Week Ending June 6th, 2025 
Tuesday's Market Moves

Dow Jones - 42,519.64 (+0.51%) 

Nasdaq - 19,398.96 (+0.81%) 

S&P 500 - 5,970.37 (+0.58%) 

Weekly Recap

• Stocks end higher despite tariff woes. It was the second day in a row that stocks shrugged off tariff concerns. The S&P 500 closed up 0.6% on Tuesday while the Dow Jones added about 0.5%. The NASDAQ ended the highest at a gain of roughly 8%. 
• Small caps went higher. Small caps also saw a boost with the Russell 2000 rising about 1.5%.
• Nvidia takes the lead. Chipmaker Nvidia overtook Microsoft on Tuesday to become the world’s most valuable company.
• New job data. A JOLTS update showed that job openings unexpectedly rose in April as tariff hikes took effect. With 7.39 million jobs open at the end of the month, the report sets the stage for the all-important May jobs report, which is set for release on Friday.
• Tariffs and the economy. OECD slashed its outlook for global economic growth, citing the impact of Trump's trade policy on investment and confidence. 
• Long term treasury yields went higher. Long-term Treasury yields have climbed in recent weeks, driven by concerns over the US fiscal trajectory.
• Bleek data from China. China's manufacturers suffered their worst slump since 2022 in May.
• U.S. factory orders slipped. According to the Commerce Department, factory orders declined 3.7% in April following a 3.4% rise in March. The drop outpaced economists' expectations of a 3.1% decline. On a year-over-year basis, orders were still up 2.0%.
• Dollar General flourished. Dollar General led the S&P 500 on Tuesday after posting record first quarter sales.
• Ford jumps on sales. Ford stock rose more than 2% on Tuesday afternoon after reporting that sales jumped 16.3% in May 
• Applied Digital went higher. The stock added 8% in premarket trading to a 48% gain on Monday after announcing it signed two long-term lease agreements with Nvidia-backed CoreWeave for AI data centers. CoreWeave also rose 4% premarket.
• Constellation Energy jumped on Meta deal. The stock rose 11% after the energy company secured a 20-year nuclear power purchase agreement from Meta.
• Other nuclear stocks followed suite. This included Vistra (up 5%) and Oklo (up 6%).
• Pinterest got an upgrade. The company's shares gained nearly 4% after JPMorgan upgraded its rating on the stock to Outperform from Neutral. The JPMorgan analysts also raised their price target on the stock to $40 from $35 previously.
• S&P 500 gets a boost. Deutsche Bank has raised its year-end target for the S&P 500 to 6,550 from 6,150.
• Credit scores went down for millions of Americans. According to a new analysis from the Federal Reserve Bank of New York, credit scores fell by more than 100 points for 2.2 million delinquent student loan borrowers in the first quarter of 2025. For over 1 million of them, the drop exceeded 150 points—a decline comparable to the impact of a personal bankruptcy.
• Ferguson Enterprises surged. The stock rose 14.3% after the plumbing and heating distributor beat earnings estimates and raised its guidance.
• Oil went higher again. Oil rose for a second day as supply disruptions from Canada’s wildfires countered OPEC’s latest bumper supply increase.
• MARA had a record-breaking month. Mara Holdings, the second-largest corporate bitcoin holder, had a record-breaking month in May, with 282 blocks won, a 38% month-over-month increase.
• Robinhood shares moved north. The stock went back to record highs. Shares rose 5.5% to close at $71.72 on Tuesday. The previous high was $70.39, set days after the online brokerage’s initial public offering.
• Bitcoin hovers under 106,000. The leading coin was rising in afternoon trading Tuesday.
• Gold soared. Gold went to a three-week high this way as a weakening dollar and geopolitical risks amplified.
• Fed cut chances. As of early Tuesday, futures trading indicated just a 5% chance of a Fed rate cut in June, and 25% in July, according to the CME FedWatch Tool.
• What to pay attention to this week: June 4: May ISM Services PMI® and expected earnings from Dollar Tree (DLTR). June 5: ECB rate decision and expected earnings from Broadcom (AVGO), Ciena (CIEN), lululemon (LULU), and Petco (WOOF). June 6: May nonfarm payrolls. June 9: Expected earnings from Casey's General (CASY).
  June 10: Expected earnings from GameStop (GME) and Stitch Fix (SFIX).

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"We haven't seen this for decades." The recent bond market moves as a reflection of "a lot of worries and uncertainty." "I’ve been doing this a long time. And we haven't worried about the 30-year for a very long time."

-Kathy Jones, chief fixed income strategist at Charles Schwab

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Most Active Stocks

• Tesla (TSLA)
• Nvidia (NVDA)
• Meta (META)
• CrowdStrike (CRWD)
• Ford (F)

Weekly Notables

Fed Eases Key Restriction on Wells Fargo After Years of Oversight

The Federal Reserve is lifting a major constraint on Wells Fargo (WFC), nearly a decade after the bank became embroiled in a fake accounts scandal. The fourth-largest U.S. bank will no longer be bound by a $1.95 trillion cap on its assets—a limit that has hindered its growth since 2018.

The decision marks a significant win for CEO Charles Scharf, who made resolving the bank’s regulatory issues his top priority upon taking the helm in 2019. “The Federal Reserve’s decision to lift the asset cap marks a pivotal milestone in our journey to transform Wells Fargo,” Scharf said in a statement. 

Elon Musk Slams Trump-Backed Tax Bill as “Disgusting Abomination”

Elon Musk, a prominent ally of Donald Trump, fiercely criticized the president’s marquee tax and spending package, calling it a budget-breaking “abomination” as GOP fiscal conservatives ramp up opposition to the sweeping legislation. “This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,” Musk wrote on social media. “Shame on those who voted for it.” 

Earnings Spotlight: Dollar Tree, Inc. (DLTR)

Dollar Tree is slated to announce its earnings before the market opens today, with analysts predicting a consensus earnings per share of $1.21. Based on the one-year price targets offered by 21 analysts, the average target price for Dollar Tree Inc. is $88.77 with a high estimate of $108.00 and a low estimate of $70.00.