Bloomberg News Now
Tech Rout Sends Markets Lower; SpaceX, Google Strike Cloud Deal, More
05 Jun 2026
Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
The Bloomberg This Weekend Podcast. News, politics, and the lighter side of Bloomberg.
The great wealth transfer includes $570 billion in classic cars.
I'm not in a position to be inheriting any classic cars. You?
No, but my brother did inherit my non-classic car when I moved to New York, so. Ew.
He still has not paid me for it. Coming for you, Joey.
The Bloomberg This Weekend Podcast. Subscribe today on Apple, Spotify, or wherever you listen. News when you want it with Bloomberg News Now. I'm Amy Morris. Stocks ended the day in the red as a strong jobs report and a tech route sent prices tumbling across the board. Let's bring you those closing numbers. The tech sell-off hit NASDAQ down more than 4% or 1,122 points.
S&P down 2.6%, that's about 201 points. The Dow lost 695 points, that's about 1.3%. The Russell 2000 Index lost 102 points, or nearly 3.5%. Bitcoin down more than 4%, right at $60,000. Now, Bitcoin had dipped to less than $60,000 earlier today. It's the first time that's happened since October of 2024. Even oil is lower now. WTI down nearly 3%, near $90 a barrel.
Brent crude down more than 2%, near $93 a barrel. We're going to have a lot more on the tech sell-off and the jobs numbers just ahead. But first, this just crossing the Bloomberg terminal. Goldman Sachs CEO David Solomon has asked that bank's general counsel, Kathy Remler, to stay at the firm.
You may recall Remler resigned from her role earlier this year over her interactions with Jeffrey Epstein. Well, Solomon has privately maintained that he doesn't believe Remler did anything inappropriate and he wants her to stay on as an advisor.
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Chapter 2: What caused the recent tech sell-off in the markets?
I do think it's a buying opportunity. And I think that there is still a significant amount of worry, cash on the sidelines, short exposure out there for the market to climb higher.
Hear more from Goldman Sachs partner John Flood on our Bloomberg Talks podcast. That May non-farm payrolls report shows 172,000 new jobs added in the month. That's twice what economists surveyed by Bloomberg expected. And the unemployment rate held steady at 4.3 percent. National Economic Council Director Kevin Hassett argues the big supply side boom can avert runaway inflation.
Look at the impact of oil price shocks on core inflation. And the history of it is that they're temporary. They don't lead to lasting inflation that people see through it. My advice to the Fed is watch the numbers, because what you're going to see is that with a big supply side boom, that you could have high growth without having runaway inflation. It's not a Phillips curve event at all.
Hear more from National Economic Council Director Kevin Hassett on the Bloomberg Talks podcast. Now, as for the tech sell-off, Bloomberg Television Markets correspondent Nora Melinda says this crackdown on the tech sector is coming just a week ahead of the SpaceX IPO, which is expected to be the biggest IPO in history.
There is a question as to whether or not what the appetite would look like, especially because SpaceX is not the only IPO that we have upcoming or expected from some of these names in the tech space.
Bloomberg's Nora Melinda tells Balance of Power there are some green shoots in the market, including consumer staples in health care. Sources tell Bloomberg the SpaceX IPO has drawn more orders than there are shares available. Underwriters on SpaceX's initial public offering have been told not to accept orders from investors in Hong Kong and China because of U.S.
restrictions around the export of critical technology. The deal is expected to price June 11th and begin trading the following day with SpaceX set to deliver the biggest ever IPO. SpaceX and Google have entered a cloud service agreement. through which Google has agreed to pay SpaceX $920 million every month from October 2026 to June of 2029.
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Chapter 3: How is the current economic climate affecting Bitcoin and oil prices?
Google shares fell about 1% in regular trading. And Meta Platforms shares fell 5.5% in the regular session. After the Financial Times reported the Facebook parent is considering raising tens of billions of dollars in a stock offering, as it looks to boost its AI-related capital expenditures. The report cited three people familiar with those plans.
President Trump also showing some interest in the government holding equity stakes in leading AI developers, saying he'll discuss it with AI company executives.
We're leading China. We're leading everybody in the world with AI. And we want to keep it that way. It's probably the biggest industry maybe that we've ever seen.
Which companies in the meeting? All of them. All the big ones, yes. SpaceX?
They're all coming to the White House probably next week.
President Trump speaking to reporters on Air Force One. Now, the idea of government stakes in AI companies has been floated by OpenAI Chief Executive Officer Sam Altman and Senator Bernie Sanders, who proposed that top AI companies hand 50 percent of their stock to the government to be kept in a sovereign wealth fund.
President Trump says he wants Bill Pulte, his new acting director of national intelligence, to make cutbacks in that office, which has already been significantly scaled back during Trump's second term. While on board Air Force One, the president said that the size of the office of the director of national intelligence has been, quote, way too high for way too long.
An appeals court panel heard arguments today over President Trump's ballroom. Construction on the estimated $400 million project has been underway for months, despite a federal lawsuit. The Department of Justice argued before the court that nothing can stop the Trump administration from building the ballroom on White House grounds, even if courts find that the government acted illegally.
After more than 100 years, the Chicago Bears may be leaving Illinois, heading to Indiana. The team says it intends to build a new domed stadium in Hammond, Indiana. With the exact site yet to be selected, ESPN reports this is not a done deal and that Illinois can still lure the team back across state lines. That's news when you want it with Bloomberg News Now.
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