US Adds 172,000 Jobs in May, Topping All Estimates | Balance of Power: Late Edition 6/5/2026

ANNOUNCER: THIS IS "BALANCE OF POWER" LIVE FROM WASHINGTON, D.C. PRES. TRUMP: THE JOB NUMBERS JUST CAME OUT AND THEY WERE FANTASTIC. FAR BETTER THAN EVEN ANTICI ANTICIPATED.

THEY ANTICIPATED PRETTY GOOD BUT THEY HAD NO IDEA IT WAS GOING TO BE THAT AND UNFORTUNATELY WE’RE IN A WORLD WHERE FOR THE LAST 15 YEARS OR SO, WHEN YOU HAVE GOOD NUMBERS, THE MARKET GOES DOWN. WHEN YOU HAVE BAD NUMBERS, THE MARKET GOES UP.

BECAUSE TOO MUCH EMPHASIS IS PLACED ON INFLATION. WHEN YOU HAVE GOOD NUMBERS, THE MARKET SHOULD GO UP. NOT DOWN. JOE: BREAKING NEWS. FRIDAY’S SELLOFF.

THE NASDAQ PLUNGES AS TRADERS DUMP TECH IN A SURPRISE JOBS REPORT FUELS SPECULATION OVER A RATE HIKE. WE’LL HAVE MORE ON PRESIDENT TRUMP’S REACTION AS HE PUSHES AFFORDABILITY TONIGHT IN A KEY SWING STATE. OUR GUESTS ARE STANDING BY LIVE.

FROM BLOOMBERG’S WASHINGTON, D.C., STUDIOS, TO OUR TV AND RADIO AUDIENCES WORLDWIDE, WELCOME TO "BALANCE OF POWER." I’M JOE MATHIEU. ALONGSIDE KAILEY LEINZ. COYLE AND THAT IS OUR TOP -- KAILEY: AND THAT IS OUR TOP STORY TONIGHT.

THE ROUTE ON WALL STREET. THE WORST DAY FOR THE S&P 500 SINCE OCTOBER AND THE WOFT ONE FOR THE NASDAQ 100 SINCE APRIL OF 2025. WITH THE A.I.

TRADE UNWINDING AND BOND YIELDS SOARING AS A SOLID JOBS REPORT FUELS BETS THAT THE FED’S NEXT RATE MOVE WILL BE A HIKE. HERE IS KEVIN HASSETT, THE DIRECTOR OF THE NATIONAL ECONOMIC COUNCIL, RESPONDING TO THAT DATA THIS MORNING.

ON BLOOMBERG. >> WE’RE GETTING POSITIVE JOBS NUMBERS BECAUSE WE’VE GOT HIGH WAGE GROWTH AND NATIVE BORN AMERICANS ARE RUSHING INTO THE LABOR MARKET IN DROVES. SO THAT NEGATIVE STORY HAS GONE AND FINALLY GOT TO

SAY, WE REALLY LOVE GOING THROUGH THE BLOOMBERG DATA, AND WE HAVE THIS THING THAT I LIKE TO LOOK AT WHICH IS THE PROBABILITY DISTRIBUTION OF ALL OF THE FORECASTS FOR THE JOBS NUMBERS BEFORE IT COMES OUT AND WHEN I LOOKED AT IT AFTER I GOT THESE NUMBERS, I

SAW THAT THE VERY, VERY TOP PERSON WAS LOW BY ABOUT 40,000 JOBS. WHICH SHOWS THAT THE TRUMP ECONOMY IS SURPRISING WALL STREET ANALYSTS OVER AND OVER AGAIN AND THEY NEED TO MAYBE THINK ABOUT GETTING THE SUPPLY SIDE OF THE MODEL FIXED.

KAILEY: AND PRESIDENT TRUMP ALSO REACTEDDED TO DATA AND MARKET REACTION SAYING ON SOCIAL MEDIA, QUOTE, WITH A GREAT JOBS REPORT, LIKE JUST ANNOUNCED, STOCKS SHOULD GO UP. NOT DOWN. THAT’S THE WAY IT WAS FOR 200 YEARS.

GROWTH DOES NOT MEAN INFLATION. HOW KELLS A COUNTRY ATTAIN GREAT GREATNESS? IT’S A MESSAGE HE REITERATED TO REPORTERS ON AIR FORCE ONE EARLIER THIS AFTERNOON. NORAH MULINDA JOINS LIVE FROM WORLD HEADQUARTERS IN NEW YORK.

THE PRESIDENT SAYS STOCKS SHOULD HAVE GONE UP TODAY. THEY MOST CERTAINLY DID NOT. NORAH: THEY DID NOT AT ALL. AND TODAY WAS JUST FULL OF SPEAR LATIVES. THE S&P 500 LOWER BY 2.6% TO END THE DAY.

THIS WAS THE WORST DAY SINCE OCTOBER THAT WE SAW FOR THAT INDEX. BUT WE REALLY SAW A ROTATION, REALLY A ROTATION OUT OF TECHNOLOGY COMPANIES, YOU SAW THAT EMPHASIS ON THE PERFORMANCE OF THE NASDAQ 100.

WHICH DID SEE ITS WORST DAY SINCE LAST YEAR. AND MORE SPECIFICALLY, ITS BIGGEST DROP SINCE LIBERATION DAY ON APRIL 4, 2025. THE DOW JONES INDUSTRIAL AVERAGE WHICH WE KNOW TENDS TO HAVE A LOT OF THOSE BLUE CHIP NAMES RETREATING FROM

A RECORD HIGH, SO DOWN ABOUT 1.4%. AND SMALL CAPS ALSO WE DISEE INVESTORS SELLING OFF THE RUSSELL 2,000 DOWN ABOUT 3.5%. THAT’S ITS WORST DAY IN MORE THAN A YEAR. AND WE SAW ALL OF THIS REALLY PLAYING OUT ALSO