Stock Market Soars on June 6, 2025: S&P 500 Breaks 6,000 Barrier for the First Time Since February following Job Report Release; Tesla Bounces Back After Sell-Off
Stocks bounced back on Friday, shrugging off a tumultuous Thursday and trading at near record levels, as a solid employment report concerned about tariffs' impact boosted investor confidence.
The S&P 500 'roared' 1% higher, while the Dow Jones and tech-heavy Nasdaq composite followed suit, each gaining 1.1%. The employment report from the Labor Department, released early Friday, revealed that U.S. employers added 139,000 jobs in May, surpassing analysts' expectations of 125,000. The unemployment rate remained steady at 4.2%, mirroring the continued resilience of the labor market despite worries about tariffs.
In a surprising turn of events, Tesla shares soared nearly 4%, recovering from a 14% plunge on Thursday following Elon Musk's spat with President Trump. Other major tech players like Alphabet, Amazon, Apple, Meta Platforms, and Nvidia each reported modest gains, with Microsoft briefly hitting a new all-time high. Shares of Broadcom bucked the trend, dropping 5% after delivering strong quarterly results but falling short of sky-high expectations for the future.
Elsewhere, the price of bitcoin jumped to $104,500, propelling cryptocurrency-related stocks such as Robinhood Markets, Coinbase Global, and bitcoin miner Riot Platforms to see moderate gains. Lululemon shares took a hit, plunging 20%, following its quarterly earnings report that missed analyst forecasts and a reduced full-year outlook.
On Friday, the yield on the 10-year Treasury note surged to 4.51%, reaching a two-week high, while the U.S. dollar index climbed 0.5%. Gold futures fell 1.3%, and West Texas Intermediate futures gained 2.2% to sit at their highest level since mid-April.
Major S&P 500 Movers
Advancers:
- 'Palantir Technologies' (PLTR) shares rallied an impressive 6.5%, leaping to a new high after its expanding government business generated positive sentiment, and AI demand remained strong following Broadcom's results.
- Moderna shares advanced 5.1%, rebounding from a volatile week that included approvals for older patient use, new COVID-19 vaccine trials, and increased concerns about tariff impacts.
- United Airlines shares surged 4.8%, after partnering with Spotify to provide in-flight access to popular streaming services.
- Tesla shares bounced back 3.7%, as the feud between Elon Musk and President Trump seemed to de-escalate, giving investors renewed optimism despite the recent plunge.
Decliners:
- Lululemon shares tanked 19.8%, plummeting after issuing a lower-than-anticipated sales and profit forecast for the current quarter and trimming its full-year earnings outlook.
- Broadcom shares slumped 5%, retreating from a string of record highs after delivering results and an outlook that fell short of lofty investor expectations, especially following Nvidia's impressive quarterly results.
- Mosaic shares dipped 4.4%, reducing its 2025 phosphate production guidance due to operational challenges at its U.S. facilities.
Finally, the S&P 500 has now cleared the 6,000-point threshold for the first time since February, with analysts confident the index will soon hit new highs due to strong earnings, robust economic data, and easing concerns about tariffs.
- The employment report from the Labor Department revealed that U.S. employers added 139,000 jobs in May, surpassing analysts' expectations and boosting investor confidence.
- The S&P 500, Dow Jones, and Nasdaq composite each gained 1% or more, trading at near record levels on Friday.
- Palantir Technologies shares rallied an impressive 6.5%, leaping to a new high as AI demand remained strong, following the results of other tech companies.
- Cryptocurrency-related stocks such as Robinhood Markets, Coinbase Global, and bitcoin miner Riot Platforms saw moderate gains due to the price of bitcoin jumping to $104,500.
- Lululemon shares plunged 20%, following its quarterly earnings report that missed analyst forecasts and a reduced full-year outlook.
- The price of bitcoin jumping to $104,500 shows the continuous interest in cryptocurrency exchange and token trading, which are a part of the finance business.
- Major businesses are invested in the crypto market, specifically in stablecoins and technical analysis, as their market cap continues to grow amid the impact of tariffs on the stock-market.
