S&P 500 Falls 2.64% as Nasdaq Posts Record 1,121-Point Drop

On June 5, 2026, a tech-led selloff erased $1.8 trillion from the S&P 500, which closed down 2.64% after stronger-than-expected jobs data raised fears of tighter Fed policy. The Nasdaq Composite plunged 4.18% with its largest one-day point drop on record, while semiconductor stocks bore the brunt as the SOXX ETF tumbled more than 10%. Breadth deteriorated sharply, with 65 S&P 500 names falling at least 5% and major chip stocks such as Marvell and Micron posting double-digit losses, trimming prior 2026 gains and heightening near-term downside risk.