Key Takeaways
- U.S. equities jumped at midday as the U.S. economy added more jobs in May than expected.
- Tesla shares rebounded from yesterday’s big selloff as CEO Elon Musk and President Donald Trump seem to be pulling back on their war of words that rattled investors.
- Lululemon Athletica and G-III Apparel Group both warned tariffs will drag down earnings.
U.S. equities were higher at midday when the Labor Department reported May job creation was better than anticipated. The Dow Jones Industrial Average, S&P 500, and Nasdaq all rose.
Tesla (TSLA) was the best-performing stock in the S&P 500 as the feud between CEO Elon Musk and President Donald Trump that sent the stock reeling yesterday appeared to ease.
Shares of Coinbase Global (COIN) and Robinhood Markets (HOOD) rose as the entire cryptocurrency industry got a boost from continued enthusiasm for USDC stablecoin issuer Circle Internet Group (CRCL), which again saw shares soar after skyrocketing nearly 170% in their trading debut yesterday.
Shares of oil producers, including Chevron (CVX) and Exxon Mobil (XOM), were up on optimism of a trade deal between the U.S. and China.
Lululemon Athletica (LULU) shares plunged when the athletic clothing maker slashed its guidance, warning tariffs would hurt profits.
Another apparel company, DKNY owner G-III Apparel Group (GIII), also said tariffs would cut into earnings, and withdrew its outlook, sending shares down.
Docusign (DOCU) shares tumbled after the e-signature software maker reported lower-than-expected billings, and cut its full-year billings forecast because of its moves to shift to an artificial intelligence (AI) model.
Oil futures advanced. Gold prices fell. The yield on the 10-year Treasury note was higher. The U.S. dollar gained on the euro, pound, and yen. Most major cryptocurrencies were higher.
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