Major U.S. stock indices ended the trading week on a positive note. According to the Bureau of Labor Statistics, the U.S. economy added 139,000 jobs in May, surpassing economists’ expectations and easing concerns about a tariff-induced slowdown in the labor market. The S&P 500 rose by 1% on Friday, closing above the 6,000-point mark for the first time since February. Meanwhile, the Dow increased by 1.1%, and the Nasdaq climbed 1.2%.
Palantir Technologies (PLTR) saw its shares rise by 6.5%, driven by optimism surrounding its expanding government contracts. This follows an all-time high earlier in the week, though the stock had experienced some pullback prior to Friday’s gains. Broadcom’s (AVGO) earnings report highlighted robust demand for artificial intelligence, benefiting companies like Palantir.
Moderná shares (MRNA) gained 5.1% on Friday after receiving FDA approval for its new COVID-19 vaccine for older and higher-risk patients. United Airlines (UAL) announced a partnership with Spotify (SPOT), allowing passengers access to playlists and podcasts on seatback screens, boosting its shares by 4.8%. Tesla (TSLA) shares advanced 3.7% as tensions between CEO Elon Musk and President Donald Trump appeared to ease.
Lululemon Athletica (LULU) shares plummeted 19.8% after issuing lower-than-expected sales and profit guidance due to cautious consumer spending trends. Analysts at JPMorgan and UBS lowered their price targets on Lululemon following the announcement. Broadcom’s (AVGO) shares dipped 5% despite posting record quarterly revenue of $15 billion, attributed to a significant year-over-year increase in AI semiconductor sales.
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