What a week this was.

We started with three simultaneous all-time highs on Tuesday. We ended with the Nasdaq dropping 4.76% on Friday — one of the worst single sessions of 2026. In between we had a massive rotation trade, a Broadcom earnings bombshell, jobless claims beating expectations, and the most important jobs report of the month printing more than double what Wall Street expected.

Oh — and I bought put options right after NFP dropped and made $1,127.88 in two hours. We’ll break that down in plain English because it’s genuinely one of the best educational moments I can share with you.

Let’s walk through the whole week.

📊 WEEK IN REVIEW

What Actually Happened — Day by Day

Tuesday June 2 — Three All-Time Highs in One Day

The S&P 500 closed above 7,600 for the first time in history. The Dow closed at 51,307. The Nasdaq followed. All three major indexes hitting records simultaneously is rare and meaningful. The catalyst was AI. Jensen Huang took the stage at Computex 2026 and called Marvell Technology “the next trillion-dollar company.” Marvell jumped 30% in a single session — one sentence, billions of dollars in market cap created instantly. The ripple effect lit up everything touching AI infrastructure: optical components, semiconductors, networking equipment.

Wednesday June 3 — The Hangover

After records, markets pulled back hard. The Dow dropped 554 points. Two things drove it: normal profit-taking after nine straight weeks of S&P gains, and an obscure story most beginners never heard about. A Swiss private equity firm called Partners Group “capped withdrawals” — meaning investors who wanted their money back were told no. That single announcement sent KKR down 5.7% and Blackstone down 5.5% in one session. One firm’s problem instantly became everyone’s fear.

Thursday June 4 — The Rotation Trade Gets Violent

Broadcom (AVGO) reported earnings and missed on revenue while refusing to raise its AI chip guidance. The stock fell 12.4% — wiping over $270 billion in market value in a day. But something fascinating happened: the Dow surged 874 points while the Nasdaq dropped 387. That 1,261 point spread between two major indexes in a single session is extraordinary. It told you exactly where money was flowing: out of high-PE tech and into traditional value sectors. Industrials, financials, healthcare — all green while chips burned.

The Jobless Claims report also dropped Thursday: 225,000 actual vs 213,000 expected. More people filing for unemployment than expected. The “bad news is good news” trade briefly sparked rate cut hopes — but it was short lived.

Friday June 5 — NFP Drops and Nasdaq Falls Off a Cliff

At 8:30 AM the May Non-Farm Payrolls report printed:

Actual: 172,000 jobs. Expected: 85,000.

More than double the forecast. April was simultaneously revised from 115K to 179K — meaning the economy had been adding 64,000 MORE jobs per month than anyone knew. The Nasdaq fell 1,450 points. Technology was down 6.49%. NVDA -6.20%. TSLA -6.56%. META -5.51%.

But defensive stocks held or gained. Consumer Staples +1.71%. Utilities +1.05%. Healthcare +0.54%. And our pick PGR — Progressive Insurance — was UP $8.64 on one of the Nasdaq’s worst days of the year.

That’s not luck. That’s what understanding sector rotation looks like in practice.

🔬 STOCK SPOTLIGHT

The Themes That Defined This Week

Theme 1 — AI Optical Infrastructure (Early Week Winner)

Nvidia’s Computex announcement backing Coherent Corp ignited the entire AI optical ecosystem. Every company involved in moving data at the speed of light inside AI data centers surged. The thesis is simple: AI chips are no longer the bottleneck — the connection between them is. Photonic interconnects are the solution.

One catalyst. Entire ecosystem. This is how sector themes work in practice.

Note: Friday’s NFP-driven selloff gave back a significant portion of these gains as the broader tech selloff hit all growth sectors. The thesis is intact — the timing of the trade mattered enormously this week.

Theme 2 — Defensive Rotation (End of Week Winner)

The real trade of the week wasn’t in AI at all. It was in boring, unsexy defensive sectors that nobody talks about until the market falls apart. Consumer Staples, Utilities, Healthcare and Real Estate — all finished the week with positive returns. The reason is the same every time: when rates stay high, investors rotate toward stable dividend-paying businesses that earn more on their cash reserves. This is the environment NFP just confirmed we’re in.

⚡ BONUS: THE OPTIONS TRADE

How I Made $1,127 After NFP Dropped

I want to be completely transparent with you about something I did this morning — and use it as the most important educational lesson this newsletter has ever included.

Before I explain — options are extremely high risk. Most options traders lose money. I could have lost my entire position. This is NOT a recommendation.

Here is what happened.

The 8AM card this morning showed three NFP scenarios:

• Hot (>150K): Economy strong, Fed holds, tech sells off

• Moderate (62K-100K): Market-friendly, balanced reaction

• Weak (<50K): Rate cut hopes, tech rallies

When 172K printed at 8:30 — more than double the 85K forecast — the HOT scenario activated immediately. I had prepared for this possibility. At 9:51 AM I bought SPY put options — contracts that profit when the market falls.

