Bloomberg This Weekend | Major Indexes Tumble, Trump Eyes Government Stake in AI
Speakers
Mike McGlone
— Senior Commodity Strategist, Bloomberg Intelligence
Summary
The weekend news show covers a broad market selloff driven by big tech and AI stocks, Bitcoin plunging below $60k, and a hot jobs report fueling Fed rate hike bets. It also includes segments on the Iran war, Cuba crisis, US trade tariffs, World Cup economics, and interviews with economists, strategists, and CEOs.
- Nasdaq and S&P 500 suffer worst day of the year, led by chip stocks.
- Bitcoin falls below $60k for the first time since 2024 amid crypto purge fears.
- Strong May jobs report boosts expectations of a Fed rate hike.
- President Trump suggests government equity stakes in AI companies; meeting with AI CEOs next week.
- Iran war approaches 100 days with stalled negotiations; US and Iran exchange fire.
- Cuba faces deepening blackouts and humanitarian crisis under new US sanctions.
- US proposes new tariffs on 60 trading partners over forced labor issues.
- World Cup ticket prices surge; economic benefits for host cities questioned.
Trade Ideas
Bitcoin heading much lower, to 10k.
Bitcoin is in the early stages of a major purge. Unlimited supply of cryptocurrencies, pump-and-dump dynamics after ETF and Trump pump, and better alternatives like stocks will drive Bitcoin much lower. His call is for Bitcoin to lose a zero and go back to $10,000.
Crude oil will follow natural gas down.
Crude oil is set to follow natural gas on the way down, driven by a surge in volatility without a supportive stock market upturn. This is framed as the next big trade after Bitcoin's collapse.
US Treasuries attractive alternative to risk assets.
US Treasury long bond at 5% is too attractive relative to overvalued risk assets like stocks, gold, and cryptos. Investors should be careful being long crowded assets and instead consider good old US Treasuries as a safer alternative.
Up Next
This Bloomberg Markets video, published June 06, 2026, features Mike McGlone discussing BTC, WTI, TLT. 3 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Mike McGlone · Tickers: BTC, WTI, TLT