Friday, June 5, handed S&P 500 investors their roughest session in eight months.
A stronger-than-expected jobs report landed before the open
Bond yields jumped, and the chip and tech names that carried the market to record highs all year suddenly led it lower. By the close, the S&P 500 (SPY) had dropped 2.6%, its worst day since October 2025. But the headline number hid something useful for everyday investors.
If you held the index through a popular fund like SPY or VOO, you felt the full 2.6% drop. If you held the equal-weight version, you barely noticed. That difference in outcomes reveals key signals for anyone deciding on how to own the S&P 500.