What I bought: SPY JUN 05 ‘26 747 Put — 13 contracts Average cost: $0.70 per contract Total invested (and max possible loss): $959 Sold at: $1.62 at 11:53 AM Profit: $1,127.88 (+117% in 2 hours)

What is a put option? A put gives you the right to sell shares at a set price (the strike). When the stock falls below the strike, your put becomes more valuable. It’s essentially insurance — you pay a premium, and if the bad outcome happens, you collect. If the market had bounced instead of falling, those puts would have expired worthless. The entire $959 would be gone.

I did not get lucky. I prepared. The morning card laid out exactly what would happen if NFP came in hot. Understanding HOW economic data moves markets is the only edge that matters. That is what this newsletter is trying to give you every week.

📈 WATCHLIST PICKS UPDATE

Final Prices — Week Ending June 5, 2026

$NOW — ServiceNow ✅ STILL WINNING

• Entry: $107.00 (called May 25)

• Week close: $112.47

• Gain from entry: +5.11%

• Target: $145.00 | Stop: $85.00

NOW had its week. It ran to $120+ midday Friday before the NFP selloff dragged it back. Still comfortably above our entry. 97% retention rate and Otto AI agent on the market — the business thesis hasn’t changed. The path to $145 is intact. Patient hold.

$PGR — Progressive Corp ⭐ STAR OF THE WEEK

• Entry: $190.40 (called June 1)

• Week close: $204.02

• Gain from entry: +7.15%

• Target: $230.71 | Stop: $170.00

On the worst Nasdaq day of the year, PGR was UP $8.64. That’s not a coincidence. Insurance companies earn higher returns on their cash reserves when rates are high — exactly what Friday’s hot NFP confirms will continue. This is the Shibui screen working. Piotroski 7/9, RSI oversold at entry, defensive sector. It’s doing exactly what we needed it to do. 31% of the way to our target in one week.

$PLMR — Palomar Holdings ✅ TURNED POSITIVE

• Entry: $107.04 (called June 1)

• Week close: $108.51

• Gain from entry: +1.37%

• Target: $154.17 | Stop: $85.00

Turned positive this week. Specialty insurance — same favorable rate environment as PGR. 60% revenue growth over eight consecutive quarters. The business is excellent. We’re early in this one.

$EQT — EQT Corp ⚠️ SLIGHT LOSS

• Entry: $54.93 (called June 1)

• Week close: $53.75

• Loss from entry: -2.15%

• Target: $70.00 | Stop: $45.00

Energy sold off Friday along with everything else. The natural gas / AI power thesis is still intact — the demand for energy from data centers doesn’t change because NFP was strong. Watching the $52 level as key support. Well above our stop. Holding.

$NVO — Novo Nordisk ⚠️ WATCHING

• Entry: $45.00 (called May 28)

• Week close: $42.96

• Loss from entry: -4.53%

• Target: $95.00

NVO continues to face headwinds. Eli Lilly’s Foundayo oral obesity pill is genuine competition. The stock sold off Friday with the broader risk-off move. At $42.96 we are watching $40 as the critical support. The long-term obesity market thesis is intact but the near-term competitive pressure is real. We will update with a clear decision in next week’s newsletter.

₿ BITCOIN CORNER

Back at the Halving Price — and Falling Further

Bitcoin closed this week near $64,000 — roughly where it was on the day of the 2024 halving in April 2024. The entire post-halving bull run, all the way up to $126,210 in October 2025, has unwound.

Friday’s hot NFP made things worse. A strong dollar and rising yields are two of the biggest headwinds for Bitcoin. When the Fed is forced to hold rates higher, risk assets suffer — and Bitcoin is the ultimate risk asset.

The historical correction pattern from ATH:

• 2017: -84% from peak

• 2021: -78% from peak

• 2025: Currently -49% from $126,210

The key rule: do not try to catch a falling knife. There is no confirmed reversal yet. The next halving is projected for April 2028. History says new all-time highs come after every halving cycle — but the path there is never straight.

🎓 EDUCATIONAL CORNER

SpaceX IPO: Read This Before You Buy

SpaceX prices on June 11 and begins trading June 12 on Nasdaq under ticker SPCX. The hype is at historic levels. Before you rush in, here is what the numbers actually say.

The IPO at a glance:

• Price: $135 per share

• Valuation: $1.77 TRILLION

• Raise: $75 billion (largest IPO in history — 3x Alibaba’s 2014 record)

• Voting control: Elon Musk retains 82%+ of voting power

The business: Starlink (satellite internet, the real cash cow), launch services (Falcon 9, Starship), and xAI (merged February 2026). The technology is genuinely revolutionary. The business is genuinely exceptional.

The four things to know before buying:

1. At $1.77 trillion you are NOT getting in early. That is larger than Amazon. You are buying at near-peak institutional valuation.

2. Dual-class shares mean you have zero say in how the company is run. Ever. Musk controls everything regardless of what retail shareholders want.

3. The lock-up cliff: insiders cannot sell for 90-180 days after the IPO. When September or December arrives, millions of shares could flood the market simultaneously.

