Dow Jones - 42,762.87 (+1.05%) 

Nasdaq - 19,529.95 (+1.20%) 

S&P 500 - 6,000.36 (+1.03%) 

• Job data helped shares rocket Friday. The U.S. stock market ended the week on a positive note, with all three major indices posting gains. The major U.S. stock indexes recorded their second positive week in a row, rising around 1% to 2% for the week. The results pushed indexes to their highest levels in more than three months, although the S&P 500 remained more than 2% shy of its record high set nearly four months ago. 
• International markets. The major European markets closed slightly higher on Friday while Asian stocks ended mixed in lackluster trading despite the leaders of the U.S. and China
• A decent job market. An employment report last week modestly exceeded expectations. The economy generated 139,000 new jobs in May, above consensus expectations of around 130,000. However, initial estimates for the previous two months’ gains were revised downward by a total of 95,000. The unemployment rate held steady at 4.2%.
• A rate cut isn't likely. Bond market trading that followed Friday’s jobs report continued to support expectations that the U.S. Federal Reserve is unlikely to cut interest rates at its meeting ending June 18 or at a subsequent late July session. The Fed is expected to keep interest rates steady as the U.S. labor market shows signs of slowing without signaling a full downturn
• Oil went higher. The price of U.S. crude oil surged more than 6% as the commodity climbed to its highest price in six weeks. The gain offset modest price declines for oil over the previous two weeks. Crude rose more than $1 a barrel on Friday, posting its first weekly gain in three weeks. Brent crude futures settled at $66.47 a barrel, up $1.13, or 1.73%. U.S. West Texas Intermediate crude finished at $64.58, up $1.21 or 1.91%.
• Two sectors lagged. Despite U.S. stocks’ positive week overall, two sectors normally regarded as defensive segments finished lower. Stocks in the S&P 500’s consumer staples and utilities sectors were down 1.5% and 1.0% respectively—worst among the index’s 11 sectors.
• Volatility was calm. An index tracking investors’ expectations for short-term U.S. stock market volatility declined for the eighth time in the past nine weeks. By Friday afternoon, the Cboe Volatility Index (VIX) had dropped to 16.8, down from 18.6 the previous week and well below its recent high of 52.3 recorded on April 8.
• Small-cap stocks were rocking it. A U.S. small-cap stock index outpaced its large-cap counterpart by a significant margin last week, gaining 3.2% compared to a 1.6% rise for the large-cap index. However, small caps still trail their larger peers on a year-to-date basis.
• Bitcoin found its footing again. Bitcoin surged above $105,000 amid the overall market rally. The coin bounced after falling to around $101,000 on Thursday as a public feud unraveled between President Trump and Elon Musk.
• Gold dropped. Gold fell over 1% as strong US jobs data clouded the outlook for rate cuts.
• Tesla slumped. A heated clash between former President Donald Trump and billionaire Elon Musk escalated sharply on Thursday, erasing more than $150 billion from Tesla’s (TSLA) market value before the stock rebounded some on Friday. “This is a disaster of epic proportion for Tesla and SpaceX,” Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management, told Yahoo Finance.  Despite the volatility, Morgan Stanley reaffirmed its Overweight rating and $410 price target on the stock.
• Trade talks advanced. President Trump said high level trade talks with China would take place in London this upcoming Monday.
• Lululemon sank more than 20% in midday trading Friday. The activewear company cut its full-year earnings guidance, citing a “dynamic macro-environment.” The new forecast calls for earnings per share between $14.58 and $14.78, down from a prior range of $14.95 to $15.15.
• DocuSign plunged 18%. The company lowered ts full-year billings outlook, despite unveiling a $1 billion share repurchase plan.
• Broadcom slipped more than 3%. The stock trailed the broader chip sector after its forward guidance underwhelmed investors.
• Microsoft opened at a record high. The tech giant surpassed Nvidia to reclaim the title of the world’s most valuable publicly traded company.
• Circle, the stablecoin issuer, soared 22% in early trading Friday. The stock built on a stunning 168% rally in its market debut. The stock has experienced multiple volatility-driven trading halts amid optimism fueled by pro-crypto signals from the Trump administration and corporate sector.
• Samsara ended down 4.6%. This was better than the 12% intraday drop shares saw as the company dealt with valuation pressure.
• Omada Health jumped 36% to around $25 per share Friday afternoon. The company made its stock market debut.
• Important economic data ahead. A Consumer Price Index (CPI) report due Wednesday will reveal whether the recent slowdown in inflation continued into May, even as tariffs and global trade tensions remain high. The previous CPI report showed annual inflation at 2.3% in April, down from 2.4% in March. Core inflation, which excludes food and energy, held steady at 2.8% month over month. Despite tariff concerns, equity markets were nearly flat on Friday and closed the month of May with a gain. 

