Market Update: S&P 500 Surges Past 6,000 Points as Tesla Bounces Back and Tech Giants Rally
ICARO Media Group
**S&P 500 Reaches Over 6,000 Points Following Strong Jobs Report; Tesla Rebounds**
Major U.S. stock indexes have continued their upward trajectory, marking gains for the second consecutive week as the S&P 500 hit over 6,000 points for the first time since February 21. This surge came in response to a robust monthly labor market report, which assuaged investor concerns over the economy's health amid ongoing tariff discussions.
On Friday, the S&P 500 climbed 1%, closing just above the 6,000 benchmark. The Dow Jones Industrial Average rose by 1.1%, and the tech-centric Nasdaq Composite increased by 1.2%. This performance helped the S&P 500 surpass earlier thresholds, mainly driven by investor confidence boosted by May's employment figures. The Labor Department reported that U.S. employers added 139,000 jobs, outperforming economists' expectations of 125,000, with the unemployment rate remaining steady at 4.2%.
Tesla experienced a notable recovery, with shares advancing nearly 4% on Friday after plummeting 14% the previous day due to a public dispute between CEO Elon Musk and President Donald Trump. Despite the tumult, several analysts remain optimistic about Tesla's future. Other tech giants also registered gains: Alphabet and Amazon each grew by about 3%, while Apple and Meta Platforms saw close to a 2% rise. Nvidia and Microsoft gained 1% and traded slightly higher, respectively, with Microsoft hitting a new all-time high.
Interesting moves in the tech sector included Palantir, which led S&P 500 advancers with a notable 6.5% jump, supported by strong sentiment around its government business. Marvell Technology and Arm Holdings also saw gains of 5% and nearly 3%, respectively. Conversely, Broadcom shares fell 5% after issuing a less-than-expected forecast despite strong quarterly results.
Outside the tech sphere, shares of Lululemon dipped by almost 20% following a revision in its full-year outlook, even as quarterly results exceeded expectations. The athletic apparel company pointed to cautious consumer spending and plans to offset tariff impacts with price adjustments.
Bitcoin-related stocks also flourished as the cryptocurrency’s price rose to $104,500, leading to notable gains for related companies. Robinhood Markets and Coinbase Global each added 3%, while Riot Platforms surged nearly 10%, and major bitcoin buyer MicroStrategy increased by 1.5%.
Meanwhile, bond yields and the dollar index saw notable shifts. The yield on the 10-year Treasury note jumped to 4.51%, and the U.S. dollar index rose by 0.5% to 99.20.
Commodity markets reflected mixed outcomes. Gold futures fell by 1.3% to $3,330 an ounce, while West Texas Intermediate crude oil futures climbed by 2.2% to $64.75, marking the highest level since mid-April.
The rally in stock indices showcases a resilient market bolstered by easing tariff concerns, strong corporate earnings, and favorable economic indicators, setting a positive tone for the rest of the year.