The U.S. jobs market had a fantastic May, with payroll gains nearly double what analysts expected. While economists cheered, the AI trade shriveled, sending the Nasdaq down 4%, the worst day in over a year, and the S&P down another 1.2%.
The reaction confused the White House. “With a great Jobs Report, like just announced, stocks should go up, not down,” President Donald Trump posted on Truth Social Friday morning. “That’s the way it was for 200 years. Growth does not mean inflation!”
