Dow rises more than 400 points on solid jobs report, S&P 500 touches 6,000: Live updates

Stocks jumped Friday after the latest nonfarm payrolls data came in better than expected, easing concern the economy faces an imminent slowdown.

The Dow Jones Industrial Average popped 443.13 points, or 1.05%, to close at 42,762.87. The blue-chip index was up more than 600 points at its highs of the session. The S&P 500 also gained 1.03% — surpassing the 6,000 level for the first time since late February — and settling at 6,000.36. The Nasdaq Composite rallied 1.20%, ending at 19,529.95.

The market’s move higher was supported by a more than 3% gain in Tesla. Shares of the electric vehicle maker weighed on the market Thursday, tumbling 14%, as CEO Elon Musk sparred with President Donald Trump on social media. Other major tech-related names such as Nvidia, Meta Platforms and Apple also ended the session higher.

U.S. payrolls climbed 139,000 in May, the Bureau of Labor Statistics reported Friday, above the Dow Jones forecast of 125,000 for the month but less than the downwardly revised 147,000 in April. The unemployment rate was unchanged at 4.2%.

“The nonfarm payrolls report came in better than expected,” Anthony Saglimbene, chief market strategist at Ameriprise, said in an interview with CNBC. “It’s showing that the labor market is holding up very well in spite of kind of some slowing growth trends.”

A series of data released earlier this week signaled a possible economic slowdown, raising questions about the impact of the multi-front tariff negotiations and the next steps for the Federal Reserve, which next meets to set interest rate policy on June 17-18.

On Thursday, unemployment claims for last week’s period came in higher than expected. That came a day after ADP reported that private sector payrolls saw a gain of just 37,000 in May, which substantially missed the Dow Jones estimate for 110,000. Activity in the U.S. services sector also weakened unexpectedly last month.

“There’s still some uncertainty about what the inflation impacts are going to be from the tariffs,” Saglimbene continued, adding that he expects tariff impacts to start showing up more in the economic data during the summer. “Markets are kind of holding judgment about what all this means for growth and profitability over the next couple quarters, so we’re kind of back to where we were in February.”

Trump has since offered some hope on trade, announcing later Friday that talks between the U.S. and China will take place next week in London.

The S&P 500 ended the session more than 2% below its February high. The broad market index, along with the other two major benchmarks, also posted notable gains for the week. The S&P 500 was up 1.5% on the week, and the Dow posted a 1.2% advance. The Nasdaq jumped 2.2% over the period.

Stocks close in the green on Friday

Stocks finished higher Friday, closing out the first trading week of June in positive territory.

The Dow Jones Industrial Average rose 443.13 points, or 1.05%, to end at 42,762.87. The S&P 500 climbed 1.03%, closing at 6,000.36, while the Nasdaq Composite advanced 1.2% and settled at 19,529.95.

— Sean Conlon

Consumer is ‘holding up reasonably well,’ UBS says

The U.S. consumer appears to be remaining rather resilient amid macroeconomic uncertainty, according to UBS.

“The overall U.S. consumer is holding up reasonably well,” equity strategist Sunny Mehra wrote in a note dated Thursday, adding that the year-over-year trends for April and May were better than those for February and March.

The equity strategist also found that the upper-income consumer is continuing to do well, while the lower-income consumer is not doing as well, seeing that it’s come under pressure from cumulative inflation. However, Mehra also said that spending from that consumer is “not dropping off rapidly.”

— Sean Conlon

Brown-Forman shares head for worst week since 1987

Despite Friday’s bounce, Brown-Forman shares are poised to notch their biggest weekly decline in almost four decades.

Shares of the alcohol maker popped more than 2% in Friday’s session, but were still down by more than 15% this week. If that holds, it would mark the Jack Daniel’s parent’s worst weekly performance since 1987, when shares plunged 18.5% in a week.

A chunk of the declines came after Brown-Forman posted earnings for the fiscal fourth quarter that missed consensus forecasts on both lines, per LSEG. The Louisville-based company acknowledged that it was operating in an “exceptionally challenging macroeconomic environment.”

Shares have now tumbled more than 25% in 2025, on track for their fifth consecutive losing week.

— Alex Harring

Trump announces U.S.-China trade talks set for next week in London

President Donald Trump announced on Friday that discussions on trade between the U.S. and China will take place next week in London.

“I am pleased to announce that Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative, Ambassador Jamieson Greer, will be meeting in London on Monday, June 9, 2025, with Representatives of China, with reference to the Trade Deal,” Trump wrote in a Truth Social post.

“The meeting should go very well,” the president also said.

