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Wall St rallies as jobs data eases outlook worries for now Timothy MooreBefore the Bell editor
Jun 7, 2025 – 4.54am
All three major US equity benchmarks closed more than 1 per cent higher after the May jobs report eased worries about the economic outlook and amid hopes for an easing of trade tensions. The S&P 500 closed above 6000 points for the first time since February.
President Donald Trump posted at about 2.30pm on his social media site that top US – including Scott Bessent and Howard Lutnick – and China trade officials will meet in London on Monday. “The meeting should go very well.”
The US economy added 139,000 jobs last month, slightly better than expected. The jobless rate held steady at 4.2 per cent, though that was partly because the size of the labour force shrank for the first time since 2023.
The yield on the US 10-year leapt 12 basis points to 4.51 per cent as the jobs data led traders to trim bets on Federal Reserve rate cuts this year. That didn’t stop President Donald Trump calling for an immediate “full point” cut.
The volatility index closed at its lowest in more than three months, at 16.77. Strategas Securities’ Brandon Kobelt said the health of the market has drastically improved since the April volatility spike, though there are clear political hurdles to clear in the next one to two months.
Kobelt points to the appeals court ruling on Trump’s tariffs, the fate of Trump’s big beautiful tax bill, the July 9th deadline for trade deals and early August debt ceiling pressure.
Tesla recouped 3.7 per cent as it appeared Elon Musk sought to de-escalate his criticism of Trump’s signature proposed tax and spending bill. Though Trump reportedly deferred a call with Musk and is looking for a buyer for the Tesla that he bought in March.
Each of the magnificent seven advanced with Microsoft resetting its record high. Alphabet advanced 3 per cent higher. All seven closed off their session highs. Microsoft ended the week with a market cap of $US3.5 trillion, followed by Nvidia at $US3.46 trillion and Apple at $US3.05 trillion.
US equities will put the worst of this year’s trade-war turmoil behind them and rally to fresh highs in 2025, according to a survey of Bloomberg subscribers who attended a panel discussion on macro trends.
The S&P 500 will climb to 6500 — a better than 9 per cent increase from Thursday’s close — by year-end, according to 44 per cent of the 27 responses in Bloomberg Markets Live Pulse survey.
The index was seen reaching that level by the first half of next year by 26 per cent of participants, with 11 per cent saying it would happen in the second half and the remainder estimating 2027 or later.
A rally to 6500 would likely mean the market fully moves on from concerns that President Donald Trump’s tariffs may severely damage the economy.
...the higher than expected NFP and optimism over US-China trade deal put paid to Gold's momentum as it fell -$44 or -1.31% to $3310 , a sharp fall from the $3,400 top a few days ago, and dented albeit marginally Silver's $36 move, closing just under it at $35.98 but still well above $35 level. Probably money flows back into BTC which gained +2.75% to $104k, recovering from the Trump-Musk spat which earlier saw it move to $101k.
...S&P500 closed exact at 6,000 on this US Friday while Dow jumped +442pts to 42,762.
German stocks are up 9 weeks in a row. Now they are 20 year overbought. As we see below, this level of overbought never ends well for German stocks nor global stocks. How many people think this is the end of the cycle? As many followers as I have. https://x.com/SuburbanDrone/status/1931024391971741843
...the silver breakout move suggest a positive outlook ahead (as long as it stays above $35)
Another remarkable week for silver. We are likely in the early stages of a new secular bull market for the metal, in my view. https://x.com/TaviCosta/status/1931103534461985162
