Stock futures and US Treasury yields have skyrocketed against incoming data showing that the labor market is “resilient” even in post-down sentiment survey results.
Meanwhile, reports of de-escalation in the burgeoning feud between President Donald Trump and former adviser Elon Musk further boosted the Bulls with work Friday.
They continue to turn their May rally into June, with fresh inflation data looming on Wednesday, early consumer survey results closing next Friday, and the Federal Reserve looming in a quiet period ahead of upcoming policy meetings.
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Tensions between the president and Tesla CEOs may or may not have been eased – the White House wants to move on. But Trump, unbound by “quiet times,” continues to attack the Fed Jerome chair “too late” Powell.
“If the Fed’s ‘too late’ is reduced, we will significantly cut our long and short interest rates with due debt,” the president posted about 20 minutes after the opening bell on Friday.
The US Treasury yields were higher due to maturity, up to 4.041% from 3.924% on Thursday, up to 4.395% from 4.506% from 4.884% to 4.966% in 30.
By the closing bell, the Blue Chip Dow Jones industrial average rose 1.1% at 42,762, with the wide S&P 500 adding 1.0% to 6,000, while the high-tech heavy NASDAQ composite increased 1.2% at 19,529.
Donnie vs. Ronnie: Who wins?
Tesla (TSLA) recovered 3.7% on Friday with a 14.3% crash on Thursday, recovering about $500 billion and losing about $500 billion of the $152 billion.
In fact, stocks purchased for President Trump were on a full rise.
Trump Media & Technology Group (DJT) rose 3.9%.
“The most colorful story is the rift between President Trump and Elon Musk,” Navelier and Associates’ Louis Navelier, who talks about Tesla’s CEO’s journey from fanboy to critics as the president’s “big beautiful bill,” and reaches home and senator, says “It’s the rift between President Trump and Elon Musk.”
“The rhetoric between the two really got heated” as TSLA stocks fell from $355 on Tuesday to a low of $273 on Thursday.
Amidst the peace between Trump and Musk, other names in the Trump Industrial Park have risen, such as AI Stock Parantile Technologies (PLTR, +6.5%).
According to Navellier, “Looking to see if S&P exceeds 6,000 is beyond the fight against the heavyweights of social media that has meaning to drive the market, “what people are looking for.” ”
The index reached 6,016.87 within 15 minutes of Thursday’s opening bell. “Clearly,” Navellier concludes, “this trend remains positive.”
Do these jobs
The Bureau of Labor Statistics said that non-farm payroll increased by 139,000 in May, prior to the consensus estimate of 130,000. As expected, the unemployment rate remained at 4.2%.
BLS has reported a net decline in employment of 95,000 over the past two months, counting from 185,000 to 120,000 in March, with April counting trimmed from 177,000 to 147,000.
The average weekly hours remained the same at 34.3, with the average hourly profit margin increasing from $36.09 in April to $36.24 in May. Average weekly revenues rose from $1,237.89 in April to $1,243.03 in May.
“It’s clear that the economy remains resilient as the job market is well maintained,” says Chris Zaccarelli, Chief Investment Officer at Northlight Asset Management.
Zaccarelli adds that the Fed should be reluctant to cut fees as the full impact of tariffs has not yet affected the number of inflation and has not been so bad that the job market forces its hands.”
Eugenio J. Aleman, chief economist at Raymond James, suggests that “soe market concerns about the US labor market” and that “even after these major downward revisions, employment growth is healthy for now.”
Eren Zentner, chief economic strategist at Morgan Stanley Wealth Management, Zaccarelli’s Echo, concludes that “continuous labor market resilience can help the economy avoid a recession.”