— Sean Conlon

Declining immigration may pose more of a negative supply shock for U.S. economy than tariffs, Deutsche Bank says

A reduction in immigration to the U.S. may have more of an adverse impact on the economy than the Trump administration’s tariffs, according to Deutsche Bank.

“While everyone is focused on the impact of tariffs, the real story for the U.S. economy is the collapse in immigration: down more than 90% compared to the run rate of previous years, equivalent to a slowing in labor force growth of more than 2 million people,” strategist George Saravelos wrote in a note on Friday. “This represents a far more sustained negative supply shock for the economy than tariffs.”

Saravelos noted that last year saw the economy benefit from a “goldilocks” mix of high employment growth and low wages particularly due to high immigration figures.

“If recent immigration trends continue, it must follow that over the course of the year the reverse will happen,” he added.

— Sean Conlon

20 stocks score new 52-week highs

Twenty S&P 500 stocks reached new 52-week highs on Friday, and Among them, and 15 of them secured fresh all-time highs. Here are some that hit that milestone:

• Mastercard trading at all-time high levels since its IPO in May 2006
• Nasdaq trading at all-time high levels back to April 2003
• Johnson Controls trading at all-time high levels back to when it began trading in 1940
• Paychex trading at all-time highs back to its IPO in August 1983
• RTX trading at all-time highs back to when the United Technologies name was adopted in 1975
• Amphenol trading at all-time high levels since its IPO in 1991
• IBM trading at all-time highs back to when it began publicly trading on the NYSE in January 1962
• Jabil trading at all-time highs back to its IPO in April 1993
• Microsoft trading at all-time high levels back to its IPO in March 1986
• Seagate Technology trading at all-time highs back to its IPO in December 2002

— Christopher Hayes, Sean Conlon

Broadcom shares fall after earnings

Shares of Broadcom fell more than 4% in midday trading on Friday despite its latest quarterly results topping Wall Street’s estimates.

For the second quarter, the chipmaker posted adjusted earnings of $1.58 per share on revenue of $15 billion, while analysts surveyed by LSEG had penciled in $1.56 per share and $14.99 billion in revenue.

Bernstein analyst Stacy Rasgon wrote in a Friday note that “high expectations drove a bit of downside.” “That being said, the AI narrative is clearly strengthening; overall the story still has legs,” he continued.

Even with Friday’s losses, the stock is still on pace to finish the week in the green, with its week-to-date gain sitting at around 3%. Shares have also soared about 39% in the past three months.

— Sean Conlon

Trump urges Powell to cut interest rates by a full point despite solid jobs report

President Donald Trump called on Federal Reserve Chair Jerome Powell on Friday to cut interest rates by a full percentage point, even as May’s nonfarm payrolls report exceeded expectations.

“‘Too Late’ at the Fed is a disaster! Europe has had 10 rate cuts, we have had none. Despite him, our Country is doing great,” Trump wrote in a post on Truth Social. “Go for a full point, Rocket Fuel!”

As it stands, traders are pricing in essentially no chance of any rate cut in June following the Fed’s next meeting later in the month, according to CME’s Fedwatch tool.

— Kevin Breuninger, Jeff Cox

Omada shares make Nasdaq debut at $23

Shares of Omada Health made their Nasdaq debut Friday, opening at $23 after the virtual chronic care company priced the stock at $19 in its initial public offering.

— Ashley Capoot

Utilities, consumer staples drag on S&P 500 this week

While the S&P 500 is on track to finish this week more than 1% higher, its gains have been limited by slides in consumer staples and utilities names.

Both the consumer staple and utility sectors of the S&P 500 have dropped around 1.6% each this week. That’s made them the two worst-performing sectors of that 11 that comprise the benchmark index.

Alcohol stock Brown-Forman led the sector down this week with a plunge of more than 15% as investors analyzed its weak earnings report. Tylenol and Neutrogena parent Kenvue was the next biggest loser, dropping more than 8%.

PG&E was the worst-performing utility stock, sliding nearly 7%. Constellation Energy, which inked a nuclear energy deal with Meta this week, followed with a decline of more than 5%.

— Alex Harring

Petco Health tumbles as much as 25% on worse-than-expected first-quarter loss

Petco Health and Wellness slumped as much as 25% Friday after losing 4 cents per share in the fiscal first quarter, twice the 2c loss that analysts had estimated, based on FactSet data. Revenue of $1.49 billion missed the Street’s $1.50 billion consensus, while same-store sales dropped 1.3%, worse than the 0.6% decline forecast by analysts.

Petco said its second quarter and full year forecasts assume “that the current tariffs on imports into the U.S. from China and other countries as of June 5, 2025 will stay at current levels and do not increase for the remainder of the year.”

The San Diego-based retailer’s shares are on pace for their second-largest daily decline ever, and have fallen almost 49% over the past six months.