4. P/E of 388x. You are paying 388 times annual profit for one share. Google trades at 27x. Amazon at 35x.

Great company. Highest-ever hype. Whether $135 is the right price — that is the question no one can answer for you.

👀 WHAT TO WATCH NEXT WEEK

1. SpaceX (SPCX) Pricing — Wednesday June 11 Final IPO price confirmed the night before debut. Watch for any price changes from the $135 range — a higher price means oversubscribed demand, a lower price means institutional buyers pushed back.

2. SpaceX Debut — Thursday June 12 Day one trading. Watch the opening pop, note the lock-up expiration date that follows 90-180 days later, and remember everything we taught in the IPO education section.

3. Oracle Earnings — Tuesday June 10 AI infrastructure and cloud revenue. If Oracle’s AI-related bookings are accelerating, it validates the data center investment cycle. If they disappoint, more tech pressure.

4. Fed Speakers Multiple Federal Reserve officials are scheduled to speak this week. After 172K NFP, markets will be hanging on every word for any hint of when rate cuts might actually arrive — if at all.

5. Bitcoin $60,000 Support Friday’s risk-off environment and strong dollar pushed Bitcoin toward the $62,000-$64,000 range. If Bitcoin breaks decisively below $60,000, the next support zone is $50,000-$55,000. Watch closely.

6. Market Recovery or Continued Selling After a 4.76% Nasdaq drop on Friday, next week opens with a critical question: do buyers step in or does the selling continue? Futures over the weekend will give early signals.

🔑 THIS WEEK’S KEY LESSON

This week gave us everything.

All-time highs on Tuesday. A rotation trade that sent the Dow up 874 points while the Nasdaq fell 397 in the same session on Thursday. A jobs report that printed more than double the forecast. A Nasdaq drop of 4.76% on Friday. And a defensive insurance pick that went UP on the worst Nasdaq day of the year.

The lesson isn’t any single thing that happened. It’s the framework for understanding why it happened.

Strong jobs report → rates stay high → growth stocks fall → defensive stocks rise. That chain of logic played out perfectly this week, in real time, in front of 800+ of you following this account.

Broadcom missed revenue. Not earnings — revenue. You can cut costs to beat earnings. You cannot fake sales. The market punished it with a 12.4% decline instantly.

And the options trade: preparation is not luck. The morning card showed three scenarios before 8:30 AM. One played out. Those of you who understood the mechanism could act on it. That is the entire point of financial education.

Keep showing up. The market will teach you something new every single week.

Stay curious. Stay invested.

— Kevin

Not financial advice. This newsletter is for educational purposes only. Always do your own research before making any investment decisions. Past performance does not guarantee future results.

@KevinJagiah on X | kevinjagiah.substack.com

Making Markets Simple | No Jargon. No Fluff. 3 Daily Updates — 8AM | 12PM | 4PM ET

What a week to launch a newsletter.

Markets were closed Monday for Memorial Day but made up for lost time in a big way. Here’s everything that moved markets this week in plain English 👇

The Big Story: Iran Peace Deal Hopes All week long markets were driven by one thing — the possibility of a US-Iran peace deal. US Secretary of State Marco Rubio said there were “some good signs” emerging from negotiations, and reports suggested gaps between the two sides had narrowed significantly. Every time a new headline dropped markets moved instantly. This is a perfect example of how geopolitics drives your portfolio whether you’re paying attention or not. Yahoo Finance

The Numbers: For the week the Dow gained 2.1%, the S&P 500 advanced 0.9% and the Nasdaq rose 0.5%. The gains marked the S&P 500’s eighth consecutive weekly advance — supported by easing treasury yields, Iran peace talk optimism, and strong corporate earnings. Yahoo Finance

The Plot Twist — Thursday’s Data: Thursday morning dropped a mixed economic bag. GDP came in at 1.6% vs 2.0% expected — slower growth than Wall Street wanted. Then PCE inflation came in at 4.4% vs 4.3% expected — hotter than feared. That combination — slow growth AND rising inflation — is called stagflation. The word Wall Street fears most.

But here’s what happened next — markets shrugged it off and hit new record highs anyway. Why? Iran peace deal rumors. One headline wiped out an entire morning of fear. This is why we never panic sell.

Kevin’s Take: We’re in a fascinating moment in markets right now. Record highs on the surface — but inflation creeping higher underneath. The next 60-90 days will tell us whether this bull run has more legs or needs a breather. My advice? Stay invested but stay informed. That’s exactly why this newsletter exists.

📉 SECTION 2 — CHART OF THE WEEK

The S&P 500 — 8 Consecutive Winning Weeks

Look at this chart and remember one thing: every single dip along the way felt scary in the moment. Every red day had a headline telling you to sell. The people who ignored the noise and stayed invested are up significantly.

The S&P 500 has now posted 8 straight weeks of gains — the longest winning streak since late 2023. Does that mean it goes up forever? No. Does it mean the trend is your friend right now? Absolutely.

Beginner Lesson: A chart going up with occasional dips is called an uptrend. We are firmly in one. Until that changes — the bias is to buy dips, not sell them.

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