Tech Stumble and Iran Talks Sputter End S&P 500’s Winning Streak

Global stock markets stumbled on June 5, 2026, as a rare earnings miss from Broadcom disrupted the AI-fueled rally and crumbling Iran peace talks kept oil markets on edge. The S&P 500’s nine-session winning streak ended after Broadcom shares plunged over 12% on Thursday, wiping out around $300 billion in market value and dragging the Nasdaq lower, despite a late-session recovery. The chipmaker’s quarterly sales topped $22 billion but fell short of loftier expectations, signaling that investor tolerance for underperformance has shrunk after its 55% share-price surge. Asian equities fell Friday, and U.S. futures pointed lower. Other tech news included Nvidia’s AI-PC chip unveiling, Anthropic’s IPO filing, and a surge in Marvell Technology after upbeat remarks from Nvidia’s CEO. Oil prices seesawed as Iran talks were reportedly halted, then disputed by Washington. Brent crude remained under $100 per barrel, but tensions escalated as Hezbollah rejected a ceasefire. In FX, the yen approached the 160-per-dollar level, a threshold that previously triggered Japanese intervention. Mixed U.S. jobs data — rising vacancies but higher layoffs— challenged new Fed Chair Kevin Warsh ahead of the central bank’s June meeting.