Stock futures moved higher Friday morning as investors responded to an encouraging report on the state of the labor market.
Futures tied to the Dow Jones Industrial Average were up 0.7% recently, while the S&P 500 and the tech-heavy Nasdaq each added 0.8%. The major indexes fell on Thursday as investors digested a handful of economic indicators and news of progress on trade talks between the U.S. and China, while shares of Tesla plunged as a spat between CEO Elon Musk and President Donald Trump played out in a very public way.
The monthly employment report from the Labor Department showed that U.S. employers added 139,000 jobs in May, compared with the 125,000 that economists had expected, while the unemployment rate held steady at 4.2%. The jobs report underscores the continued resilience of the labor market amid concerns that tariffs could hinder economic growth.
Tesla (TSLA) shares were up nearly 5% in recent premarket trading, after tumbling 14% on Thursday and pushing the EV maker’s market capitalization below $1 trillion.
Other mega-cap technology stocks were mostly higher. Nvidia (NVDA), Amazon (AMZN), Alphabet (GOOG) and Meta Platforms (META) all rose more than 1%, while Microsoft (MSFT) and Apple (AAPL) also gained ground. Shares of Broadcom (AVGO) bucked the trend, falling 2% ahead of the opening bell, after the chip giant released strong quarterly results but issued a forecast that fell short of lofty expectations.
Among other noteworthy movers this morning, shares of Lululemon (LULU) plunged nearly 20% after the athletic apparel maker trimmed its full-year outlook, offsetting quarterly results that came in slightly better than expectations.
Crytpo-related stocks were gaining ground as the price of bitcoin jumped to $103,900, up from a low of $100,500 yesterday. Major bitcoin buyer Strategy (MSTR), crypto exchange Coinbase Global (COIN) and bitcoin miner Riot Platforms (RIOT) were each up about 2%.
The yield on the 10-year Treasury note, which affects borrowing costs on a wide range of loans, notably mortgages, was at 4.46%, up from 4.39% at yesterday’s close. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, rose 0.4% to 99.10.
Gold futures were up 0.2% to $3,380 an ounce, while West Texas Intermediate futures, the U.S. crude oil benchmark, rose 0.1% to $63.40.