U.S. Stocks Rise After Better-Than-Expected Jobs Report
WSJ Minute Briefing
Deep Dive
Shownotes Transcript
At KPMG, we make the difference by creating value, like developing strategic insights that help drive M&A success or embedding AI solutions into your business to sustain competitive advantage. KPMG, make the difference. Learn more at www.kpmg.us slash insights. Here's your closing bell brief for Friday, June 6th. I'm Danny Lewis for The Wall Street Journal.
U.S. stocks rose after the latest jobs report showed hiring slowed in May, but by less than expected. The Dow Jones Industrial Average gained 443 points to close at 42,763. The S&P 500 rose 61 points, and the Nasdaq advanced 232 points. The steady jobs report lets the Federal Reserve hold the course on interest rates through the summer, and traders dialed back bets on rate cuts.
But in a social media post, President Trump urged the Fed to cut rates by a full point. For the week, the Dow advanced 1.2 percent, the S&P gained 1.5 percent, and the Nasdaq rose 2.2 percent. The three indexes are once again all up for the year, for the first time since late February.
In individual stocks today, Trump and Elon Musk's public falling out continued to play out in their publicly traded companies. Musk's Tesla and Truth Social parent Trump Media and Technology both rose almost 4%, rebounding from Thursday's sell-off. Stock in Lululemon slid after the yoga pants maker cut its profit outlook for the year and plans to raise prices due to tariffs. It also warned that consumers were being cautious with their spending. Shares fell almost 20%.
And crypto firm Circle continued its post-IPO surge for a second day. Shares rose 29%. We'll have a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker, or listen and subscribe wherever you get your podcasts.
Thank you.
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