From Nasdaq: 2025-06-06 18:24:00

Stock indexes closed higher on Friday, with the S&P 500, Dow Jones, and Nasdaq all posting gains. The rally was fueled by a better-than-expected US May employment report and the resumption of US-China trade talks. Tesla shares recovered after a plunge, rising over 3% as CEO Musk signaled a desire to ease tensions with President Trump.

US May nonfarm payrolls exceeded expectations, with a rise of +139,000 jobs. The unemployment rate held steady at 4.2%, meeting expectations. Additionally, average hourly earnings increased by +0.4% m/m and +3.9% y/y, surpassing forecasts. April consumer credit also saw a strong increase of +$17.873 billion.

Fed comments on interest rates were mixed, with some officials advocating for a rate cut later in the year while others preferred to wait for more economic clarity. Overseas markets settled higher, with Eurozone GDP revised higher and the ECB signaling a pause on further rate cuts. Bond yields were mixed, with T-notes retreating on strong US economic data.

Chip makers and tech stocks saw gains on Friday, boosting the broader market. Energy stocks rose as WTI crude prices hit a 1-1/2 month high. Some notable movers included Marvell Technology, Alphabet, and APA Corp. Meanwhile, Lululemon Athletica and Docusign led losers in the S&P 500 and Nasdaq 100 after cutting their earnings forecasts.

In earnings news, Quanex Building Products and Sarepta Therapeutics saw gains, while companies like Lululemon Athletica and Docusign faced losses. ServiceTitan reported a wider-than-expected loss, Mosaic cut its sales volume forecast, and Broadcom fell despite strong Q2 earnings. MercadoLibre closed down after Citigroup expressed concerns about potential risks.

Upcoming earnings reports for June 9, 2025, include Borr Drilling Ltd, Calavo Growers Inc, Casey’s General Stores Inc, and more. The author, Rich Asplund, did not have any positions in the securities mentioned. All information in the article is for informational purposes only. The views expressed are those of the author and do not necessarily reflect those of Nasdaq, Inc.



Read more at Nasdaq: Stocks Finish Sharply Higher on a Resilient US Labor Market