strait of Hormuz — the chokepoint for about a fifth of the world's oil.

👚 Lululemon's stock dropped about 11% after the athleisure brand cut its outlook and flagged weakening demand at home. First-quarter revenue rose 4% to $2.5 billion, but comparable sales in North America fell 6% and gross margin contracted sharply. Management's cautious full-year guidance overshadowed an otherwise in-line quarter.

Bitcoin just closed out its worst week since February, falling roughly 13% as the crypto narrative faded and money rotated elsewhere.

The token cracked below $60,000 for the first time since October 2024, hitting an intraday low near $59,100 on Friday before steadying around $62,000.

This leaves the price more than 50% below its October 2025 record near $126,000.

Michael Saylor's Strategy, the corporate face of the "never sell your Bitcoin" creed, disclosed it had sold 32 bitcoin for about $2.5 million to help cover preferred-stock dividend payments.

It was Strategy's first bitcoin sale since 2022 and only its second ever.

The sale itself was relatively tiny (less than 0.004% of Strategy's stash). But the symbolism cracked investor confidence.

The loudest "diamond hands" in crypto used its treasury as a piggy bank, and the news landed on an already-weak tape.

Spot Bitcoin ETFs bled more than $3 billion over a multi-week stretch (including their biggest single-week outflow on record) and a cascade of forced selling piled on.

Institutional money has been flowing out of crypto and into AI infrastructure (chips, data centers, power) where the near-term payoff looks clearer.

There's a tentative sign the bleeding may be easing.

Friday snapped the ETF outflow streak with a small net inflow.

Watch whether that holds, whether Strategy discloses more sales, and whether Bitcoin can defend the $60,000 line.

With the Fed now expected to stay higher for longer, the "risk-on" backdrop crypto needs isn't coming back soon.

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⚠️ Disclaimer: Not financial advice. Do your research before making any trades.