Senate Passes ICE, CBP Funding | Balance of Power 6/5/2025

Summary

The May jobs report beat expectations, sending interest rates higher and stocks lower as markets price in a potential Fed rate hike. Tech stocks led the selloff with semiconductors plunging, while defensive sectors saw rotation. Political coverage includes Senate passage of a $70 billion immigration bill, the FISA reauthorization fight, President Trump's travel to Wisconsin, and developments in the Iran conflict and Ukraine aid.

• May nonfarm payrolls surged to 172,000, prompting Fed rate hike bets.
• Nasdaq 100 fell over 3%, semiconductors down ~7.5%, led by Nvidia, Micron, Broadcom.
• Rotation out of tech into consumer staples and healthcare noted.
• Senate passed a $70 billion GOP reconciliation bill for ICE and CBP.
• FISA Section 702 extension failed to advance due to concerns over acting DNI Bill Pulte.
• House passed Ukraine aid and Russia sanctions via discharge petition with 18 GOP votes.
• Iran talks stalled; Strait of Hormuz closure continues to impact oil markets.
• President Trump expressed interest in public-private AI partnership concept.