---
title: "Midday need to know: Labor market surges, mortgage giants' stocks rise & more"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/288891599.md"
description: "Wall Street indices fell on Friday as traders digested a stronger-than-expected May labor report showing 172,000 non-farm payrolls and steady 4.3% unemployment, causing Treasury yields to rise. Mortgage giants Fannie Mae and Freddie Mac saw volatile trading after Trump's valuation comments, while Microsoft shares dipped following Reid Hoffman's announcement to leave its board."
datetime: "2026-06-05T17:15:38.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/288891599.md)
  - [en](https://longbridge.com/en/news/288891599.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/288891599.md)
---

# Midday need to know: Labor market surges, mortgage giants' stocks rise & more

Wall Street’s major market averages dropped lower on Friday as traders assessed May's labor report, while tech continued to be under pressure. The blue chip Dow (DJI) was -0.4%, the benchmark S&P 500 (SP500) was -1.4%, and the tech focused Nasdaq Composite (COMP:IND) was -2.3%. Now, here are three news stories that broke in the morning to watch out...

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