Zaid Admani

But yesterday, we finally saw some rotation into healthcare, financials, industrials, and small caps.

So this could be the start of a healthy market rotation and a more broad-based rally moving forward.

So I'm definitely keeping an eye on that.

But I gotta say, though, the S&P 500 is at risk of snapping its nine-week win streak, depending on how today goes.

In fact, today's strong jobs report isn't helping.

The May jobs report came out this morning, and according to the report, the U.S.

economy added 172,000 jobs in the month of May, which was more than double the 80,000 that economists were expecting.

On top of that, the unemployment rate held steady at 4.3%.

So the fact that the labor market is holding up is good news, but stocks are dropping this morning because a strong labor market also means the Federal Reserve has zero reason to cut interest rates anytime soon.

In fact, the strong labor market could open the door for the Fed to hike rates to combat the rising inflation.

So yeah, this is a classic case of good economic news being bad for the stock market.

And we'll have to see what new Fed Chair Kevin Warsh says about it.

The next Fed meeting is on June 17th, so we'll find out soon enough.

Let's run through some headlines, starting with SpaceX.

We are about one week away

from SpaceX's record-breaking IPO.

And there was an interesting twist last night to the story.

See, there have been rumors circulating that SpaceX could get fast-tracked into the S&P 500 index just weeks after going public.

And that would have been very unusual, but also a huge deal.

See, once companies enter the S&P 500, every index fund and ETF that tracks the S&P has to buy it.