Market Snapshot for Tuesday 6/3/2025
– S&P 500 – 5,970.37 (+0.58%)
– Dow Jones Industrial Average – 42,519.64 (+0.51%)
– NASDAQ – 19,398.96 (+0.81%)
Market Performance
Stocks continued to move higher on Tuesday despite tariff uncertainty. A labor report may have eased investors. The S&P 500 closed up 0.6% on Tuesday while the Dow Jones added about 0.5%. The NASDAQ ended the highest at a gain of roughly 8%.
Economic Takeaways –
• Every major index closed in the green as labor data offset an OECF warning. The OECD has slashed its outlook for global economic growth, citing the impact of Trump’s trade policy on investment and confidence.
• The S&P 500 logged its best May in over 30 years. Deutsche Bank has raised its year-end target for the S&P 500 to 6,550 from 6,150. “We now see the tariff drag at only about one-third of what we previously penciled in,” Deutsche Bank strategists led by Binky Chadha wrote in a note on Monday.
• The JOLTS update showed job openings unexpectedly rose in April. Job openings in the U.S. unexpectedly increased in April, reversing course after nearing a four-year low in March. According to new data from the Bureau of Labor Statistics, there were 7.39 million open positions at the end of April, up from a revised 7.2 million in March.
Gold –
• Gold cruised higher and went to a three-week high this way as a weakening dollar and geopolitical risks amplified.
Oil –
• Oil rose for a second day as supply disruptions from Canada’s wildfires countered OPEC’s latest bumper supply increase.
Bitcoin –
• Bitcoin hovered under 106,000. The leading coin was rising in afternoon trading Tuesday.
Fed Lifts Major Restriction on Wells Fargo After Years of Scrutiny
The Federal Reserve has removed a key limitation on Wells Fargo (WFC), ending a long-standing cap on the bank’s assets nearly a decade after its fake accounts scandal. The $1.95 trillion asset cap, imposed in 2018, has been a major barrier to the bank’s growth.
The move represents a major victory for CEO Charles Scharf, who prioritized resolving regulatory issues after taking over in 2019. “The Federal Reserve’s decision to lift the asset cap marks a pivotal milestone in our journey to transform Wells Fargo,” Scharf said in a statement.
Elon Musk Blasts Trump-Backed Tax Bill as ‘Disgusting Abomination’
Elon Musk, a vocal supporter of Donald Trump, sharply denounced the president’s flagship tax and spending bill, labeling it a fiscally reckless “abomination.” As Republican budget hawks intensify their pushback against the legislation, Musk took to social media to express his outrage: “This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it.”
“I’m sorry, but I just can’t stand it anymore,” Musk wrote Tuesday in a blistering post on X. “This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.”
He added: “It will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden American citizens with crushingly unsustainable debt.”
Millions of Americans See their Credit Scores Plunge
Millions of Americans are experiencing sharp declines in their credit scores due to missed student loan payments—just as economic uncertainty grows.
According to a new analysis from the Federal Reserve Bank of New York, credit scores fell by more than 100 points for 2.2 million delinquent student loan borrowers in the first quarter of 2025. For over 1 million of them, the drop exceeded 150 points—a decline comparable to the impact of a personal bankruptcy.
Roughly 2.4 million borrowers had previously maintained solid credit, qualifying them for car loans, mortgages, or credit cards. But now, these delinquencies are making it significantly harder to access housing, insurance, financing, and even employment opportunities.
Top Gainers
Several stocks experienced significant gains. Some of the top gainers included:
• MoonLake Immunotherapeutics (MLTX) soared 17.95%
• Ferguson Enterprises, Inc. (FERG) soared by 17.23%
• Summit Therapeutics, Inc. (SMMT) exploded 16.33%
• Newegg Commerce, Inc. (NEGG) surged 16.18%
• Dollar General Corp. (DG) rose 15.85%
• Algonquin Power & Utilities Corp. (AQN) moved up 15.83%
• Sitio Royalties Corp. (STR) jumped 15.30%
• Credo Technology Group Holding Ltd. (CRDO) spiked 14.80%
• Signet Jewelers Limited (SIG) moved up 12.45%
• Uranium Energy Corp. (UEC) surged 11.77%
Top Losers
The top US stock losers today, based on percentage change included:
• Pony AI, Inc. (PONY) moved lower 20.69%
• Sable Offshore Corp. (SOC) moved lower 17.61%
• Regencell Biosciences (RGC) sank 15.17%
• EchoStar Corp. (SATS) fell 11.31%
• Stride, Inc. (LRN) moved down 9.97%
• Pearson plc (PSO) moved lower 7.36%
• Kenvue, Inc. (KVUE) sank 6.17%
• VEON Ltd. (VEON) dragged 5.93%
• iQSTEL, Inc. (IQST) moved down 5.90%
• Oklo Inc. (OKLO) slumped 5.09%
Notables
• Dollar General Leads the Pack: Dollar General (DG) surged to the top of the S&P 500 after reporting record-breaking first-quarter sales.
• Ford Accelerates: Ford (F) shares gained over 2% following a strong May sales report, which showed a 16.3% year-over-year increase.
• Applied Digital Soars: Applied Digital (APLD) rose 8% in premarket trading, building on Monday’s 48% rally after securing two long-term lease agreements with CoreWeave, an AI data center firm backed by Nvidia. CoreWeave shares also rose 4%.
• Constellation Energy Rallies on Meta Deal: Constellation Energy (CEG) jumped 11% after announcing a 20-year nuclear power purchase agreement with Meta Platforms. Other nuclear-related stocks gained as well, with Vistra (VST) up 5% and Oklo (OKLO) rising 6%.
• Pinterest Pops on Upgrade: Pinterest (PINS) climbed nearly 4% after JPMorgan upgraded the stock to Outperform from Neutral and raised the price target to $40 from $35.
• Ferguson Enterprises Surges: Ferguson Enterprises (FERG) rallied 14.3% after beating earnings expectations and raising full-year guidance.
• Marathon Digital Breaks Records: Marathon Digital Holdings (MARA), the second-largest corporate bitcoin holder, had a record month in May, mining 282 blocks—a 38% increase from April.
• Robinhood Hits New Highs: Robinhood (HOOD) gained 5.5% to close at $71.72, surpassing its post-IPO high of $70.39.
What Else to Watch This Week:
Wednesday we will see the May ISM Services PMI® and expected earnings from Dollar Tree (DLTR).
On Thursday investors can wait for the ECB rate decision and expected earnings from Broadcom (AVGO), Ciena (CIEN), lululemon (LULU), and Petco (WOOF).
We will end the week on Friday with May nonfarm payrolls.