Complete Market OverviewMajor Indexes Surge as Jobs Report Boosts Economic Optimism
U.S. stocks rallied sharply on Friday, June 6, 2025, as markets closed the week on a positive note following a stronger-than-expected jobs report and easing tensions between President Donald Trump and Tesla CEO Elon Musk. The S&P 500 climbed 1.16% to close at 6,008.09, breaking above the psychologically important 6,000 level for the first time since February. The Dow Jones Industrial Average jumped 446.23 points (1.05%) to finish at 42,765.97, while the tech-heavy Nasdaq gained 1.43% to end at 19,573.81.
Friday’s rally marked a significant turnaround from Thursday’s session, when all three major indexes closed in negative territory amid the public feud between Trump and Musk that sent Tesla shares plunging 14%.
Jobs Report Exceeds Expectations, Dampening Rate Cut Hopes
The Labor Department reported that the U.S. economy added 139,000 jobs in May, surpassing economists’ expectations of 126,000. The unemployment rate remained steady at 4.2%.
However, the solid jobs report has diminished hopes for a Federal Reserve interest rate cut in June. President Trump has been urging the Federal Reserve to cut interest rates, criticizing Fed Chair Jerome Powell for being “too late” despite the U.S. economy’s strong performance.
Tesla Rebounds as Trump-Musk Tensions Show Signs of Cooling
Tesla (TSLA) shares rebounded 5.61% on Friday, recovering some of the massive losses suffered on Thursday when the stock plummeted 14% amid a public spat between CEO Elon Musk and President Trump.
The Thursday selloff wiped out approximately $152 billion in Tesla’s market capitalization, highlighting the outsized influence that the “Magnificent Seven” stocks have on major indexes. These seven companies—which include Tesla, Apple (AAPL), Microsoft (MSFT), and Nvidia (NVDA)—account for nearly one-third of the S&P 500’s weight.
By Friday, tensions appeared to be easing as Musk softened his stance regarding NASA’s Dragon spacecraft, which had been at the center of one of his threats during the dispute.
Other Notable Stock Movers at Market Close
Lululemon Athletica (LULU) was among the day’s biggest losers, plunging 19.66% after disappointing earnings results.
On the positive side, FuelCell Energy (FCEL) surged 28.08% after reporting better-than-expected Q2 results, with sales up 66.8% year-on-year to $37.41 million.
Phathom Pharmaceuticals (PHAT) was the day’s standout performer, more than doubling with a 107.36% gain.
Earnings Announcements After Today’s Close
Children’s Place (PLCE) is scheduled to release its Q1 2025 earnings after today’s market close. Options activity suggests traders are expecting a potential move of approximately 10.62% in either direction following the announcement.
Looking Ahead: Market Events to Watch
Investors are closely monitoring developments in the relationship between President Trump and China’s leadership. Trump recently spoke with Chinese President Xi and will resume talks between the U.S. and China over tariffs.
Market participants are also digesting the Congressional Budget Office’s report that the Republican tax bill would add $2.4 trillion to deficits.
As the market heads into next week, traders will be watching for further developments in the Trump-Musk relationship, additional economic data releases, and any shifts in Federal Reserve policy expectations following today’s strong jobs report.