Dow Slips From Record High as Strong Jobs Data Lifts Yields

On June 5 the Dow retreated from its fresh record close of 51,561.93 after stronger-than-expected May jobs data drove the 10-year Treasury yield to 4.53% and increased Fed-tightening odds. The index had surged from sub-50,000 levels in late May on oscillating Iran-deal headlines, oil prices swinging between $89 and $110, and alternating AI rallies and sell-offs. Broadcom’s weak AI outlook on June 3 triggered a Nasdaq plunge while value cyclicals and financials lifted the price-weighted Dow, underscoring a clear rotation away from growth stocks into defensives and cyclicals.