By George Glover and Kit Norton
Stocks fell Friday as the artificial-intelligence rally continued to come under pressure. A blowout U.S. jobs report for May also had Wall Street even more concerned about a potential Federal Reserve rate hike this year.
Investors Friday continued to ditch high flying chip stocks. The selloff came after Broadcom issued so-so revenue guidance late Wednesday.
Shares in Broadcom on Friday dropped 6%, having slumped 13% the previous session in a selloff that wiped out $286 billion in market value.
Among other semiconductor stocks, Advanced Micro Devices slid 7.8%, Micron Technology declined 7.5%, Nvidia fell 4.6%, and Taiwan Semi retreated 4.9%.
Other AI-linked stocks also were struggling. Optical products manufacturer Lumentum dropped 3.7% and server maker Dell Technologies fell 4.6%.
Super Micro Computer tumbled 10%, making it the worst performing component of the S&P 500.
These stocks also were making moves:
Lululemon Athletica slumped 9.4%. The athleticwear company issued a weak revenue outlook for the second quarter and current fiscal year.
Quantinuum fell 7.6% after the quantum-computing company's trading debut fell flat on Thursday, following a highly anticipated initial public offering.
Tesla declined 4.5% to $399.55. J.P. Morgan analyst Rajat Gupta upgraded Tesla to Hold from Sell. He boosted his price target to $475 from $145. It's the first time J.P. Morgan hasn't rated Tesla stock Sell in the past three years.
ServiceTitan advanced 6.2%. The software platform provider announced a blockbuster earnings report. The company, which makes a software for trade professionals like plumbers and electricians, got caught in the software pullback earlier this year. The earnings report may help ease investors' concerns about the company's long-term trajectory.
Cooper Cos. rose 7.8% after the medical device maker reported better-than-expected earnings late Thursday and reiterated full-year profit guidance of $4.58 to $4.66 a share, compared to Wall Street estimates of $4.62.
Coinbase Global fell 8.8%, Robinhood Markets declined 6.9%, and Strategy dropped 10%. Bitcoin and other cryptocurrencies extended a recent selloff.
Write to George Glover at george.glover@dowjones.com and Kit Norton at kit.norton@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
June 05, 2026 12:23 ET (16:23 GMT)
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