Key Takeaways
Major U.S. equities indexes pushed higher to close out the trading week.
The Bureau of Labor Statistics reported that the U.S. economy added 139,000 jobs in May , topping economists' forecasts and helping alleviate concerns about a tariff-driven slowdown in the labor market.
The S&P 500 gained 1% on Friday, closing above the 6,000-point level for the first time since February. The Dow was up 1.1%, while the Nasdaq jumped 1.2%.
Shares of big data analytics software provider Palantir Technologies (
PLTR
) popped 6.5% higher, securing the top daily performance in the S&P 500. Positivity around its expanding government business helped lift Palantir to an all-time high on Tuesday, but before Friday's gains, the stock had been pulling back for a couple of sessions. Palantir and other artificial intelligence companies benefited from upbeat sentiment after earnings results from chipmaker Broadcom (
AVGO
) revealed strong AI demand.
Moderna ( MRNA ) shares wrapped up a volatile week of trading with a gain of 5.1% on Friday. The biotech company announced at the end of last week that it had received Food and Drug Administration (FDA) approval for the use of its new COVID-19 vaccine by older and higher-risk patients. On Tuesday, Health and Human Services Secretary Robert F. Kennedy Jr. said Moderna had agreed to a placebo-controlled trial of the vaccine.
United Airlines ( UAL ) announced a partnership with Spotify Technology ( SPOT ) that will allow airborne passengers to access playlists, audiobooks, and video podcasts from the streaming service on their seatback screens. United shares increased 4.8% on Friday, while rival carrier Delta Air Lines ( DAL ) shares were up 4.3%.
Tesla (
TSLA
) shares advanced 3.7% on Friday as the feud between Tesla CEO Elon Musk and U.S. President Donald Trump showed signs of de-escalation heading into the weekend. The spat between the two contributed to
a major drop
in the electric vehicle (EV) maker's stock in the prior session. Several analysts
reaffirmed their bullishness on Tesla
despite the high-profile conflict, but they noted that the tensions with Trump could complicate the regulatory path for the firm's self-driving technology or risk alienating people with certain political perspectives.
Lululemon Athletica (
LULU
) issued
lower-than-expected sales and profit guidance
for the current quarter and trimmed its full-year profit forecast. The maker of yoga attire and other athletic apparel noted that U.S. consumers are taking a cautious approach to spending and discussed plans to increase prices on some products as it aims to mitigate tariff impacts. Lululemon shares plunged 19.8% on Friday, dropping the most of any constituent in the S&P 500. JPMorgan and UBS analysts cut their price targets on Lululemon stock following the underwhelming outlook.
Broadcom posted fiscal second-quarter sales and adjusted profit results that were roughly in line with consensus forecasts. A major year-over-year uptick in artificial intelligence semiconductor revenue helped the chipmaker achieve record quarterly revenue of $15 billion. However, Broadcom shares slipped 5% on Friday, receding from a string of record highs notched before the earnings release.
Mosaic (
MOS
), a provider of fertilizers and other agricultural products, reduced its 2025 phosphate production guidance, citing operational issues at its U.S. facilities. Shares of Mosaic were down 4.4%.
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