May PPI Red Hot, but Investors Focused on Friday's SpaceX (SPCX) IPO; Stocks May Take a Breather from Recent Selling

Depending on the index, for the second or third time in a week, stocks got hammered deeply, though none of the major indices are anywhere near correction territory, leaving hope for a quick rebound.

Equity holders may get a reprieve thanks to resumption of serious military engagements with Iran and President Trump's boasting about sneaking 100 million barrels through the Strait of Hormuz, undetected by Iranian forces. With the ceasefire collapsing rapidly, full-blown war could soon return to the region as the main issues in a number of peace proposals remain unresolved.

After Wednesday's CPI release for May scared off weak hands in the market, this morning's PPI data left futures relatively unscathed.

According to the BLS:

The Producer Price Index for final demand rose 1.1 percent in May, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 1.1 percent in April and 0.7 percent in March. (See table A.) On an unadjusted basis, the index for final demand increased 6.5 percent for the 12 months ended in May, the largest 12-month rise since moving up 7.4 percent in November 2022.

Nearly 80 percent of the May advance in final demand prices is attributable to a 2.8-percent increase in the index for final demand goods. Prices for final demand services moved up 0.3 percent.

The index for final demand less foods, energy, and trade services rose 0.8 percent in May, the largest advance since increasing 0.9 percent in March 2022. For the 12 months ended in May, prices for final demand less foods, energy, and trade services moved up 5.1 percent, the largest 12-month rise since jumping 5.5 percent in October 2022.

Despite the major headline numbers being the worst in roughly four years, stock enthusiasts seem to be ready for some buy-the-dip bottom fishing, profits having been taken and ready for reinvestment.

It's hard ot tell whether the market is serious or this morning's futures are merely a head-fake, with the major indices down 4-6% from recent highs. Considering most of the main issues - Iran, inflation, cost of living - the White House narrative remains positive, and that matters greatly to the sales forces in lower Manhattan.

Overnight, Asian stocks were mixed, but mostly lower. This morning, European bourses are all reporting gains. Stock futures are rising, with Dow futures up 275 points, NASDAQ futures ahead by 240, and S&P futures up 35. Gold and silver remain under pressure, both hitting six to seven month lows. Treasuries remain elevated, with 10-year yields at 4.54% and 30-year yields approaching 5.03%.

It's probably a good bet that stocks will take a little breather from the selling, given they've retreated for most of the last week.

Tomorrow's big event will be the SpaceX (SPCX) IPO, which is expected to price at $135 per share, a price set out by the company's prospectus, which has been making the rounds the past few months. There are certain to be more than a few investors eager to get in on Elon Musk's latest foray into markets.

The IPO is expected to launch Friday with expectations high for upside trading of 20% or more being sought.

At the Close, Wednesday, June 10, 2026:
Dow: 49,918.78, -953.33 (-1.87%)
NASDAQ: 25,169.50, -509.32 (-1.98%)
S&P 500: 7,266.99, -119.66 (-1.62%)
NYSE Composite: 23,080.83, -300.27 (-1.28%)

Is Wall Street Willing to Shrug Off Highest Inflation in Three Years on 'Better than Expected' Basis? Futures, Gold, Silver Rally on May CPI Release

So much for calling the market.

Admittedly, Money Daily was out over its own skis Tuesday, calling for a session of dip-buying. In reality, there was some, but not before the NASDAQ had dropped nearly 1,000 points before 1:00 pm ET. A 700-point rally took all of the afternoon, leaving the index scarred, bruised, but not broken.

The Dow and NYSE Composite ended the session on the upside, and the S&P closed down less than 20 points. The fear factor was strong enough to send some of the usual suspects - Mag7 and chip stocks - down below Friday's closing levels, though the afternoon recovery pushed them back above water. Not everyone is convinced that Friday's episode was the start of something bigger and more calamitous.

Given the market dynamics of tremendous overvalue, disruptions in the oil flow, and the looming prospect of resumption of full-scale warring in the Middle East, somebody is going to be very wrong. Bulls or bears, and maybe both as wild price swings have brought the VIX above 20, a signal for continued volatility.

