JUST THE FACTS

Red-hot hiring in May's jobs report and a harsh sell-off in chip stocks pounded the markets on Friday. All three of the major indices retreated sharply over the day to drag each into the red for a losing week. 

New developments in the war with Iran, both in the Middle East and back here at home, continue to come out rapidly. For the very latest news on the conflict, and the impacts, updates can be found here.

It was the best of times and the worst of times for chip stocks this past week. The early gains led to new records before the late selloff would wipe it all out at a cost of more than $1 trillion in market value.

The U.S. labor market continues to show resiliency in the face of the war and high inflation. Broad-based hiring last month would blow past the expectations, while unemployment was unchanged at 4.3%.

New Fed chairman Kevin Warsh will face a central bank sharply divided on policy, and the new jobs report won't help. The massive hiring in May looks good for the labor sector, but that's bad for rate cuts.

Buckle up for a very busy week ahead of critical data and the market's largest IPO ever. Inflation comes first in new CPI and PPI reports followed on Friday by June's first sentiment survey and SpaceX's IPO.