43. Weekly Market Recap: Key Movements & Insights
Rally On! 💥 Strong Jobs Data Pushes S&P 500 Past Key Milestone
Wall Street Shakes Off Volatility, S&P 500 Reclaims 6,000 on Strong Jobs Report
U.S. stocks capped a volatile week with a powerful rally on Friday, as a surprisingly strong May jobs report overshadowed mid-week anxieties and a high-profile feud between President Donald Trump and Tesla CEO Elon Musk. The S&P 500 surged past the 6,000 mark for the first time since late February, sending a clear signal that investor optimism, for now, has eclipsed concerns about economic slowing and trade policy.
For the week, the S&P 500 gained 1.5%, the tech-heavy Nasdaq Composite added 2.3%, and the Dow Jones Industrial Average rose 1.2%. Investors now turn their attention to the coming week, which is packed with key inflation data that will further shape the economic outlook.
A Week of Whiplash on Wall Street
The market's journey through the week was anything but smooth. Trading began on a sour note Monday, with stocks dipping on renewed tariff tensions before staging a recovery to close in the green. That momentum carried through Tuesday and into early Wednesday.
However, sentiment soured late Wednesday following a report indicating weakness in private sector employment, which sent Treasury yields falling. The turbulence escalated on Thursday. While the White House announced a "productive" trade call with China, the positive news was completely overshadowed by a public spat between President Trump and Elon Musk, which sent Tesla (TSLA) shares plummeting over 14%. The uncertainty was compounded by an earnings report from Lululemon (LULU) that, while positive in the short term, warned of long-term headwinds from potential tariff policies.
The narrative flipped decisively on Friday. The U.S. Bureau of Labor Statistics reported that May nonfarm payrolls increased by 139,000, surpassing consensus estimates, while the unemployment rate remained steady at 4.2%. The news ignited a risk-on rally, quelling fears of an economic slowdown.
"Traders are cheering this morning’s better-than-expected Friday Jobs report and are picking up stocks hand over fist, sending the S&P 500 above the monumental 6,000 level," analysts said.
The Trump-Musk Feud Shakes Tech Sector
The most dramatic subplot of the week was the stunning and rapid collapse of the relationship between President Trump and Elon Musk. The brawl erupted after Musk publicly blasted the president's budget bill as a "disgusting abomination," a sharp reversal from his previous staunch support.
The feud quickly escalated through social media, with both men trading insults before Musk accused the President of being connected to the unreleased Epstein files. The fallout was immediate, with investors dumping Tesla stock, wiping out over $100 billion in market capitalization on Thursday. On Friday, President Trump told ABC News that Musk had "lost his mind" and threatened to pull the company's government contracts and subsidies.
The public falling-out marks a shocking end to a once-celebrated alliance.
A Brief History of the Trump-Musk Relationship
July 2024: Musk endorses Trump for president following an assassination attempt.
August 2024: Musk and Trump hold a friendly, praise-filled interview on X.
October 2024: Musk appears at a Trump rally, wearing a "Make America Great Again" cap.
November 2024: Following Trump's election victory, he names Musk to co-head a new Department of Government Efficiency (DOGE).
February–March 2025: Musk and Trump appear jointly in the Oval Office, with Trump praising Musk as "tremendously successful."
May 2025: Musk steps down from DOGE after criticizing the president's "big, beautiful" budget bill.
June 5, 2025: The public feud erupts, leading to a meltdown in Tesla's stock and threats from the White House.
U.S.-China Trade Winds Shift
Beneath the political drama, significant progress appeared on the U.S.-China trade front. On Thursday, President Trump announced he had held a "very good phone call" with Chinese leader Xi Jinping that "resulted in a very positive conclusion." He added that there "should no longer be any questions respecting the complexity of Rare Earth products," a major point of contention.
Building on that optimism, Trump announced Friday that a high-level U.S. delegation would meet with Chinese representatives in London on Monday, June 9. The U.S. team will include Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and U.S. Trade Representative Jamieson Greer. The meeting signals a renewed effort to stabilize the trade relationship between the world's two largest economies.
Weekly Market Snapshot
Overall, non-energy minerals, technology services, and electronic technology were the week's top-performing sectors. Consumer durables, consumer non-durables, and utilities lagged.
