Market Snapshot for Friday 6/6/2025
– S&P 500 – 6,000.36 (+1.03%)
– Dow Jones – 42,762.87 (+1.05%)
– NASDAQ – 19,529.95 (+1.20%)
Market Performance
US stocks rallied on Friday as investors cheered a moderate beat on the monthly jobs report. The S&P 500 reached the 6,000 level and added about 1.0% to close at its highest level since February. The Dow Jones Industrial Average jumped over 400 points, or 1.1%, while the Nasdaq Composite gained 1.2%. All 11 sectors of the S&P 500 finishing the day higher. The major European markets closed slightly higher on Friday.
Economic Takeaways –
• Nonfarm payrolls rose by 139,000 in May, above expectations for a 130,000 gain, while the unemployment rate held steady at 4.2%
• The 10-year Treasury yield closed at around 4.5%, while the 2-year yield climbed to 4.04%.
• The unemployment rate held steady at 4.2% for the third consecutive month.
• Q1 earnings season is almost over with Broadcom and athletic-apparel retailer Lululemon among the last companies in the index to report first-quarter results yesterday. Both companies exceeded sales and earnings expectations.
• The S&P 500 is set to post earnings growth of nearly 13% in the first quarter.
• President Trump has demanded that the Feds lower the benchmark interest rate by a whole percentage point. Trump said the central bank should lower the rate by “a full point,” saying it would be economic “Rocket Fuel!”
• President Trump also said high level trade talks with China would take place in London this upcoming Monday.
Gold –
• Gold fell over 1% as strong US jobs data clouded the outlook for rate cuts.
Oil –
• Crude rose more than $1 a barrel on Friday, posting its first weekly gain in three weeks.
• Brent crude futures settled at $66.47 a barrel, up $1.13, or 1.73%. U.S. West Texas Intermediate crude finished at $64.58, up $1.21 or 1.91%.
Bitcoin –
• Bitcoin surged above $105,000 amid the overall market rally.
• The coin bounced after falling to around $101,000 on Thursday as a public feud unraveled between President Trump and Elon Musk.
A Fed Cut Doesn’t Look Likely Says Analysts
“The labor market isn’t collapsing,” said Nela Richardson chief economist at ADP. “Wages are robust, but they’re not triggering inflation. Hiring is slow, but it’s not leading to outside layoffs. So in that sense, there’s nothing in the labor market that points in any direction [for the Fed] strongly.
“The weak numbers we’re seeing now does not point to a labor market that’s collapsing, but there is hiring hesitancy,” Richardson said to reporters.
In a note titled “May-day? More like Pay-day!“ Bank of America US economist Shruti Mishra remarked that solid wage income growth is “supportive of consumption but will also likely keep the Fed in their inflation fighting stance.”
Tesla Suffered a $150 Billion Meltdown
A heated clash between former President Donald Trump and billionaire Elon Musk escalated sharply on Thursday, erasing more than $150 billion from Tesla’s (TSLA) market value.
The sharp decline followed Musk’s harsh criticism of a GOP-backed spending bill championed by Trump, drawing an immediate and forceful response from the former president and raising investor concerns about the growing political risks surrounding one of the world’s most valuable companies.
“This is a disaster of epic proportion for Tesla and SpaceX,” Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management, told Yahoo Finance. “And whether Elon wants to accept it or not, he did help Trump get elected. It is his fault that Trump is president of the United States.”
Tesla shares partially recovered on Friday, climbing about 6% in afternoon trading as Musk and Trump appeared to deescalate the feud. Still, Gerber cautioned, “I think we’re just getting started for the declines because a lot of the stock price’s value isn’t based off the underlying business. It’s based off the perception that Elon being a part of Tesla is somehow wonderful.”
Musk’s criticism centered on Trump’s tax bill, which is projected to add trillions to the national debt over the next decade and includes provisions to eliminate electric vehicle tax credits — a vital incentive for Tesla. Gerber warned that losing those credits could be a “death blow” to the company’s sales. The bill, having passed the House, now moves to the Senate, with Trump vowing to sign it into law by July 4.