Adding to the intrigue is Wednesday's release of May CPI, expected to confirm what everybody already knows: prices are higher, inflation has returned, and the cost of living has grown to be too expensive for what used to be a thriving middle class.

There's good reason to believe that the inflation genie has popped back out of her bottle. The Powell Fed didn't do nearly enough to quell inflation tendencies. They hiked the federal funds target rate to 5.50% in July of 2023, kept it there for another 14 months, declared victory and began easing, without ever hitting their desired level of two percent inflation. It was half-assed policy which managed to appease some politicians and bond buyers, but it was nowhere near enough when inflation had peaked above nine percent according to their own sources and was realistically in a range of 15-20% according to analysts like Shadow Stats, who employ more honest gauges than the Fed and the market do.

With all that baggage in tow, the BLS released the May data an hour before the cash open (8:30 am ET). Here's what they reported:

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5 percent on a seasonally adjusted basis in May, after rising 0.6 percent in April, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 4.2 percent before seasonal adjustment.

The index for energy rose 3.9 percent in May, after rising 3.8 percent in April and 10.9 percent in March. The energy index accounted for over sixty percent of the monthly all items increase. The index for shelter also increased in May, rising 0.3 percent. The food index increased 0.2 percent over the month as the food at home index rose 0.1 percent and the food away from home index increased 0.3 percent.

The index for all items less food and energy rose 0.2 percent in May. Indexes that increased over the month include communication, airline fares, medical care, personal care, and recreation. Conversely, the indexes for motor vehicle insurance, household furnishings and operations, and new vehicles were among the major indexes that decreased in May.

The all items index rose 4.2 percent for the 12 months ending May, after rising 3.8 percent for the 12 months ending April. The all items less food and energy index rose 2.9 percent over the year, following a 2.8-percent increase over the 12 months ending April. The energy index increased 23.5 percent for the 12 months ending May. The food index increased 3.1 percent over the last year.

Not pulling punches even a little bit, the agency pointed out the 23.5% rise in energy over the past year, most of it occurring in just the past three months. U.S. policy regarding Iran is obviously the leading factor and just how much longer the White House and congress will continue their mad escapade is historically measured in years, not weeks or months. It and the costs of maintaining a threatening posture in Ukraine have become the leading causes of financial pain in America. As they say, "this won't end well."

Wall Street may be grudgingly accepting reality, something they rarely do. The U.S. economy is essentially a basket case, producing little more than sketchy narratives, political corruption, and consumer inflation. That doesn't really sound like a winning formula.

Logic would dictate an end to the blooming of new highs on the stock market, but Wall Street doesn't trade in logic; its levers are more emotional in nature. If fear of losses replaces the greed instinct (FOMO) to a generous degree, the cascading waterfall effect could become devastating to investors of all stripes, from billionaire hedge fund bosses to the slave laborer hoping for gains in their retirement account or 401k. As somebody in the newspaper business once quipped: "Retirement? Most of our reporters die right at their desks."

Americans have tied their fates to the Wall Street grinder and Washington's nanny state policies. They ar beginning to see the results and they're not happy. A stock market crash or considerable downturn may be more suffering than the people are willing to endure.

As widely expected, stock futures took the BLS data and turned the worst inflation reading in three years into a positive, citing the usual “Beat Expectations" meme. Dow and NASDAQ futures were each down more than 500 points before the release. Afterwards, a spike higher lopped off more than 250 of the losses.

None of this has been very good for precious metals, as both gold and silver have slipped into bear market conditions. There is joyous celebration at the LBMA and COMEX futures circles. However, both metals turned higher on the CPI release.

Comment of the day: “Here’s your plate of crap. Go buy yourself a plastic fork.”

At the Close, Tuesday, June 9, 2026:
Dow: 50,872.11, +86.10 (+0.17%)
NASDAQ: 25,678.82, -250.84 (-0.97%)
S&P 500: 7,386.65, -19.08 (-0.26%)
NYSE Composite: 23,381.09, +156.89 (+0.68%)

Buying the Dip is Tuesday's Main Theme; Stock Enthusiasts Undeterred After Friday's Leg Lower; Investors Weigh Asset Class Options

Monday's dead cat bounce didn't amount to much in terms of recovery on the NASDAQ and S&P following Friday's selloff.

