Market Snapshot for Wednesday 6/4/2025
– S&P 500 – 5,970.81 (+0.01%)
– Dow Jones Industrial Average – 42,427.74 (-0.22%)
– NASDAQ – 19,460.49 (+0.32%)
Market Performance
Stocks traded mixed on Wednesday after a report showed job creation by private employers hitting a two-year low in April. President Donald Trump blasted Fed chairman Jerome Powell again and called for interest-rate cuts by the Federal Reserve. The S&P 500 ended the midweek session with a gain of less than 0.1%. Nasdaq added 0.3% and the Dow was down 0.2%. European markets traded higher ahead of tomorrow’s European Central Bank interest-rate decision, while markets in Asia were mostly higher overnight.
Economic Takeaways –
• The ADP employment survey for May showing that private payrolls expanded by 37,000, well below expectations for a gain of 130,000.
• The ISM services PMI for May was below expectations, falling to 49.9 and signaling that activity stagnated in the services sector of the economy last month.
• Bond yields dropped with the 10-year Treasury yield finishing the day around 4.36% and the 2-year yield just below 3.9%.
Gold –
• As of June 4, 2025, the spot price of gold is $3,376.88 per ounce, showing a daily increase of $16.17. Another source reports a price of $3,387.70, with a 24-hour increase of $18.30 or 0.54%. These figures indicate an upward movement in the gold market.
Oil –
• Oil prices settled down just over 1%.
• Brent crude futures closed down 77 cents, or 1.2%, at $64.86 a barrel. U.S. West Texas Intermediate crude settled 56 cents, or 0.9% lower at $62.85.
Bitcoin –
• Bitcoin went lower and settled in under $105,000.
• JPMorgan Chase & Co. is opening its doors to crypto and will soon let clients use shares of Bitcoin ETFs as collateral for loans, starting with BlackRock’s IBIT, according to Bloomberg.
• Circle Internet on Wednesday priced its upsized U.S. initial public offering at $31 apiece raising $1.05 billion. The company issues the USDC stablecoin. The IPO had been marketed in a range of $27 to $28 per share.
Tesla Shares Dive as Elon Musk Continues to Attack Trump’s Bill
Shares of electric vehicle maker Tesla moved lower on Wednesday as the fallout between CEO Elon Musk and President Trump escalated.
“Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL,” Musk posted on X. Musk added early Wednesday morning, “If the massive deficit spending continues, there will only be money for interest payments and nothing else!”
The former leader of the Department of Government Efficiency (DOGE) angrily posted on Tuesday, “I’m sorry, but I just can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination.” “Shame on those” who voted for it in the House, he said.
According to projections from the nonpartisan office, the House-passed version of the bill would add $2.4 trillion to deficits over the next 10 years.
Australian publication Drive has also reported that Tesla had 3,897 vehicle deliveries in May, its highest sales total in nearly a year. The refreshed Model Y powered those sales with 3,580 units sold, up 122.5% from a year ago, and total deliveries up 9.3%. Research firm New
AutoMotive group reported that Tesla UK registrations in May tumbled 45% to 1,758 units.
Top Gainers
Several stocks experienced significant gains. Some of the top gainers included:
• Lyell Immunopharma, Inc. (LYEL) 68.59%
• Applied Digital Corporation (APLD) soared by 29.27%
• Guidewire Software, Inc. (GWRE) exploded 16.41%
• Zai Lab Limited (ZLAB) surged 15.90%
• Rev Group, Inc. (REVG) rose 15.37%
• AST SpaceMobile, Inc. (ASTS) moved up 13.94%
• Peloton Interactive, Inc. (PTON) jumped 12.16%
• MP Materials Corp. (MP) spiked 11.73%
• STMicroelectronics N.V. (STM) moved up 10.67%
• KB Financial Group, Inc. (KB) surged 9.29%
Top Losers
The top US stock losers today, based on percentage change included:
• Asana, Inc. (ASAN) moved lower 20.47%
• Chart Industries, Inc. (GTLS) moved lower 9.46%
• Dollar Tree, Inc. (DLTR) sank 8.37%
• PBF Energy, Inc. (PBF) fell 8.19%
• iQSTEL, Inc. (IQST) moved down 7.79%
• Merus N.V. (MRUS) moved lower 7.75%
• Banco Macro S.A. (BMA) sank 7.33%
• Banco BBVA Argentina S.A. (BBAR) dragged 7.28%
• Pampa Energia S.A. (PAM) moved down 6.57%
• Vista Energy S.A.B. de C.V. (VIST) slumped 6.41%
Notables
• D.R. Horton (DHI) shares rose 4.4%, leading a broader rally among homebuilders. The sector benefited from a dip in Treasury yields and renewed pressure from Donald Trump on Fed Chair Jerome Powell to lower interest rates, improving the outlook for mortgage affordability.
• Shares of CrowdStrike Holdings (CRWD) sank 5.8% after the cybersecurity firm’s quarterly revenue forecast came in below consensus estimates. Bank of America analysts downgraded CrowdStrike stock to “neutral,” citing a high valuation and an expectation for revenue growth to taper off of the next few years.
• Constellation Energy (CEG) plunged 4.3%. Citi analysts downgraded Constellation Energy stock to “neutral” from “buy,” citing limited upside following the recent rally and noting that the Meta agreement could have implications for future power contract negotiations.
• Dollar Tree (DLTR) fell 8.4%, marking the steepest decline in the S&P 500 on Wednesday. Despite reporting better-than-expected net sales, same-store sales, and adjusted earnings for the fiscal first quarter, the discount retailer warned that second-quarter adjusted EPS could drop by as much as 50% year-over-year due to the impact of tariffs on its margins.
• ON Semiconductor (ON) shares jumped 6.1% on Wednesday, leading the S&P 500 for the day. The rally extended gains from the previous session, fueled by comments from CEO Hassan El-Khoury at a tech conference, where he noted early signs of a rebound in demand.
• GlobalFoundries (GFS) announced plans to invest over $16 billion to expand U.S. chip production. The company, which produces essential semiconductors, said it’s working with major firms including Apple (AAPL) and General Motors (GM) to boost domestic manufacturing. NXP Semiconductors (NXPI), also named as a partner in the initiative, saw its stock climb 5.6%, while GlobalFoundries rose 2.3%.
• Nvidia (NVDA) and Broadcom (AVGO) both gained around 0.8% ahead of the open, continuing tech’s upward momentum from the previous session. Broadcom reached a record high on Tuesday, boosted by optimism ahead of its earnings report and the launch of a new data center switch tailored for AI applications.
• Apple (AAPL) edged lower after Needham downgraded the stock to Hold, citing “threats” to short-term revenue and earnings growth, as well as valuation concerns.
• Wells Fargo (WFC) rose 1.45% after the Federal Reserve lifted the bank’s asset cap—one of the final restrictions remaining from its fake accounts scandal.
• Hewlett Packard Enterprise (HPE) surged 6.7% pre-market after topping second-quarter estimates, driven by strong demand for AI-related services.
• Shares of Thor Industries (THO) moved higher 3% after better-than-expected third-quarter results. The recreational vehicle maker posted earnings of $2.53 per share on revenue of $2.89 billion, compared to the
What Else to Watch This Week
Thursday we will see an ECB rate decision and expected earnings from Broadcom (AVGO), Ciena (CIEN), lululemon (LULU), and Petco (WOOF). On Friday we will have the May nonfarm payrolls.
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