Oil prices rose on optimism following the U.S.-China trade dialogue. Gold remained relatively flat, while Bitcoin pulled back over 1% from its recent all-time high. Treasury yields fell mid-week on weak economic data before rising sharply on Friday's strong jobs report, with the 10-year yield finishing at 4.51%.
Upcoming Key Events:
Monday, June 9:
Earnings: Casey's General Stores, Inc. (CASY),
Economic Data: None
Tuesday, June 10:
Earnings: GameStop Corp. (GME), Core & Main, Inc. (CNM), GitLab Inc. (GTLB)
Economic Data: API Crude Oil Stock Change
Wednesday, June 11:
Earnings: Oracle Corporation (ORCL), Chewy, Inc. (CHWY), Dollarama Inc. (DOL)
Economic Data: CPI, Core Inflation Rate MoM and YoY, Inflation Rate MoM and YoY
Thursday, June 12:
Earnings: Adobe Inc. (ADBE), Restoration Hardware Holdings Inc (RH)
Economic Data: PPI MoM, Core PPI MoM, Initial Jobless Claims
Friday, June 13:
Earnings: Sekisui House Reit, Inc. (3309), LBX Pharmacy Chain Joint Stock Company (603883)
Economic Data: Michigan Consumer Sentiment Prel
Here are the most pertinent earnings details.
Due to the volume of reports during the earnings season, it is not feasible to include every single one in our calendar.
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Index Insights: How Major Benchmarks Performed Last Week
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*When Price and Moving Averages are all green, the Market Trend will also be green
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Sector Performance: Winners and Losers from Last Week
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Winners
💻 Technology (+3.24%)
Technology led the market this week with an impressive gain of 3.24%. This strong performance underscores ongoing enthusiasm for innovation and growth in the tech sector, as investors continue to favor companies driving digital transformation.
📱 Communication Services (+3.11%)
Communication Services surged by 3.11%, reflecting robust demand for media, telecom, and digital platforms. The sector benefited from positive developments and continued consumer engagement.
🧱 Basic Materials (+2.44%)
Basic Materials advanced 2.44%, highlighting steady demand for commodities and resource-based industries. The sector’s gains suggest optimism around industrial activity and supply chain stability.
🛢️ Energy (+2.36%)
Energy stocks climbed 2.36%, buoyed by stable commodity prices and consistent demand. The sector’s positive momentum points to renewed confidence in global energy markets.
🏥 Healthcare (+1.90%)
Healthcare rose by 1.90%, indicating ongoing strength and positive sentiment amid evolving industry trends and innovation in medical technology.
🏭 Industrials (+1.61%)
Industrials gained 1.61%, suggesting renewed confidence in manufacturing, infrastructure, and economic growth prospects.
💰 Financial (+0.89%)
Financials posted a 0.89% increase, as optimism returned to banking and financial services, possibly driven by favorable economic data or earnings reports.
🏢 Real Estate (+0.59%)
Real Estate edged up by 0.59%, reflecting a modest improvement in property markets and investment sentiment.
Losers
🛍️ Consumer Cyclical (−0.26%)
Consumer Cyclical stocks slipped by 0.26%, signaling ongoing caution and subdued discretionary spending as consumers remain selective in their purchases.
⚡ Utilities (−1.01%)
Utilities declined by 1.01%, as the sector faced headwinds despite its traditional defensive appeal. Shifting investor preferences may have contributed to the pullback.
🛡️ Consumer Defensive (−1.28%)
Consumer Defensive stocks fell 1.28%, marking the week’s largest sector decline. The drop suggests a rotation away from defensive names as risk appetite increased elsewhere in the market.
🌟 Weekly Industry Leaders 🌟
🥈 Silver (+23.21%)
Silver dominated all industries this week with a staggering 23.21% gain. This exceptional surge highlights soaring demand for precious metals, possibly driven by market uncertainty and increased interest in safe-haven assets.
⛏️ Other Precious Metals & Mining (+13.12%)
Other Precious Metals & Mining followed with a robust 13.12% increase, reflecting strong momentum in the broader mining sector and continued investor appetite for alternative stores of value.
📄 Paper & Paper Products (+8.37%)
Paper & Paper Products advanced by 8.37%, signaling renewed demand for packaging, printing, and related materials as global trade and consumption trends remain positive.