The S&P recovered just more than 10% of Friday's losses, while the NASDAQ grabbed back about 20%. Since Friday's selling was, by and large, profit-taking rather than a mass fear episode, the market will likely recover on a more gradual basis, as opposed to the rapid rise of the prior few months.

While there are a number of negatives overhanging the market as a whole, Wall Street is quite adept at sidestepping or ignoring anything that stands in the way of greater and greater highs. It's been a little more than two months since the most recent correction, when the NASDAQ fell about 13% and the S&P lost nearly 10% between te end of January and the end of March, implying that another downturn is not likely to occur, even though valuations remain historically high, screaming, "sell me."

Nobody is listening, however. At this time last year, the Naz and S&P were already seeking a path higher, recovering from the tariff trauma in April. They would both eventually peak near the end of October. Over that period, the NASDAQ put on gains of over 40% while the S&P added an impressive 30%. Given the timeline of roughly nine months to a year between severe dips, Friday's one-day smackdown appears to be nothing of consequence near term. Get ready for short sellers to get sandbagged again.

Dispensing with the fear associated with large single day events, stocks, especially the chip sector which suffered the most damage last week, are poised to make up for lost time, with institutions remaining tied to momentum stocks. The public is probably going to join in on the dip-buying, sensing opportunity.

As Tuesday's open approaches, futures are talking a good game, with Dow futures ahead by 130 points, NASDAQ futures up more than 200, and S&P futures up nearly 30 points an hour prior to the bell.

Tuesday may come off as a good day to initiate positions, as everything will appear to lean positively. Wednesday and Thursday may see some turbulence with the release of May CPI and PPI, respectively. However, as is often the case, the market may take elevated inflation levels without nuance, especially if those readings are better than expected, meaning, they still stink, but not as badly as analysts had assumed. Of course, it's rubbish, but may provide enough of a practical narrative to keep stocks above water and end the week with gains.

It's not that markets are rigged to go ever higher, but the objective of Wall Street has always been to promote wealth accumulation via higher prices. Indeed, if inflation is truly an issue, it is almost certain to redound to stocks first.

On the fixed income side, Friday's slide may be said to have done more damage to the treasury market than it did to stocks as the yield on 10-year notes zoomed past 4.50% and the 30-year yield regained 5.00%. Heading into Tuesday's open, the 10-year is at 4.54% and the 30-year, 5.02%. The persistent theme of rising inflation is sending treasuries into empty space on the high side of the yield curve. With the Fed poised to begin hiking rates at some time in the near future to counteract inflation (though not at next week's meeting), the treasury market won't react until newly-installed Fed Chairman, Kevin Warsh, opens his mouth at the press conference podium. CME's FedWatch tool has the odds of no rate change to the Federal Funds Target Rate (3.50-3.75%) at 98.2%, the assumption being that Warsh will be moderately hawkish and may actually send a signal for rate hikes beginning in July. For now, it's a wait-and-see condition.

None of this is very good for precious metals. If interest rates are going to yield 3.75-5.25%, depending on maturity, holding PMs, which pay no dividend, doesn't seem to be very appealing. On the other hand, if stocks are going to waver a bit here and there and interest rates aren't going to be very much higher near term, appreciation in gold and silver may not look so bad. A return of anywhere from 5-25% over the next six months could come to fruition, especially since the metals have been beaten down pretty hard recently. Investors surely have options available to them in various asset classes.

Discounting every negative thing, equity managers don't appear to be fazed by Friday's pounding. They have very short memories, a credit to their brood.

At the Close, Monday, June 8, 2026:
Dow: 50,786.01, -80.79 (-0.16%)
NASDAQ: 25,929.66, +220.26 (+0.86%)
S&P 500: 7,405.73, +21.99 (+0.30%)
NYSE Composite: 23,224.20, -32.30 (-0.14%)

WEEKEND WRAP: Time to Panic? NASDAQ Suffers Largest Point Loss Ever; Gold, Silver Smashed; Bitcoin Slashed to 22-Month Lows

How bad was Friday's stock market washout?

