Today’s Market ActionMajor Indexes Surge as Economic Data Boosts Investor Confidence
Wall Street stocks surged on Friday, June 6, 2025, with the S&P 500 breaking above the 6,000 level for the first time since February. The Dow Jones Industrial Average jumped over 500 points (1.3%) to 42,820, while the Nasdaq Composite gained 1% to approximately 19,490.
This impressive rally comes after Thursday’s selloff, when all three major indexes closed in negative territory amid tensions between Tesla CEO Elon Musk and President Donald Trump. The Dow had declined 0.3% (108 points) to close at 42,319.74, the S&P 500 slid 0.5% to end at 5,939.30, and the tech-heavy Nasdaq lost 0.8% to finish at 19,298.45.
Jobs Report Exceeds Expectations, Calming Recession Fears
Friday’s market surge was largely driven by the May employment report from the Labor Department, which showed that U.S. employers added 139,000 jobs last month, significantly exceeding economists’ expectations of 125,000. The unemployment rate held steady at 4.2%, underscoring the continued resilience of the labor market despite concerns about the potential economic impact of recent tariff policies.
“The Federal Reserve is navigating a narrow path. While they expect the economy to soften, persistent trade uncertainty is ripe ground for monetary policy missteps,” said Seema Shah, chief global strategist at Principal Asset Management. “With both large and small businesses indicating that they plan to hold onto their workers and ride out the tariff storm, only a modest weakening in the jobs market is likely, further reducing the urgency for Fed support.”
Tesla Rebounds as Musk-Trump Tensions Ease
Tesla (TSLA) shares rebounded more than 5% in early trading Friday after plummeting 14% on Thursday when President Trump threatened to cut off government contracts with Elon Musk’s companies. The recovery came as Musk backed off his threat to decommission the Dragon spacecraft used by NASA, signaling a desire to ease tensions with the administration.
The public feud began when Musk sharply criticized Trump’s signature tax and spending bill on his X social media platform, leading to a multi-hour tirade between the two. The market capitalization of Tesla has fallen 29.3% to $917 billion so far this year, making it the worst-performing large-cap stock of 2025.
Tech Sector and Other Notable Movers
Other mega-cap technology stocks also performed well on Friday. Nvidia (NVDA), Alphabet (GOOG), and Meta Platforms (META) each gained about 2%, while Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN) were also solidly higher.
However, not all tech stocks joined the rally. Shares of Broadcom (AVGO) bucked the trend, falling nearly 4% after the chip giant released strong quarterly results but issued a forecast that fell short of lofty expectations.
In the retail sector, Lululemon (LULU) shares plunged 18% after the athletic apparel maker trimmed its full-year outlook, despite quarterly results that came in slightly better than expectations.
Cryptocurrency-related stocks gained ground as Bitcoin jumped to $104,100. Major Bitcoin buyer MicroStrategy (MSTR) was up 2%, while crypto exchange Coinbase Global (COIN) added 4% and bitcoin miner Riot Platforms (RIOT) jumped 6%.
Upcoming Market Events to Watch
Investors should keep an eye on several key economic releases next week that could impact market direction:
1. The Consumer Price Index report, scheduled for release on Wednesday, June 11, will provide crucial inflation data that could influence the Federal Reserve’s interest rate decisions.
2. The Producer Price Index (PPI) will be released on Thursday, June 12, offering insights into wholesale inflation pressures.
3. The University of Michigan Consumer Sentiment survey (preliminary) will be published on Friday, June 13, providing a gauge of consumer confidence.
4. The JOLTS Job Openings report from earlier this week showed continuing strength in the labor market, with President Trump urging the Federal Reserve to cut interest rates despite strong economic performance.
Market Outlook and Treasury Yields
The yield on the 10-year Treasury note, which affects borrowing costs on a wide range of loans including mortgages, rose to 4.46% from 4.39% at Thursday’s close. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, rose 0.4% to 99.10.
Gold futures were down slightly at $3,370 an ounce, while West Texas Intermediate crude oil futures, the U.S. benchmark, rose 0.4% to $63.65 per barrel.
As markets head into next week, investors will be closely monitoring any developments in the trade negotiations between the U.S. and China, as well as any further interactions between President Trump and Elon Musk that could impact Tesla and the broader market sentiment.