Unpacking a Wild Week For Tech, Semiconductor Stocks

By Patrick Martin | June 05, 2026, 1:32 PM

All good things must come to an end, and after nine-straight weekly wins, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) finally cooled off to open June. A rotation out of tech stocks -- exacerbated by elevated bond yields -- put pressure on an overbought semiconductor sector all week. The Nasdaq and S&P 500 strung together a handful of record closes, but Friday's jobs data-fueled selloff put a dent in Wall Street's sentiment. The Dow Jones Industrial Average (DJI) is eyeing a weekly win, and is heading for another record close.

Unpacking a Choppy Week For All Things Tech

Gains weren't always there for tech stocks this week, but headlines were. Nvidia (NVDA) remains a June outperformer, historically, something to keep in mind after its latest chip reveal. Hardware icon Hewlett Packard Enterprise (HPE) melted up after an earnings triple play, though 2026 winner Ciena (CIEN) wasn't as fortunate in the earnings confessional.

Micron Technology (MU) has a tough act to follow after its parabolic May, while semiconductor peers AMD and ARM struggled later in the week. Alphabet (GOOGL) had its own struggles, while IBM (IBM) picked up an overdue upgrade.

Retail Stocks Making Noise

Retail stocks came across our radar more often than not the last five trading days. lululemon athletica (LULU) rallied into its earnings report. Cava Group (CAVA) flashed a bullish signal. A downgrade shook up Shake Shack (SHAK) stock. Macy's (M) broke out after a stellar corporate report. Even beleaguered Chipotle Mexican Grill (CMG) got some love from the brokerage bunch.

All Eyes on Oracle Earnings

Oracle (ORCL) earnings next week could be a make-or-break moment for options traders in the short term. Elsewhere, keep an eye out for any U.S. government deals, potential short squeezes, and ETF 'buy' signals.

Mentioned In This Article

AMD

-10.67%

Advanced Micro Devices Inc

Latest News