That depends on which index one wishes to measure, and by what means. The NASDAQ suffered the worst one-day point decline in its history, though on a percentage basis, the 1,121.53-point decline didn't even make the top 20. It lost 4.18%, which was bad enough, but the 20 largest percentage drops were all upwards of six percent.

The S&P's 200.59-point drop was the sixth-largest in point terms, but far from a disaster. The 2.64% decline wasn't even close to the largest percentage losses on the large-cap index, the worst being October 19, 1987's 20.47% collapse. In this century, the March 16, 2020 COVID-induced panic drop was an 11.98% decline. The index recovered within months.

The idea that the NASDAQ's largest point loss ever points to the extreme over-valuation on that index and on the S&P. Some of the more popular trades have been made in stocks that are "over their skis" so to speak. They are priced beyond perfection. Any little change may have a more pronounced effect in those shares.

From a Shakespearian perspective, Friday's tech trouncing was "full of sound and fury, signifying nothing." Most of the stocks that took the largest losses were those that were already floating amongst AI and semiconductor clouds.

Stocks

Hopes for a rebound back toward all-time highs were dashed by Friday's wipeout in equities, though the S&P and NASDAQ were far more affected than the Dow or NYSE Composite. Dow Transports actually gained 2.35% on the week.

Individual stocks that were trounced on Friday included chip darling, Nvidia (NVDA), which dropped more than six percent, though the loss only brought the high-flyer back to where it was a month ago. Another was Zuckerberg's Meta Platforms (META), which lost 5.51% in the Friday session. A poor performer this year (-10.16% ytd) and from a year ago (-14.56%), META leads the field in fantasy, sporting a 21.55 PE ratio and a 0.35% dividend yield. While the company continues to produce outsized profits, long-term holders and insiders have been bailing. Maybe it's the worst TV ads ever or Zuck's punchable face. Something is amiss that's larger than Friday's demise.

Elon Musk's Tesla (TSLA) defines the price versus value argument. The stock recently quadrupled since 2023 and is up 22% over the past year, but it took a 6.6% hit on Friday and is down 13% year-to-date. Its PE ratio is somewhere in the 350 range and the company pays no dividend. It's Musk's personal cash cow and the utmost in momentum trades. It stalled out on Friday and prospects for recovery are questionable.

Other Magnificent Seven stocks were less affected. Amazon (AMZN) dropped three percent while Apple (AAPL) and Alphabet, parent of Google (GOOG) lost 1.25% and 0.95%, respectively. Netflix (NFLX) actually gained 0.76%, mostly because they aren't involved in the AI arms race. Microsoft (MSFT) dropped a well-deserved 2.66%.

The worst losses were in the semiconductor space. Advanced Micro Devices (AMD) dropped 10.86%. Micron Technology (MU) lost 13.25%. Intel (INTC), -11.28%; SanDisk (SNDK), -11.39%. Oracle, -9.59%; Broadcom, -7.92%; Taiwan Semiconductor (TSM), -6.69%.

While these stocks all took on water Friday, it has to be understood that they were being driven higher and higher by market forces that see no alternatives and have mountains of cash available with which to pump any given stock or sector. For a change, shorts made a profit, but there's ample opportunity for these same stocks to rebound, and maybe, quickly.

The week ahead features more stragglers and not-so-household names reporting first quarter results.

Monday: (before open) Duluth Trading (DLTH), Campbell's (CPB), FuelCell Energy (FCEL); (after close) Mama's Creations (MAMA), Vail Resorts (MTN)

Tuesday: (before open) Academy Sports (ASO), Lands' End (LE), J.M. Smucker (SJM), SailPoint (SAIL); (after close) Cracker Barrel (CBRL), Casey's (CASY), Bark (BARK)

Wednesday: (before open) Chewy (CHWY); (after close) Oracle (ORCL), Aethlon Medical (AEMD), Stitch Fix (SFIX)

Thursday: (before open) Vera Bradley (VRA), McGraw Hill (MH); (after close) Adobe (ADBE), Lennar (LEN)

Friday: NONE

Data will have a focus on the inflation picture in the week ahead. Monday, the NY Fed ponies up the monthly consumer inflation expectations survey. Not hard to predict what that will look like. On Tuesday, U.S. Trade Balance is in focus along with Existing Home Sales. The BLS delivers May CPI on Wednesday with PPI out Thursday along with the weekly unemployment claims, initial and continuing.

