The S&P 500’s longest winning streak since May 2025 came to a sudden halt on June 3, 2026. After nine consecutive sessions of gains and a record close above 7,600, US equities reversed sharply as escalating tensions with Iran triggered a broad risk-off move.
The Dow Jones Industrial Average fell as much as 450 points intraday, while the Nasdaq Composite also declined. The sell-off was broad-based, signaling genuine risk aversion rather than sector rotation.
The streak, fueled by mega-cap tech strength and AI enthusiasm, unraveled quickly. Upcoming ADP employment figures and ISM services PMI data could further shift sentiment. The semiconductor and AI stocks that led the rally are the most vulnerable to a reversal.