S&P 500 closes at 6,000 as economic optimism grows after jobs report

4:10pm: S&P hits 6,000 milestone

Wall Street ended the week on a high note Friday, with major indexes surging across the board as investors cheered a stronger-than-expected jobs report and easing tensions between two of the market’s most-watched figures: Elon Musk and Donald Trump.

The Dow jumped 443 points, or 1.1%, to close at 42,763. The S&P 500 climbed 1% to finish at the 6,000 milestone — its highest level since February — while the Nasdaq added 1.2% to end the day at 19,530. Small-cap stocks led the way, with the Russell 2000 up 1.5% to 2,128.

A surprisingly solid employment report set the tone, showing continued labor market strength with unemployment holding steady at 4.2%. The upbeat data helped ease recession concerns and bolstered hopes that the economy remains resilient, even as broader growth begins to moderate.

Adding to the positive mood, investors breathed a sigh of relief as the public spat between Tesla’s Elon Musk and President Trump appeared to cool. With reports of a planned call between the two and talk of reconciliation, Tesla shares rebounded sharply, lifting the broader tech sector after Thursday’s sharp sell-off.

The rally was widespread, with gains in blue chips, large caps, and small caps alike. The Russell 2000’s outperformance was particularly notable, suggesting a fresh wave of optimism for smaller companies that have underperformed so far this year.

On the week, the major indexes notched solid wins — the Dow, S&P 500, and Nasdaq each logged their second straight week of gains. The Russell 2000 is on a hot streak of its own, heading for its eighth positive week out of the last nine, even as it remains down around 4% year to date.

Looking ahead, investors are cautiously optimistic. The combination of strong employment data and cooling corporate and political tensions has helped calm markets, but uncertainty still looms. All eyes will be on next week’s Federal Reserve updates and any movement on trade negotiations, both of which could shape the next leg of the market’s direction.

3:42pm: Proactive news headlines

Abacus Global Management (NASDAQ:ABL) authorized a new $20 million share repurchase program, signaling strong confidence in its long-term fundamentals and shareholder value.

Silver continued its rally, climbing above $36/oz—its highest in over 13 years—driven by a persistent supply deficit and surging industrial and investor demand.

Medicus Pharma (NASDAQ:MDCX) appointed KPMG as its new auditor for fiscal 2025, as the biotech firm accelerates its international expansion and clinical programs.

HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) boosted its Bitcoin mining hashrate by 58% in May, aided by a fully energized 100 MW hydro-powered facility in Paraguay.

Candel Therapeutics Inc (NASDAQ:CADL) strengthened its leadership team by adding Dr. Maha Radhakrishnan, a seasoned biotech executive, to its board of directors.

TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) shares extended gains into Friday after a 33% spike the day before, fueled by excitement around its strategic review and royalty portfolio.

ValiRx shares slid 10% following the release of its 2024 financials, which included a £1.92 million loss and ongoing concerns about funding sustainability.

KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) said it is nearing completion of a $320 million financing package for its Tulu Kapi project, aiming for full production by late 2027.

Bango PLC (AIM:BGO, OTCQX:BGOPF) projected continued growth in 2025, backed by strong early sales of its Digital Vending Machine and an expanding customer base.

3:00pm: Trump expected to extend TikTok deadline

President Donald Trump is expected to issue another extension allowing TikTok to continue operating in the United States, pushing back the current June 19 deadline, the Wall Street Journal reported on Friday.

The move would mark Trump’s third extension in the ongoing effort to force a sale of TikTok's U.S. operations to an American-controlled entity. Talks have reportedly stalled due to broader trade tensions between the U.S. and China.

ByteDance, the Chinese parent company of TikTok, currently retains less than a 20% stake in the proposed U.S. version of the platform, according to the report.

2:30pm: Stocks on the move

Tesla Inc (NASDAQ:TSLA) shares rose over 5.5% Friday as investors welcomed signs of reconciliation between Elon Musk and Donald Trump, easing fears of regulatory fallout.

Docusign (NASDAQ:DOCU) shares sank more than 17% after mixed Q1 results and weak billings guidance overshadowed revenue and earnings beats.

HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) reported a 58% jump in Bitcoin mining hashrate in May, fueled by its newly energized hydro-powered facility in Paraguay.

Manchester United Plc (NYSE:MANU) shares climbed after the club confirmed it remains in compliance with both Premier League and UEFA financial regulations.

Candel Therapeutics Inc (NASDAQ:CADL) appointed industry veteran Dr. Maha Radhakrishnan to its board, strengthening its leadership in drug development.

TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) shares rallied as much as 33% this week on heavy volume, amid heightened investor interest in its strategic review and royalty portfolio.

1:35pm: DOGE impact limited

Bank of America described the May jobs report as “better than solid, they are strong,” pointing to 139,000 nonfarm payroll gains, a 4.2% unemployment rate, and a stronger-than-expected 0.4% month-over-month rise in average hourly earnings.

Despite a 95,000 downward revision to prior months and a drop in the labor force participation rate to 62.4%, the bank noted that “on net, however, the three- and six-month average for payrolls is still at an above breakeven 135k and 157k, respectively.”

Still, Bank of America warned that upcoming immigration restrictions may weigh on certain sectors, especially trade and transport. "The DOGE impact appears to be limited to federal payrolls so far," they noted.

