My top 10 things to watch Friday, June 5 1. The Nasdaq and S & P 500 were set to open lower as the U.S. tech sell-off spread to Asian and European markets overnight. The May jobs report came in stronger than expected, jumping to a seasonally adjusted 172,000, down slightly from an upwardly revised 179,000 and well above the consensus 80,000. Treasury yields rose sharply, with the 10-year U.S. Treasury climbing to 4.534%, its highest level since May 21. 2. Lululemon had a terrible quarter, and it's just getting worse. The athletic apparel retailer cut its full-year guidance and delivered a weak outlook for the current quarter. BTIG downgraded the stock to a hold from buy. Shares are down over 11% in premarket trading. Let it come down even more. 3. S & P Global said it won't allow Elon Musk's SpaceX to have early entry to the index ahead of its highly anticipated IPO. Don't sweat the program about S & P eligibility. We don't even want it. Let's hope the rocket maker's IPO isn't like the tawdry job done for Cerebras ' public debut. We don't want a $4 trillion valuation because of market orders over the transom by people who don't care what they pay. 4. CEO George Kurtz did a pretty darned good job explaining how terrific CrowdStrike is doing when he joined me on "Mad Money" last night. CrowdStrike reported stronger-than-expected results on Wednesday and raised its full-year outlook . However, shares fell 4% after some investors questioned why heightened attention to Anthropic's AI model, Mythos, did not immediately translate into stronger results. I think Kurtz is getting a lot of work from Mythos that hasn't shown up in financials yet. 5. Barclays lowered its price target on Five Below to $224 from $240 after yesterday's earnings. Analysts said cautious consumer commentary during the conference call will remain a focus for investors. Still, the discount retailer posted a solid quarter that beat on both the top and bottom lines. I'll say it again: Five Below is a much better story than Ollie's , Dollar Tree , or Dollar General . 6. Chipotle upgraded to buy from hold at JPMorgan. Analysts said that a "rare valuation opportunity has emerged" as it trades at levels not seen since 2021. That's because the company now offers "quality growth at the right price," per JPMorgan. Shares are up nearly 2% this morning, but remain down 24% year to date. 7. UBS raised its PT on Draftkings to $49 from $43, and kept it at a buy. Analysts cited the company's first-quarter beat and outlook. Odd call. The sports gambling platform has been doing poorly, with shares down over 26% since the start of 2026. 8. Adobe received a PT boost to $264 from $253 at Citi. The stock benefits from the recent uptick in software multiples, analysts said, but there's still risk to earnings next week. Citi pointed to Adobe's fiscal 2026 outlook and argued that AI monetization alone won't offset the lack of pricing benefits. For enterprise software names, the Club owns Salesforce. 9. Coinbase was named a "bearish fresh pick" at Baird, forecasting that the crypto exchange will miss Q2 consensus revenue estimates by 5-6% due to weak trading volumes. Bitcoin is off to a terrible start to June, with the digital currency on pace to fall 15% this week. Prices fell to their lowest level since early April after crypto treasury company Strategy trimmed its bitcoin position, triggering a sell-off of crypto-related names. 10. JPMorgan put Qualcomm on "positive catalyst watch" heading into the chipmaker's investor day on June 24. Analysts expect the company to reveal aggressive sales targets for its data center and AI businesses. They also raised their price target to $265 from $160. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
<small>Source: CNBC</small>
