#TrumpVsMusk Major stock indexes are on track to post gains for the second consecutive week as investors keep close tabs on trade-related developments and economic data.
Stocks moved sharply higher Friday morning as investors responded to an encouraging report on the state of the labor market.
The Dow Jones Industrial Average was up 1.3% recently, while the S&P 500 and tech-heavy Nasdaq Composite each added 1.2%. Stocks had closed lower on Thursday as market participants digested a handful of economic indicators and news of progress on trade talks between the U.S. and China, while shares of Tesla plunged as a spat between CEO Elon Musk and President Donald Trump played out in a very public way.
With its gains this morning, the benchmark S&P 500 index surpassed 6,000 points for the first time since late February. The stock market has rallied in recent months as investor concerns about Trump's tariff plans have eased, while corporate earnings and economic data have remained strong. The major indexes are poised to post gains for the second consecutive week, after the S&P 500 in May had its strongest month since late 2023.
The monthly employment report from the Labor Department, released early Friday, showed that U.S. employers added 139,000 jobs in May, compared with the 125,000 that economists had expected, while the unemployment rate held steady at 4.2%. The jobs report underscores the continued resilience of the labor market amid concerns that tariffs could hinder economic growth.
Tesla (TSLA) shares were up more than 4% in early trading Friday, after tumbling 14% on Thursday and pushing the EV maker's market capitalization below $1 trillion.
Other mega-cap technology stocks were mostly higher. Alphabet (GOOG) was up 3%, while Nvidia (NVDA), Apple (AAPL), Amazon (AMZN) and Meta Platforms (META) each gained about 2%, and Microsoft (MSFT) tacked on 1%. Shares of Broadcom (AVGO) bucked the trend, falling more than 3%, after the chip giant released strong quarterly results but issued a forecast that fell short of lofty expectations.
Among other noteworthy tech sector movers this morning, shares of data analytics software provider Palantir (PLTR) and memory chip maker Micron (MU) each gained about 4%.
Shares of Lululemon (LULU) plunged 18% after the athletic apparel maker trimmed its full-year outlook, offsetting quarterly results that came in slightly better than expectations.
Crytpo-related stocks were gaining ground as the price of bitcoin jumped to $104,500, up from a low of $100,500 yesterday. Major bitcoin buyer Strategy (MSTR) was up 1.5%, while crypto exchange Coinbase Global (COIN) added 3% and bitcoin miner Riot Platforms (RIOT) jumped 8%.
The yield on the 10-year Treasury note, which affects borrowing costs on a wide range of loans, notably mortgages, was at 4.47%, up from 4.39% at yesterday's close. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, rose 0.4% to 99.15.
Gold futures were down 0.4% at $3,360 an ounce, while West Texas Intermediate futures, the U.S. crude oil benchmark, rose 1.5% to $64.35, gaining ground for the second day in a row.
