👀 Nasdaq's Worst Day Since April 2025, 172K Jobs, and a Director Buying $2.1M of Doughnuts at $3.29

Good afternoon and happy Sunday! Here is a quick market rundown and an 'inside' peek behind the curtains of what C-Level Execs, Wall St. Hedge Fund Gurus, and politicians are trading right now…!

📊 MARKET PERFORMANCE

The Nasdaq lost 4.18% on Friday, closing at 25,709.43 — its biggest single-day drop since the tariff turmoil of April 2025. The S&P 500 dropped 2.64% to 7,383.74, while the Dow fell 695 points to 50,866.78. To put Friday in context: just two days earlier, the S&P 500 closed above 7,600 for the first time ever, the Nasdaq sat at 27,093, and the Dow was pushing 51,307. The week ended with all three indices giving back the bulk of their mid-week records.

The divergence worth flagging: the Dow held up better than the Nasdaq on a relative basis all week — Thursday saw the Dow surge 875 points to a record 51,561 while the Nasdaq actually lost 0.09%, as investors rotated hard into healthcare and financials. Tech was the star of the bull run. Tech was also the first out the door.

🔑 KEY DRIVERS

🤖 Broadcom Blinks — The AI Trade Gets Its First Real Crack

A weaker-than-expected AI chip outlook from Broadcom, coupled with the company's decision to reiterate rather than raise its 2026 guidance, sent shares plunging roughly 15%. The sell-off rippled across the semiconductor sector, with investors heading for the exits after a blistering rally that pushed many chip stocks to record highs. Friday's selling reached a new level of intensity — the Nasdaq's 4.18% decline was its worst since the tariff chaos of early 2025. Broadcom didn't miss. It just didn't beat by enough. That's what crowded trades do to you at the top.

💼 Jobs Report Kills the Rate Cut Narrative — Again

Nonfarm payrolls jumped a seasonally adjusted 172,000 for the period, down slightly from the upwardly revised 179,000 in April and far above the Dow Jones consensus estimate for 80,000. The unemployment rate held steady at 4.3%. That figure roughly doubled what economists had penciled in, with consensus forecasts clustering in the 80,000 to 88,000 range. Rate cuts? Still on life support. Traders raised the odds of a hike by year-end 2026 to about 70% nearing midday Friday, according to the CME Group's FedWatch measure of futures prices.

🏦 New Fed Chair Warsh Gets His First Real Test

New Federal Reserve Chair Kevin Warsh faces a tricky policy path after the hot jobs report swept aside the possibility of rate cuts anytime soon. Multiple Fed officials have been publicly challenging the chair's positions and the framework through which policymakers interpret inflation, growth, and appropriate monetary policy. Coming into 2026, markets expected the Fed to be cutting rates. But renewed inflation pressure, fueled in part by the Iran war's impact on energy prices, has changed the calculus. Warsh inherited a mess. The data just made it messier.

⚔️ Iran, SpaceX, and the Geopolitical Noise Machine

On Wednesday evening, following the most serious escalation between the US and Iran since the April ceasefire took effect, the House of Representatives voted to end the war in a rebuke to Trump. Markets shrugged mid-week but didn't forget. Energy stays a wildcard. Meanwhile, a SpaceX filing revealed that Google will pay $920 million per month to rent 110,000 Nvidia GPUs, CPUs, and memory from October 2026 through June 2029 — the AI infrastructure buildout is not slowing down regardless of what Broadcom's guidance says.

🍩 DNUT — $2.1 Million in Doughnuts at $3.29

This is the insider story of the week, and it deserves your full attention. Director Bernardo Hees purchased 630,111 shares of Krispy Kreme common stock through BHBK LLC between June 1 and June 4, at weighted average prices ranging from $3.29 to $3.44 per share across four separate transactions. The largest single purchase occurred on June 2, when Hees acquired 235,875 shares at a weighted average price of $3.39 per share.

Hees did not make just one purchase. He bought shares on June 1, June 2, June 3, and June 4, with the largest purchase coming on June 2 at roughly $799,600. Repeated buying over several days suggests stronger conviction than a single isolated transaction — especially when the dollar value crosses meaningful thresholds.

