Wall Street up after jobs data, tech stocks lift stocks

Investors reacted positively to news that President Donald Trump announced a meeting between three members of his Cabinet and Chinese representatives in London on June 9 regarding trade negotiations.

The day before, Donald Trump spoke with Chinese leader Xi Jinping. Although the conversation was supposed to cover ongoing trade tensions and disputes over strategic resources, key issues were left until later.

The report, released Friday, showed that nonfarm payroll jobs rose by 139,000 in May, up from a revised 147,000 in April. Analysts polled by Reuters had expected a 130,000 increase. The unemployment rate held at 4.2 percent, in line with forecasts. The data prompted investors to assume that the Fed would be in no hurry to cut interest rates — it is not expected until September, and futures contracts show only one more cut before the end of the year. The Fed will meet at the end of June.

US stock markets gained significantly in May, with the S&P 500 and Nasdaq indices recording their largest monthly gains since November 2023, driven by Donald Trump's softening stance on tariffs and strong corporate financial results. On Friday, the S&P 500 climbed to its highest level in over three months and remains just over 2% below its all-time high from February. The Dow Jones also reached a three-month high.

According to preliminary data, the S&P 500 index rose by 60.36 points (1.02%) to 5,999.66 points, the Nasdaq index gained 227.67 points (1.18%) to close the session at 19,526.12 points, and the Dow Jones index rose by 440.08 points (1.04%) to 42,759.82 points.

Tesla shares rebounded after earlier falling about 15% on the public conflict between Donald Trump and Elon Musk, including threats to cut off government contracts for Musk’s companies. Other major stocks, including Amazon and Alphabet, also rose.

Gold prices fell Friday. Gold futures for August delivery fell 0.8%, or $28.50, to $3,346 an ounce. However, gold was up 1% on the week.