Wall Street suffered a brutal session on June 5, 2026, as a semiconductor rout wiped more than $1 trillion in market value. The Philadelphia Semiconductor Index plunged about 8.5%, its worst day since the April 2025 tariff selloff, dragging the Nasdaq down roughly 4% and the S&P 500 down 2.3%.
The trigger was Broadcom, which fell 7.5% after its quarterly report showed demand for its custom AI chips underperforming expectations. The weakness rippled across the sector: Nvidia dropped about 6%, shedding more than $300 billion in market cap; Micron tumbled 11% for a $127 billion loss; Marvell shed 12%; and AMD lost 10.5%.
A stronger-than-expected May jobs report—172,000 new jobs versus forecasts near half that, with unemployment steady at 4.3%—added pressure by all but killing hopes of a near-term Fed rate cut. "Blindly buying the dip had been winning you money, but that ended today," said Dennis Dick, proprietary trader at Triple D Trading.