Relevant data releases can be found at Trading View.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
05/01/2026	3.71	3.71	3.70	3.68	3.76	3.71	3.73
05/08/2026	3.71	3.70	3.68	3.69	3.75	3.74	3.75
05/15/2026	3.71	3.70	3.69	3.69	3.76	3.77	3.82
05/22/2026	3.72	3.69	3.69	3.68	3.78	3.79	3.86
05/29/2026	3.72	3.71	3.71	3.69	3.78	3.78	3.79
06/05/2026	3.71	3.71	3.71	3.78	3.78	3.81	3.88

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
05/01/2026	3.88	3.91	4.02	4.20	4.39	4.96	4.97
05/08/2026	3.90	3.92	4.02	4.19	4.38	4.93	4.95
05/15/2026	4.09	4.14	4.26	4.43	4.59	5.14	5.12
05/22/2026	4.13	4.18	4.27	4.41	4.56	5.06	5.07
05/29/2026	3.98	4.06	4.13	4.27	4.45	4.98	4.99
06/05/2026	4.17	4.22	4.29	4.41	4.55	5.03	5.01

Fear was not confined to stocks on Friday, nor during earlier parts of the week. Notes and bonds were being sold off willy-nilly, with the 2-year leading the folly, the yield up a whopping 19 basis points. The 10-year yield bounded back above 4.50%, to 4.55% on Friday and may be headed higher with a potential rate hike signal from the FOMC next week. Expectations are for the Fed to stand pat on rates, but possibly signal a coming hiking regime given the Tuesday-Wednesday meeting will be the first under Kevin Warsh's chairmanship. Warsh is likely to take a moderate approach rather than rock the financial boat on his maiden voyage.

The spread on the 2s-10s narrowed considerably, nine basis points lower, at +38, tightening up the yield curve. Full spectrum spreads remain elevated, at +130, and that may become more pronounced depending on the FOMC messaging next week. Lending to the U.S. government for any period longer than two years may be a dangerous prospect given the current inflation picture. Yields on long maturities may spike higher, leaving early buyers who thought they were getting good value as bag-holders.

The entire funding mechanism for Western economies is under assault from a variety of perspectives. Lack of trust in U.S. dealings and ongoing military conflicts have eroded confidence, sending yields higher, though the eventual destination may be as much as two percent upside from here, implying 10-year yields at 6-7% and 30-year yields as high as 8.00%. It's not like it hasn't happened before. Revisit the 1970s for reference.

Spreads:

2s-10s
2026
1/2: +72
1/9: +64
1/16: +65
1/23: +64
1/30: +74
2/6: +72
2/13: +64
2/20: +60
2/27: +59
3/6: +59
3/13: +55
3/20: +51
3/27: +56
4/3: +51
4/10: +50
4/17: +55
4/24: +53
5/1: +51
5/8: +48
5/15: +50
5/22: +43
5/29: +47
6/5: +38

Full Spectrum (30-days - 30-years)
2026
1/2: +114
1/9: +112
1/16: +108
1/23: +104
1/30: +115
2/6: +113
2/13: +97
2/20: +100
2/27: +90
3/6: +102
3/13: +115
3/20: +123
3/27: +124
4/3: +120
4/10: +124
4/17: +119
4/24: +122
5/1: +126
5/8: +124
5/15: +141
5/22: +135
5/29: +127
6/5: +130

Oil/Gas

The U.S. megaphone from the White House continues to tout "nearing a deal" in the Iran conflict while the warring parties treat the temporary ceasefire as an opportunity to take pot-shots without severe consequences. Just about every day one side or the other is accused of violating the terms of the ceasefire, and every day there is no further escalation. It has to be one of the dumbest wars ever started by the U.S. and that includes Ukraine and Vietnam, each utterly devoid of purpose other than enhancing MIC profits. The Iran war, now more than a three-month "excursion", was supposed to be short-lived, and, by the way, already won, by the good guys, Israel and the U.S.A. The farce continues.