• Tesla (TSLA)
• Nvidia (NVDA)
• Circle (CRCL)
• Microsoft (MSFT)
• Apple (AAPL)

Biggest Gainers

• Recursion Pharmaceuticals (RXRX) - 20.13%
• Manchester United plc (MANU) - 18.83%
• QXO, Inc. (QXO) - 13.43%
• D-Wave Quantum Inc. (QBTS) - 13.05%
• Lemonade, Inc. (LMND) - 11.52%

Biggest Losers

• Lululemon (LULU) - 19.80%
• DocuSign, Inc. (DOCU) - 18.97%
• Braze, Inc. (BRZE) -17.65%
• Orla Mining, Ltd. (ORLA) - 10.04%
• ABM Industries Incorporated (ABM) - 9.07%

Weekly Notables

EchoStar is Considering Bankruptcy

EEchoStar is reportedly considering a potential Chapter 11 bankruptcy filing in an effort to safeguard its valuable wireless spectrum licenses from possible revocation by federal regulators, according to a Friday report from The Wall Street Journal citing people familiar with the matter. The Federal Communications Commission (FCC) last month informed EchoStar that it is reviewing the company’s compliance with federal requirements to roll out 5G services in the U.S. The investigation is focused on whether EchoStar met the conditions tied to its buildout extension and mobile-satellite service commitments.

Apple’s WWDC 2025 is Running June 9–13

Apple’s Worldwide Developers Conference begins Monday with its signature keynote presentation, combining slick corporate messaging with first looks at the latest updates to iOS, iPadOS, macOS, and other Apple platforms.

Though the company is known for keeping details under wraps, early indications point to a software-focused event this year—unlike previous WWDCs that showcased major hardware announcements like the Vision Pro or the Mac Pro with Apple Silicon. 

The Week Ahead

• Potential market moving catalysts this week: Monday (6/9): Wholesale Inventories. Tuesday (6/10): no reports. Wednesday (6/11): Consumer Price Index (CPI), EIA Crude Oil Inventories, MBA Mortgage Applications Index, Treasury Budget; 10-year Treasury Note Auction. Thursday (6/12): Producer Price Index (PPI), Continuing Claims, EIA Natural Gas Inventories, Initial Claims; 30-Year Treasury Bond Auction. Friday (6/13): University of Michigan Consumer Sentiment - Preliminary.
• Earnings on deck this week: Monday (6/9): Casey's General Stores Inc. (CASY), Calavo Growers Inc. (CVGW). Tuesday (6/10): J.M. Smuckers Co. (SJM), Core & Main Inc. (CNM), Academy Sports and Outdoors Inc. (ASO), GameStop Corp. (GME), GitLab Inc. (GTLB), Dave & Buster's Entertainment Inc. (PLAY). Wednesday (6/11): Chewy Inc. (CHWY), SailPoint Inc. (SAIL), Victoria's Secret & Co. (VSCO), Oracle Corp. (ORCL). Thursday (6/12): Lovesac Co. (LOVE), RH Inc. (RH). Friday (6/13): no reports.