12:20pm: Rally continues

Stocks are solidly in the green at midday Friday as Wall Street rallies behind a stronger-than-expected jobs report and fresh enthusiasm in tech.

As of midday, the Dow is up 0.9%, the S&P 500 has gained 1%, and the Nasdaq is leading the way with a 1.1% rise.

It’s a welcome bounce for all three major indexes, which are clawing back after Thursday’s dip—largely tied to weakness in Tesla. Today, sentiment has shifted sharply. The S&P 500 hit a three-and-a-half-month high, and the Dow reached its best level in three months.

Fueling the rally is the May jobs report, which showed nonfarm payrolls climbing by 139,000, topping economists’ expectations. The unemployment rate held steady at 4.2%, helping ease worries that the labor market was cooling more than expected.

Technology stocks are doing the heavy lifting, with Tesla up more than 4% after recent volatility rocked its share price earlier in the week.

Also adding to the upbeat tone: positive signals on the U.S.-China trade front. Investors welcomed news of a potential high-level meeting next week, which could mark a step forward in mending trade ties between the world’s two largest economies.

With broad-based gains and improving sentiment, traders are heading into the afternoon session with a bullish outlook.

11:25am: Cooler heads prevail?

Amid recent tensions between Elon Musk and President Donald Trump, the White House has reportedly scheduled a call today to help the two reconcile and resolve their differences.

Analysts at Webush believe “cooler heads will prevail” and that restoring their friendship would be a significant positive for Tesla shares.

"We have seen some very strange and wild days in covering Musk for many years but yesterday might win the award and prize for one of the strangest Twilight Zone days we have seen....as the bromance between Musk and Trump quickly grew into "frenemies" in junior high school," analysts wrote.

The firm views the current selloff as an overreaction, emphasizing that the spat does not alter their bullish outlook on Tesla’s autonomous vehicle future, which they value at $1 trillion.

10:35am: Wait and see

More reaction to the May jobs data is coming in, and the consensus amongst analysts is that the Fed is likely to hold off on making any major rate cuts for the foreseeable future.

"The industry composition pointed to resilience in health care but weakness in more cyclically-sensitive industries," analysts at Wells Fargo wrote. "We expect today's report is strong enough to keep the FOMC in wait-and-see-mode for at least a little while longer."

LPL's Jeffrey Roach agrees.

"The slowdown in the job market has been quite smooth so far without many surprises," Roach commented. "If payroll growth trudges on like this, the Fed will likely remain in “wait and see” mode. Markets breathed a sigh of relief after this morning’s payroll release."

9:50am: Stocks jump on jobs data

Stocks roared out of the gate on Friday morning, with all major indexes posting strong early gains as investors cheered a better-than-expected May jobs report and a rebound in heavyweight tech names.

The Dow Jones climbed 590 points, or 1.4%, to 42,910 just after the opening bell. The S&P 500 gained 76 points, or 1.3%, to trade at 6,015, while the Nasdaq Composite jumped 275 points, or 1.4%, to 19,573.

The small-cap Russell 2000 also joined the rally, up 1.3% to 2,126.

The mood on Wall Street turned upbeat after the Labor Department reported that the US economy added 139,000 jobs in May, beating expectations for 125,000. The unemployment rate held steady at 4.2%, and average hourly earnings rose 0.4%, slightly higher than forecast. The data offered a reassuring signal that the labor market remains resilient, despite signs of broader economic cooling.

Adding fuel to the rally was a sharp recovery in tech stocks, which had stumbled a day earlier amid political drama. Tesla surged 5% in early trading, clawing back some of Thursday’s 14% plunge that was sparked by a very public spat between CEO Elon Musk and President Donald Trump. Other tech giants—Microsoft, Nvidia, Apple, Amazon, Alphabet, and Meta—also bounced higher, lifting both the S&P 500 and Nasdaq.

Investors are also keeping a close eye on global trade talks, particularly after recent discussions between Trump and Chinese President Xi Jinping raised hopes for progress, even as major sticking points remain. Meanwhile, anticipation is building for the Fed’s upcoming policy meeting later this month, with markets still betting on interest rate cuts by year-end.

Elsewhere, Broadcom slipped despite strong quarterly results, as a cautious outlook weighed on sentiment. Lululemon tumbled after forecasting weaker profits due to rising costs tied to tariffs, bucking the broader market’s upward trend.

8:55am: Jobs growth slows in May

The US economy added 139,000 jobs in May, topping expectations for a 123,000 increase, but revisions to prior months painted a softer picture of labor market momentum.

April payrolls were revised down to 147,000 from 177,000, while March figures were cut to 120,000 from 185,000.

The unemployment rate held steady at 4.2%, matching forecasts. Wages showed solid growth, with average hourly earnings rising 0.4% on the month and 3.9% year over year, both ahead of expectations.

8:05am: Mixed start expected

Wall Street looks set for a mixed start on Friday as investors await the release of the May jobs report.

Futures linked to the Dow Jones Industrial Average point to an implied open higher by 117 points. S&P 500 futures are up 0.40%, while Nasdaq futures lead with a gain of 0.46%.

Economists, on average, expect 130,000 jobs were added in May and the unemployment rate held at 4.2%. Another forecast calls for 125,000 jobs created, a slowdown from April but not enough to significantly raise recession fears.

The nonfarm payrolls report is due at 8:30 AM ET. It is likely to influence expectations for the Federal Reserve’s next policy move.