On Friday, US stocks experienced a significant upswing with the S&P 500 climbing 1%, surpassing the 6,000 threshold and reaching its highest level since February. This surge was spurred by a robust jobs report surpassing expectations and renewed optimism regarding US-China trade discussions. The Dow Jones Industrial Average soared by 442 points, while the Nasdaq Composite increased by 1.2%, significantly driven by Tesla’s remarkable 3.7% rebound following a respite in tensions between Elon Musk and President Trump. The labor market exceeded predictions by adding 139,000 jobs in May, alleviating concerns about an imminent economic slowdown. Concurrently, President Trump injected a sense of hope into trade negotiations, announcing the resumption of US-China talks in London the following week. Despite this, President Trump urged Federal Reserve Chairman Jerome Powell to lower interest rates by a full percentage point, referring to it as “rocket fuel” for the economy. Major technology companies also posted gains, with Nvidia, Meta, and Apple rising by 1.2%, 1.9%, and 2.1% respectively. Over the week, all major indices showed upward movement, with the S&P and Dow both increasing by over 1% and the Nasdaq climbing 2%.
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