The reported purchase prices moved lower through the week, from $3.44 on June 1 to $3.29 on June 4. That means Hees continued buying as the stock traded lower. That's not a man averaging in casually. That's a director with conviction buying into weakness, four days running, on a stock trading near multi-year lows. DNUT shares rose 6% Friday on the news.

The context matters here. The McDonald's partnership is dead — the companies ended their expanded partnership in June 2025 after efforts to bring costs in line with unit demand were unsuccessful. The stock has been punished accordingly. But when a director puts $2.1 million of his own money into a beaten-down name over four consecutive sessions, the market listens. And this week, it did.

✅ KEY TAKEAWAYS

📉 Records on Monday, carnage on Friday — the week was a perfect illustration of how fast sentiment can shift when one crowded trade starts leaking

🤖 Broadcom didn't miss — it just didn't beat by enough. At these valuations, flat guidance is the new miss. Something to keep in mind across the AI complex

💼 172K jobs vs. 80K expected is not a rounding error. That's a narrative-shattering number and the market repriced accordingly

🏦 Kevin Warsh inherits a hawkish Fed majority and a hot labor market on Day One — watch every public statement from the new chair carefully

🔄 The Dow outperforming the Nasdaq is a rotation signal, not noise — healthcare, financials, and non-tech names found buyers all week while chips got sold

🍩 When a director buys $2.1M of a beaten-down stock four days in a row, that's not a routine filing — that's a signal. DNUT is worth watching.

👀 WHAT WE'RE WATCHING NEXT WEEK

📅 Fed Meeting — June 16–17

Traders have priced in an even lower chance of a cut at the June 16–17 meeting, with odds of a hike by year-end 2026 now sitting around 70%. The post-jobs-report repricing changes the entire tone of this meeting. New chair Warsh's first press conference will be the most important 30 minutes in macro this month. Every word will be parsed.

📊 CPI — Week of June 10

With the jobs number doubling expectations and rate hike odds now elevated, the May CPI print becomes the most consequential inflation data point of the year so far. A hot number here — particularly if energy prices from the Iran situation are feeding through — could solidify the case for a hike by September. Watch shelter and energy components closely.

💻 Nasdaq Technical Levels — 25,500 and the 50-Day

Friday's 4.18% Nasdaq decline was its worst since April 2025. The index needs to hold the 25,500 zone or we start talking about a more meaningful retest of the April lows. Watch whether dip buyers show up Monday morning or whether the chip sector sees continuation selling — that divergence will tell you a lot about whether this is a healthy correction or the start of something bigger.

⚡ Nvidia's Response to the Broadcom Selloff

NVDA held up better than the chip complex on Thursday but took a hit Friday. The SpaceX/Google GPU contract disclosure was a powerful reminder of the structural AI demand that underpins the sector. If Nvidia reclaims its Friday levels early next week, the Broadcom disappointment may be viewed as a sector-specific event. If it can't, the AI premium across semis gets a harder look.

🔦 INSIDER SPOTLIGHT — Bernardo Hees / DNUT

The insider trade of the week — possibly the month — belongs to Krispy Kreme director Bernardo Hees. Hees purchased more than $2.1 million worth of DNUT shares across four consecutive trading days, with the largest purchase coming on June 2 at roughly $799,600. Following these transactions, BHBK LLC holds 1,549,633 shares of Krispy Kreme common stock, over which Hees exercises sole investment power. He additionally holds 617,315 shares directly and 85,413 unvested RSUs.

This is a director with substantial existing skin in the game choosing to add aggressively — four separate sessions, buying into a declining price, totaling over 630,000 shares. The McDonald's partnership failed. The stock is down well over 70% from its highs. And yet here is a board member putting real money to work at $3.29. The thesis is simple: either Krispy Kreme's brand has residual value that the market is dramatically underpricing, or someone on the inside sees a path to recovery that isn't visible in the headlines yet. Either way — when the money hits the tape four days in a row, you write it down.

That's the week. Stay sharp and have a good Sunday.

— Silas P. Insider Authority | insiderauthority.com

Insider spotlight of the week…#DNUT

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