HubSpot (HUBS), nCino (NCNO) Slide After Strong Jobs Report Dents Rate Cut Bets

HubSpot (HUBS) and nCino (NCNO) shares dropped on Friday, June 5, 2026, after a stronger-than-expected U.S. jobs report for May reduced expectations for imminent Federal Reserve interest rate cuts. The robust labor data, which showed 172,000 new nonfarm payrolls versus an 85,000 forecast and a steady 4.3% unemployment rate, diminished the likelihood of monetary easing that growth stocks rely on to support valuations. HubSpot, which traded at $210.24, is already down 45% year-to-date and sits 65.5% below its June 2025 peak of $609.40. The decline adds to pressure from earlier this year, when a fear-driven “SaaSpocalypse” wiped $285 billion from software valuations after Anthropic’s AI platform threatened per-seat licensing models. The sell-off also reflects institutional caution. The software-tracking IGV ETF surged 21% in May, recovering from an April low, but much of the rally was fueled by retail and options activity rather than portfolio managers. With many managers having missed the rapid rebound, Friday’s dip may be seen as a buying opportunity once the market digests the rate outlook.