— Scott Schnipper

Lululemon heads for worst day since 2020

Lululemon shares tumbled 18%, putting them on pace for their worst day since March 16, 2020, after the athleisure maker cut its full year earnings guidance.

— Fred Imbert

Health care industry powered job gains in May

The better-than-expected May jobs report was fueled largely by the health care industry.

The health care and social assistance category grew by more than 78,000 jobs in May, accounting for more than half of the economy’s net gains. Leisure and hospitality was the next strongest sector, adding 48,000 jobs.

Five categories lost jobs, including manufacturing, which shrank by 8,000.

— Jesse Pound, Gabriel Cortés

Stocks open higher Friday

Stocks jumped on Friday morning.

The Dow Jones Industrial Average jumped 423 points, or 1%, shortly after the opening bell. The S&P 500 also rose about 1%, while the Nasdaq Composite gained 1.2%.

— Sean Conlon

Deepwater’s Gene Munster says Telsa’s dive Thursday was an ‘overreaction’

As Tesla CEO Elon Musk and President Donald Trump exchanged public jabs, the EV maker’s stock tumbled more than 14%, but Gene Munster, managing partner at Deepwater Asset Management, said the move was an “overreaction.” Tesla stock was bouncing back more than 5% in premarket trading on Friday.

Munster said that Tesla’s lofty valuation is tied to investor bets on the company’s future in self-driving vehicles, and he doesn’t think the spat puts its robotaxi efforts in jeopardy.

“Ultimately, I think that the president wants to do what is right for the country, despite, I think, all the personalities between the two and wanting to get a kind of one-up manship,” he said. Munster argued that it’s more important for the country to support Tesla in the artificial intelligence “arms race” with China.

“I’m fast-forwarding one to five years from now, and in Europe and the rest of the world, it would be a little bit odd, I think, for this personality blow up to really slow down that pace of innovation. And so ultimately, I think that what is best for the country is autonomy to move forward. And I think that means that this is going to continue to move forward.”

Munster said he owns Telsa stock in his personal accounts and would continue to buy its shares.

— Christina Cheddar Berk

U.S. payrolls rose more than expected in May

Nonfarm payrolls gained 139,000 in May, above the 125,000 that economists polled by Dow Jones had estimated but slightly below the downwardly revised 147,000 that the U.S. economy added in April.

The unemployment rate stayed at 4.2%.

— Jeff Cox

Stocks making premarket moves

Here are some of the names making moves before the bell:

Broadcom — The chipmaker slipped nearly 3% on the heels of lackluster free cash flow in the second quarter. Broadcom reported free cash flow of $6.41 billion, versus the $6.98 billion consensus estimate from FactSet.

Circle Internet Group — Shares of the stablecoin company popped nearly 12%, following its 168% rally during its debut on the New York Stock Exchange Thursday.

Lululemon — The stock sank 21% after the athleisure company’s second quarter outlook missed analyst estimates. he firm also slashed its earnings outlook for the full year.

To see more stocks moving during premarket trading, read the full story here.

— Michelle Fox

Tesla shares tick 4.5% higher in premarket after $152 billion wipeout

Tesla shares were 4.5% higher in premarket trade at 4:31 a.m. ET, after a war of words between CEO Elon Musk and President Donald Trump helped wipe $152 billion off its value on Thursday, the biggest-ever hit to its market cap.

— Jenni Reid

Small caps lead for the week entering Friday

With one day left in trading for the week, here’s where the major averages stand:

• The Dow is up 0.12% week to date, on pace for its second positive week in a row
• The S&P is up 0.47% on the week, headed for its second positive week in a row
• The Nasdaq Composite is up 0.97% week to date, on track for its second positive week in a row
• The small cap Russell 2000 is up 1.50% for the week, on pace for its eight positive week in nine.

— Jesse Pound, Christopher Hayes

Nasdaq 100 futures, S&P 500 futures fall at the open

Futures for the Nasdaq 100 and S&P 500 dipped 0.4% and 0.2%, respectively, when trading resumed on Thursday evening. Dow futures were little changed.

— Jesse Pound

Lululemon’s slide highlights after hours movers

Shares of Lululemon sank 22% in extended trading after the apparel company cut its full-year earnings guidance, citing a “dynamic macroenvironment.”

However, the firm was not the only company whose quarterly report led to a big after hours move:

• Docusign fell 17% after billings growth was slower than expected in the first quarter, according to FactSet.
• Broadcom slipped 3% after reporting only modest beats on the top and bottom lines, according to analysts surveyed by LSEG, and free cash flow that was weaker than expected, according to FactSet.

Check out more movers here.

— Jesse Pound