Top Gainers
Several stocks experienced significant gains. Some of the top gainers included:
• Recursion Pharmaceuticals (RXRX) moved higher 20.13%
• Manchester United plc (MANU) soared by 18.83%
• QXO, Inc. (QXO) exploded 13.43%
• D-Wave Quantum Inc. (QBTS) surged 13.05%
• Lemonade, Inc. (LMND) rose 11.52%
• Lyell Immunopharma, Inc. (LYEL) moved up 11.34%
• Legend Biotech Corporation (LEGN) jumped 11.18%
• Bitdeer Technologies Group (BTDR) spiked 10.77%
• NuScale Power Corporation (SMR) moved up 10.66%
• Sarepta Therapeutics, Inc. (SRPT) surged 9.69%
Top Losers
The top US stock losers today, based on percentage change included:
• Lululemon (LULU) moved lower 19.80%
• DocuSign, Inc. (DOCU) moved lower 18.97%
• Braze, Inc. (BRZE) sank 17.65%
• Orla Mining, Ltd. (ORLA) fell 10.04%
• ABM Industries Incorporated (ABM) moved down 9.07%
• EchoStar Corporation (SATS) moved lower 8.15%
• The Toro Company (TTC) sank 6.53%
• Harmony Gold Mining (HMY) dragged 5.27%
• Equinox Gold Corp. (EQX) moved down 5.06%
• Broadcom Inc. (AVGO) slumped 5.00%
Notables
• Lululemon (LULU) shares tumbled over 20% in midday trading Friday after the company lowered its full-year earnings outlook, citing challenges in a “dynamic macro-environment.” The activewear brand now expects earnings per share of $14.58 to $14.78, down from a previous forecast of $14.95 to $15.15.
• Tesla (TSLA) rebounded as much as 6% by midday, recovering some of Thursday’s steep losses after CEO Elon Musk and former President Trump appeared to ease their public feud on social media—a conflict that wiped out $150 billion in Tesla’s market value the previous session. Despite the volatility, Morgan Stanley remains bullish on Tesla, maintaining an Overweight rating and a $410 price target.
• DocuSign (DOCU) dropped 18% after the e-signature company lowered its full-year billings forecast, even as it announced a $1 billion share buyback program.
• Broadcom (AVGO) fell more than 3% Friday, lagging the broader semiconductor sector after its latest forecast failed to impress Wall Street.
• Microsoft (MSFT) opened at a new all-time high, overtaking Nvidia (NVDA) to reclaim its position as the world’s most valuable publicly traded company.
• Circle (CRCL), a stablecoin issuer, jumped 22% in early Friday trading, extending its explosive 168% debut day rally. The stock has seen heightened volatility, with multiple trading halts, as crypto markets benefit from favorable signals from the Trump administration and corporate sector.
• Samsara (IOT) shares slid 4.6% by the close after falling as much as 12% earlier in the session, as the company faced a sharp revaluation.
• Omada Health (OMDA) surged 36% to around $25 per share Friday afternoon in its public market debut.
What to Watch Ahead
Economic:
• Monday (6/9): Wholesale Inventories
• Wednesday (6/11): Consumer Price Index (CPI), EIA Crude Oil Inventories, MBA Mortgage Applications Index, Treasury Budget; 10-year Treasury Note Auction
• Thursday (6/12): Producer Price Index (PPI), Continuing Claims, EIA Natural Gas Inventories, Initial Claims; 30-Year Treasury Bond Auction
• Friday (6/13): University of Michigan Consumer Sentiment – Preliminary
Earnings:
• Monday (6/9): Casey’s General Stores Inc. (CASY), Calavo Growers Inc. (CVGW)
• Tuesday (6/10): J.M. Smuckers Co. (SJM), Core & Main Inc. (CNM), Academy Sports and Outdoors Inc. (ASO), GameStop Corp. (GME), GitLab Inc. (GTLB), Dave & Buster’s Entertainment Inc. (PLAY)
• Wednesday (6/11): Chewy Inc. (CHWY), SailPoint Inc. (SAIL), Victoria’s Secret & Co. (VSCO), Oracle Corp. (ORCL)
• Thursday (6/12): Lovesac Co. (LOVE), RH Inc. (RH)
Other:
• Apple’s Worldwide Development Conference (WWDC) – 6/9-6/13
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