Zaid Admani

Public.com presents The Rundown, your daily market update in 10 minutes.

My name is Zaid Admani, and today is Friday, June 5th.

In today's episode, we'll break down the May jobs report and what it means for the stock market.

We'll also tell you why SpaceX just got denied early entry into the S&P 500.

Then stick around to the end of the show to find out why the internet now has more bots than humans.

We got a great show for you today.

Let's go.

Thursday was a mixed day for the stock market.

The S&P 500 was up 0.4% while the NASDAQ fell 0.1%.

And I guess I need to mention the Dow Jones here.

It was the star of the show rallying 1.7% and closing at record highs.

But I still don't care about the Dow.

Meanwhile, the S&P 500 told a more interesting story.

See, more than 360 stocks in the S&P 500 finished higher yesterday.

That's more than 70% of the index.

But because the S&P is market cap weighted, the biggest companies have a bigger impact.

And yesterday, Broadcom, which is the seventh largest company in the S&P, was the problem because it dropped 13% after they reported earnings, wiping out roughly $286 billion in market cap.

And that Broadcom sell-off spread across the semiconductor sector with the SOX index falling more than 2%.

So it was a rough day for chip stocks, but the fact that the overall market held up anyways is probably the most important takeaway.

See, for the last two months, the market rally has been carried by AI and chip stocks.