{"id":62703,"date":"2026-06-04T08:38:17","date_gmt":"2026-06-04T12:38:17","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-jobless-claims-hit-225k-as-tech-rout-deepens-blackstone-caps-credit-fund-redemptions\/62703\/"},"modified":"2026-06-04T08:38:17","modified_gmt":"2026-06-04T12:38:17","slug":"us-jobless-claims-hit-225k-as-tech-rout-deepens-blackstone-caps-credit-fund-redemptions","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-jobless-claims-hit-225k-as-tech-rout-deepens-blackstone-caps-credit-fund-redemptions\/62703\/","title":{"rendered":"US Jobless Claims Hit 225K as Tech Rout Deepens; Blackstone Caps Credit Fund Redemptions"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>US Initial Jobless Claims rose to 225,000<\/strong> for the week ending May 30, exceeding the estimated <strong>215,000<\/strong> and signaling a potential cooling in the labor market.<\/li>\n<li><strong>Broadcom (<a href=\"\/stock\/AVGO\">AVGO<\/a>) plummeted 14%<\/strong> in <a href=\"https:\/\/stockmarketwatch.com\/movers\/premarket\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Premarket Movers\">pre-market trading<\/a> after missing revenue targets and providing disappointing AI-related semiconductor guidance, dragging down the broader tech sector.<\/li>\n<li><strong>Blackstone (<a href=\"\/stock\/BX\">BX<\/a>) Private Credit Fund (BCRED)<\/strong> capped investor redemptions at <strong>5%<\/strong> after receiving buyback requests totaling approximately <strong>10%<\/strong> of the fund&#39;s value for the second quarter.<\/li>\n<li><strong>Brent Crude oil prices fell 3.5% to $94.37 per barrel<\/strong>, extending recent losses as global economic concerns outweighed geopolitical tensions.<\/li>\n<li><strong>Hezbollah Chief Hassan Nasrallah<\/strong> issued a defiant speech, rejecting any link between the group&#39;s presence in Lebanon and a potential ceasefire or Israeli withdrawal.<\/li>\n<\/ul>\n<h2>US Labor Market and Productivity Data<\/h2>\n<p>The US labor market showed signs of softening as <strong>Initial Jobless Claims<\/strong> climbed to <strong>225,000<\/strong>, up from a revised <strong>212,000<\/strong> in the previous week. <strong>Continuing Claims<\/strong> remained relatively steady at <strong>1,777,000<\/strong>, slightly lower than the <strong>1,780,000<\/strong> analysts had anticipated.<\/p>\n<p>Final Q1 data revealed that <strong>Unit Labor Costs<\/strong> rose by <strong>1.8%<\/strong>, coming in significantly lower than the <strong>2.4%<\/strong> estimate. Meanwhile, <strong>Nonfarm Productivity<\/strong> grew by a marginal <strong>0.3%<\/strong>, missing the <strong>0.4%<\/strong> forecast and marking a slowdown from the previous quarter&#39;s <strong>0.8%<\/strong> growth.<\/p>\n<h2>Tech Sector Sell-Off and Market Movers<\/h2>\n<p>The technology sector faced heavy selling pressure, led by a <strong>14% drop<\/strong> in Broadcom (<a href=\"\/stock\/AVGO\">AVGO<\/a>). The company\u2019s revenue miss and underwhelming AI semiconductor guidance triggered a sector-wide retreat, impacting Micron (<a href=\"\/stock\/MU\">MU<\/a>) down <strong>6.5%<\/strong>, AMD (<a href=\"\/stock\/AMD\">AMD<\/a>) down <strong>4%<\/strong>, and Nvidia (<a href=\"\/stock\/NVDA\">NVDA<\/a>) down <strong>1.1%<\/strong>.<\/p>\n<p>CrowdStrike (<a href=\"\/stock\/CRWD\">CRWD<\/a>) shares fell <strong>10%<\/strong> after the company provided guidance that was only roughly in line with expectations despite a narrow beat on Q1 metrics. Conversely, Amazon (<a href=\"\/stock\/AMZN\">AMZN<\/a>) rose <strong>1%<\/strong> on news of a <strong>\u20ac10 billion investment<\/strong> in European fulfillment centers, and Costco (<a href=\"\/stock\/COST\">COST<\/a>) gained <strong>2.2%<\/strong> following strong May net sales.<\/p>\n<h2>Financial and Corporate Developments<\/h2>\n<p>Blackstone (<a href=\"\/stock\/BX\">BX<\/a>) moved to limit withdrawals from its <strong>Private Credit Fund<\/strong> after buyback requests hit nearly <strong>10%<\/strong> in Q2. The firm stated it remains well-capitalized with inflows at roughly <strong>2% of NAV<\/strong>, but it will enforce its <strong>5% redemption cap<\/strong> to manage liquidity.<\/p>\n<p>In Europe, Commerzbank (<a href=\"\/stock\/CBK\">CBK<\/a>) CEO Bettina Orlopp signaled that any potential merger or acquisition would require a <strong>&quot;significant premium&quot;<\/strong> as a prerequisite. Meanwhile, Italy received <strong>\u20ac12.88 billion<\/strong> from the EU&#39;s Next Generation funds, according to Prime Minister Giorgia Meloni.<\/p>\n<h2>Energy and Geopolitics<\/h2>\n<p>Energy markets remained volatile as <strong>Brent Crude<\/strong> tumbled to <strong>$94.37<\/strong>, a <strong>3.5% decline<\/strong>. Despite the drop in oil, <strong>Natural Gas<\/strong> prices traded one standard deviation above their five-day moving average, reflecting divergent trends in the energy complex.<\/p>\n<p>Geopolitical tensions persisted as the <strong>Hezbollah Chief<\/strong> stated that a ceasefire must include all of Lebanon and warned that northern Israel would not be safe as long as Lebanese villages are bombed. In the Red Sea region, the <strong>UK and France<\/strong> finalized a postwar mine-clearing mission for the <strong>Strait of Hormuz<\/strong>, while Ukraine&#39;s military reported a successful strike on a <strong>Russian gunpowder factory<\/strong> in the Ryazan region.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways US Initial Jobless Claims rose to 225,000 for the week ending May 30, exceeding the estimated 215,000 and 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