This Week in Review | Upcoming IPOs, US Jobs Data, Credit Card Delinquencies (June 5, 2026)
Fisher Investments' June 5, 2026 weekly review covers three major topics: the wave of high-profile IPOs from Anthropic, OpenAI, and SpaceX; stronger-than-expected US jobs data showing 172,000 nonfarm payrolls added in May; and rising credit card delinquencies contextualized against broader household financial health. The segment consistently argues that alarming headlines often misrepresent underlying market fundamentals.
Summary
The segment opens with a discussion of major upcoming IPOs, highlighting that Anthropic filed initial paperwork for a public offering following a May funding round that valued the company at nearly $1 trillion, while SpaceX is set to IPO with a $1.75 trillion valuation and OpenAI is expected to file soon. Fisher Investments founder Ken Fisher's famous quip that 'IPO' stands for 'it's probably overpriced' frames the firm's cautious stance: companies go public to benefit existing owners and early backers, not retail investors, and historically many IPOs trail the broader market for years. The segment warns that high investor expectations around AI and tech IPOs raise the bar for reality to exceed those expectations, though it stops short of calling the bull market at risk, citing earnings support for US tech valuations.
The second segment addresses May's US nonfarm payrolls report, which added 172,000 jobs while unemployment held steady at 4.3%, marking the first three consecutive months of job growth in a year. The hosts caution that employment is a lagging indicator — companies hire after demand materializes — meaning the data largely confirms what forward-looking equity markets already priced in. They also push back on the notion that strong employment reduces the likelihood of Fed rate cuts and therefore threatens the bull market, pointing out that the current bull market has sustained itself through rate hikes, holds, and cuts alike since October 2022, and that the 2009–2020 bull market similarly thrived across varied policy conditions.
The final segment tackles rising credit card delinquencies, noting that 90-day delinquency rates are at their highest in 15 years. However, the hosts contextualize this by pointing out that US credit card balances actually fell 2.3% in Q1 2026, and that credit card debt represents only about 7% of total household debt compared to mortgages at roughly 70%. Mortgage delinquency rates remain lower than at any point during the 2009–2020 expansion, and US household net worth is at an all-time high. The segment concludes that while individual financial hardship is real, there is little macroeconomic evidence of a forming debt crisis.
Key Insights
- Ken Fisher argues that 'IPO' stands for 'it's probably overpriced,' contending that companies go public when it suits existing owners and early backers, not to hand retail investors a windfall, and that many IPOs historically trail the broader market for years after their debut.
- Fisher Investments argues that strong jobs data should not alarm investors concerned about fewer Fed rate cuts, pointing out that the current bull market has sustained itself through aggressive rate hikes, prolonged holds, and cuts since October 2022 — and that stocks have kept hitting record highs even with rates unchanged since December.
- Fisher Investments contends that employment data is a late-lagging indicator because companies hire after demand appears, meaning May's strong payroll numbers largely confirm what forward-looking equity markets had already been pricing in for months.
- Despite alarming headlines about 90-day credit card delinquencies hitting a 15-year high, Fisher Investments notes that US credit card balances actually fell 2.3% in Q1 2026 and that credit card debt represents only about 7% of total household debt, while mortgage delinquency rates remain lower than at any point during the entire 2009–2020 expansion.
- Fisher Investments argues that media coverage of household debt ignores the asset side of consumer balance sheets entirely, noting that Americans' household net worth is currently at its highest level in history, undermining the popular narrative that consumers are 'maxed out.'
Topics
Full transcript available for MurmurCast members
Sign Up to Access