Cathie Wood says the market just misread the jobs report
Key takeaways
- Cathie Wood says the market just misread the jobs report Tobi Opeyemi Amure Thu, June 11, 2026 at 9:07 PM GMT+7 6 min read Markets run on a reflex.
- The economy added 172,000 jobs in May, roughly double what economists had expected, and the prior two months were revised up by a combined 93,000, according to the Bureau of Labor Statistics.
- Not long ago, a number like that would have been welcomed without hesitation.
Cathie Wood says the market just misread the jobs report Tobi Opeyemi Amure Thu, June 11, 2026 at 9:07 PM GMT+7 6 min read Markets run on a reflex. When the economic news looks good, traders go hunting for the reason it is secretly bad.
That reflex was on full display Friday. The economy added 172,000 jobs in May, roughly double what economists had expected, and the prior two months were revised up by a combined 93,000, according to the Bureau of Labor Statistics. Average hourly earnings rose 0.3% for the month.
Not long ago, a number like that would have been welcomed without hesitation. In the summer of 2026 it landed as a threat. A labor market that refuses to cool, the logic goes, keeps inflation sticky and keeps the Federal Reserve from lowering interest rates. Stocks slid, Treasury yields jumped, and the session got filed under good news is bad news. The modest rate-cut hopes that traders had nudged higher days earlier were pulled back within minutes of the release.