S&P 500 Rebounds After U.S. Payroll Growth Slowed In May but Surpassed Expectations

Barry Adams
06 Jun, 2025
New York City

Wall Street indexes advanced, and nonfarm payrolls advanced more than expected in May. 

The S&P 500 index increased 0.2%, and the Nasdaq Composite rose 0.5%, and the labor market remained resilient despite the negative impact of Trump's import tax and macroeconomic uncertainty unleashed by the Trump administration. 

On Thursday, the S&P 500 index declined 0.5%, and the tech-heavy Nasdaq Composite fell 0.8%, largely because of the 15% plunge in Tesla. 

Tesla lost ground in Thursday's trading after the U.S. president suggested in a post on social media that the U.S. government should end subsidizing electric vehicles and several federal government contracts for space transport. 

Tesla's chief executive, Elon Musk, acted as a private advisor to the U.S. president and reportedly financed the reelection of Donald Trump by as much as $300 million.  

 

Commodities, Currencies, Indexes, Yields

The S&P 500 index increased 1.3% to 6,014.23, the Nasdaq Composite edged up 1.4% to 19,578.23, and the Russell 2000 index advanced 1.3% to 2,125.52.

The yield on 2-year Treasury notes edged higher to 4.00%, 10-year Treasury notes increased to 4.46%, and 30-year Treasury bonds advanced to 4.94%.

WTI crude oil increased $0.26 to $63.63 a barrel, and natural gas prices edged higher by $0.01 to $3.68 a thermal unit.

Gold increased by $5.17 to 3,358.22 an ounce, and silver edged up by $0.65 to $36.31.

The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.46 to 99.20 and traded at the lowest level since April 2022.

 

U.S. Stock Movers 

Lululemon Athletica Inc. plunged 21% to $264.05 after the specialty apparel retailer lowered its full-year outlook, citing macroeconomic uncertainty. 

The company lowered its full-year earnings per share range to between $14.58 and $14.78 from the previous range between $14.95 and $15.15. 

Several retailers have either withdrawn or lowered their annual outlook, citing Trump's import tax on consumers, including Abercrombie & Fitch, American Eagle Outfitters, RH, Macy's, and Gap Inc. 

Walmart and Home Depot have signaled that consumers are likely to see higher prices as early as this month amid higher import taxes and the constantly changing trade policy of the Trump administration. 

Broadcom Inc. decreased 2.5% to $253.38 after the advanced chipmaker's revenue modestly beat expectations set by analysts. 

However, the company's revenue and earnings outlook in the current quarter fell short of market expectations. 

DocuSign Inc. plunged 19.5% to $75.20, and the electronic signature and document processing company reported weaker-than-expected organic revenue growth in the latest quarter.