Oil flows continue to be squeezed at Strait of Hormuz and in the Indian Ocean.

WTI crude futures closed out the week at $90.26. While the price of WTI crude has been contained in a range from $90-$110 recently, this week's small bounce may be sending a signal that the side-stepping lower will continue. The pattern is such that oil prices might drop into a lower range between $80 and $85 per barrel and remain in place while the White House pulls rabbits out of strategic hats. This could also signal a near-term bottom, given the rabbits have fled the scene and the conflict with Iran may escalate back to full-blown war, a scenario that has the White House in fear because that would mean more missiles raining down on regional U.S. bases and greater Israel, which the Iranians reduced to "lesser Israel" back in March.

Average price for a gallon of unleaded regular gasoline in the U.S. was $4.29 last week and $4.11 this week, another solid move lower, but the question is how long this, and even lower prices, can be maintained.

Prices at the pump have been kept out of crisis range, but some are warning that this may be only temporary, as reserves are being drained to keep prices under control. The disruption in the Persian Gulf is real enough and will affect Asian, African and some European and South American countries before the U.S. begins to feel any real pain.

Prices in key states:

California (leader): $5.88 (-0.14)
Washington: $5.62 (-0.10)
Oklahoma (lowest): $3.59 (-0.18)
Mississippi: $3.72 (-0.12)
Florida: $3.75 (-0.27)
Illinois: $4.54 (-0.20)
Pennsylvania: $4.32 (-0.15)
New York: $4.43 (-0.07)
Maryland: $3.96 (-0.20)
Michigan: $4.13 (-0.13)
Texas: $4.58 (-0.19)
Georgia: $3.79 (-0.01)

On Sunday, June 7th, there are fourteen (23) states with average prices below $4.00, a large move from just five last week, with 25 above the $4 threshold, not including Hawaii ($5.56) and Alaska ($5.16), with four above $5 (California, Nevada, Washington, Oregon). The Southeast has maintained as the lowest region overall over the past three weeks as a gallon of unleaded regular is averaging well below $4.00 in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi.

Bitcoin

This week: $61,809.72
Last week: $73,835.71
2 weeks ago: $76,800.00
6 months ago: $91,282.38
One year ago: $105,525.30
Five years ago: $35,479.57

Tough week for bitcoin and other crypto "hodlers", as the price of completely phony currency dropped more than $10,000. Bitcoin briefly dipped into the 50s Friday, touching $59,348. With any luck, this marks the beginning of the end for bogus money. The world already has enough fake currencies. There's literally no need for anything else.

Bitcoin's price has dipped into an area of support which held up as resistance through most of 2024 before ramping higher. The area is defined as roughly between $53,000 and $65,000, the latter figure having served as resistance relative to highs from 2021. This area is now support, though from a chartist's perspective, it doesn't appear capable of holding very long. While many of the world's honored institutions are under pressure and being questioned, why is there any faith in this short term fiction?

Precious Metals

Gold:Silver Ratio: 63.80; last week: 60.30

Futures, per COMEX continuous contracts:

Gold price 5/8: $4,723.70
Gold price 5/15: $4,543.60
Gold price 5/22: $4,543.60
Gold price 5/29: $4,569.90
Gold price 6/5: $4,353.90

Silver price 5/8: $80.83
Silver price 5/15: $76.29
Silver price 5/22: $75.92
Silver price 5/29: $75.58
Silver price 6/5: $68.00

SPOT: (stockcharts.com)
Gold 5/8: $4,714.90
Gold 5/15: $4,539.72
Gold 5/22: $4,508.74
Gold 5/29: $4,538.94
Gold 6/5: $4,327.57

Silver 5/8: $80.35
Silver 5/15: $75.94
Silver: 5/22: $75.48
Silver 5/29: $75.27
Silver 6/5: $67.83

There's no good reason that gold and silver would go down more than stocks like they did on Friday and have been for the past six months other than COMEX and the LBMA continuing their successful derivate suppression of precious metals as opposed to worthless fiat currencies like the U.S. dollar, the euro, yen, and pound.