🥤 Aluminum (+8.00%)
Aluminum gained 8.00%, benefiting from steady industrial demand and optimism around manufacturing and infrastructure projects.
🥉 Copper (+6.56%)
Copper rose by 6.56%, underscoring its critical role in construction, electronics, and the ongoing energy transition.
💻 Computer Hardware (+6.46%)
Computer Hardware climbed 6.46%, driven by persistent demand for technology products and innovation in computing solutions.
🏢 REIT – Office (+5.87%)
REIT – Office posted a 5.87% gain, suggesting improving sentiment in commercial real estate and office space utilization.
🛢️ Oil & Gas Drilling (+5.70%)
Oil & Gas Drilling increased by 5.70%, reflecting stable energy prices and renewed activity in exploration and production.
🧬 Biotechnology (+5.64%)
Biotechnology advanced 5.64%, highlighting ongoing breakthroughs and investor enthusiasm for healthcare innovation.
🔩 Steel (+5.60%)
Steel rounded out the top ten with a 5.60% gain, supported by strong demand from construction and manufacturing sectors.
🚀 Top Market Gainers: Biotech Breakthroughs, Bitcoin Bets, and M&A Buzz Ignite Explosive Rallies
LYRA Lyra Therapeutics (+415.21%) 💊
Lyra Therapeutics shares skyrocketed after the company announced positive results from its pivotal phase III ENLIGHTEN 2 study of LYR-210, a bioabsorbable nasal implant for chronic rhinosinusitis (CRS). The trial met its primary endpoint, showing statistically significant improvement in the composite of nasal obstruction, nasal discharge, and facial pain/pressure at week 24 in patients without nasal polyps. Key secondary endpoints were also achieved, including significant improvement in the overall population and in the SNOT-22 score. Symptom improvements were evident as early as week 4 and sustained throughout the study.
LIMN Liminatus Pharma Inc (+297.97%) 🧬
Liminatus Pharma surged nearly 300% in the absence of company-specific news. The move follows its recent IPO, with trading activity driven by momentum and speculative interest in newly listed biotech names.
MODV ModivCare Inc (+237.56%) 🚐
ModivCare shares posted a sharp rally on exceptionally high trading volume. No meaningful news or filings were released to explain the move, suggesting technical factors and short-term trading activity as the primary drivers.
KNW Know Labs Inc (+174.64%) ₿
Know Labs jumped after Greg Kidd announced plans to acquire a controlling interest in the company and introduce a Bitcoin Treasury Strategy. The announcement triggered a surge in trading volume and renewed interest in the stock.
EYEN Eyenovia Inc (+168.86%) 👁️
Eyenovia advanced after reporting continued progress on the user-filled Optejet device, with plans to file for U.S. regulatory approval in September 2025. The company also announced a 70% reduction in ongoing cash burn and improved debt repayment terms. Eyenovia and Betaliq continue to negotiate a binding merger agreement.
🔻 Biggest Decliners: Chinese Scams, Liquidations, and Dilution Hammer Microcaps
EPWK EPWK Holdings Inc (-93.35%) 🏮
EPWK Holdings collapsed after being identified as a Chinese pump-and-dump scam, repeating a similar pattern seen in April. The stock’s rapid decline left investors with heavy losses.
PTLE PTL Ltd (-80.07%) 🀄
PTL Ltd plunged over 80% as it was flagged as another Chinese pump-and-dump operation. The stock’s sharp drop highlights ongoing risks in thinly traded microcaps.
HCAI Hauchen AI Parking Ltd (-78.18%) 🚗
Hauchen AI Parking shares tumbled nearly 80%, following the same trajectory as other recent Chinese scam stocks. The collapse underscores the dangers of speculative trading in unvetted overseas listings.
CYCC Cyclacel Pharmaceuticals (-74.23%) 🧬
Cyclacel Pharmaceuticals fell sharply after announcing the liquidation of its UK subsidiary, Cyclacel Limited. The company lost operational and strategic control over the unit, resulting in the deconsolidation of its financials and a significant reduction in R&D expenses for the year.
HSDT Helius Medical Technologies Inc (-73.63%) 💉
Helius Medical Technologies dropped after announcing the pricing of a$9.1 million public offering. The capital raise triggered dilution concerns and sent the stock sharply lower.
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