The United States is alone in its demand that gold and silver not appreciate against paper currencies. This condition, more than 50 years old, is likely to persist for another number of years, which is why the suggestion to sell part of one's holdings remains a viable strategy from a short-term perspective. It is not something anybody with a generational view should perform, however, as gold and silver routinely out-perform - and outlive - fiat currencies every time. If you hold it, you own it, regardless of what the authorities have in mind.

Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):

Item/Price	Low	High	Average	Median
1 oz silver coin:	74.99	89.00	79.68	78.31
1 oz silver bar:	78.03	90.10	81.73	81.39
1 oz gold coin:	4485.95	4689.11	4596.25	4586.87
1 oz gold bar:	4507.63	4587.17	4532.98	4522.00

The Single Ounce Silver Market Price Benchmark (SOSMPB) fell to its lowest level since December, 2025, from $86.55 on May 31, to $80.28 on June 7, a loss of $6.27 per troy ounce, well below the recent range.

WEEKEND WRAP

Boy, was the first week of June fun! Unless one was heavily exposed to momentum stocks, gold, silver, or fixed income (which wasn't as hard hit), it was something of a bummer, but, as has been the case since 2020, most of these things bounce back and in some rather large ways. Anybody who thinks this week's profit-taking dump was the beginning of the end for the stock market rally simply hasn't been paying attention. There is likely to be a dead cat bounce on Monday and resumption of stock frenzy in the week ahead. Taht pesky Fed has an FOMC meeting coming up next Tuesday and Wednesday, but the week ahead appears to be a "buy-the-dip" opportunity.

At the Close, Friday, June 5, 2026:
Dow: 50,866.78, -695.15 (-1.35%)
NASDAQ: 25,709.43, -1,121.53 (-4.18%)
S&P 500: 7,383.74, -200.57 (-2.64%)
NYSE Composite: 23,256.50, -316.27 (-1.34%)

For the Week:
Dow: -165.68 (-0.32%)
NASDAQ: -1263.19 (-4.68%)
S&P 500: -196.32 (-2.59%)
NYSE Composite: -35.67 (-0.15%)
Dow Transports: +503.22 (+2.35%)

Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2026, Downtown Magazine Inc., all rights reserved.

NASDAQ Slides, Stock Market Surprised at May Non-Farm Payrolls as Wild Week Concludes

As usual, the first Friday of the month brings forward the BLS with the monthly non-farm payroll data, the survey for May showing a steady, if not astoundingly-robust labor market:

Total nonfarm payroll employment increased by 172,000 in May, and the unemployment rate was unchanged at 4.3 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in leisure and hospitality, local government, and health care. Employment in financial activities declined.

Perhaps even more surprising were the revisions. March was revised up by 29,000, from +185,000 to +214,000, and the change for April was revised up by 64,000, from +115,000 to +179,000. Is the investing world to believe that employment has grown by 565,000 jobs in the last three months after losing 150,000 jobs in February? Well, OK, though the futures market was not impressed.

Dow futures dropped back to unchanged on the release, while the S&P slumped, down more than 50 points and the NASDAQ, which was already down sharply, down 450 heading for the open.

For the week, the Dow is up 529 points as of Thursday's close. The NASDAQ, in an up-and-down scenario, has dropped just 23 points, and the S&P is up 30.

NASDAQ looking pretty ugly after South Korea's KOSPI slid sharply overnight.

So far, June has not been a joy. Friday should be full of fireworks.

At the Close,Thirsday, June 4, 2026:
Dow: 51,561.93, +874.86 (+1.73%)
NASDAQ: 26,830.96, -23.02 (-0.09%)
S&P 500: 7,584.31, +30.63 (+0.41%)
NYSE Composite: 23,572.77, +296.28 (+1.27%)