TL;DR

S&P 500 tops 6,000 on solid jobs; Tesla rebounds post-feud; U.S.–China tensions escalate.

Highlights

• U.S. added 139,000 jobs in May (vs. ~130k expected); unemployment steady at 4.2%; wage growth 3.9% YoY; prior months revised down 1.
• S&P 500 topped 6,000, up 20% in two months, now 1.5% below record high 5.
• Tesla rebounded 5% after $150B+ market cap loss on Musk-Trump feud; SpaceX’s $22B in U.S. contracts at risk 34.
• U.S. Commerce halted all nuclear plant component exports to China 2; China granted six-month rare earth export licenses to GM , Ford , Stellantis suppliers 6.
• Trump sending top economic officials to London for U.S.–China trade talks June 9 7.
• U.S. imposed new sanctions on 30+ Iran-linked entities 8; bipartisan pressure mounts for Iran to dismantle uranium enrichment in any nuclear deal 9.
• DocuSign dropped 18% after cutting FY26 billings outlook, despite earnings beat; Piper Sandler neutral 10.
• Circle’s $CRCL IPO surged 30%+, market cap at $22B; Ark Invest bought $373M, trimming Coinbase and other fintech holdings 1519.
• Gemini confidentially filed for IPO after $1.1B Earn refund and $37M fine 11.
• U.S. oil rig count fell to 442, lowest since Nov 2021; WTI crude at $64.55 14.
• Swiss government proposed $26B capital hike for UBS by 2027; UBS shares rose 13.
• U.S. DOT removed EVs from CAFE standards; PHMSA seeks pipeline rule comments by Aug 4 16.

Commentary

U.S. equities stayed firm, with the S&P 500 breaking above 6,000 as May jobs data modestly beat expectations and wage growth remained solid 15. While prior months’ revisions point to some cooling, the labor market’s resilience continues to support risk assets 1. However, persistent wage growth could keep the Fed cautious, limiting the case for imminent rate cuts 1.

The Musk-Trump spat drove outsized volatility in Tesla and SpaceX, with government contract risk now a key overhang 34. Tesla’s rebound today only partially offsets heavy recent losses, and headline risk remains high 34. Meanwhile, U.S.–China tensions escalated with a halt to nuclear tech exports 2, though China’s temporary rare earth license relief for U.S. automakers offers some supply chain breathing room 6. Next week’s trade talks in London will be closely watched for any movement on tariffs or tech restrictions 7.

In commodities, U.S. oil rigs fell to multi-year lows, keeping a floor under WTI crude despite subdued prices 14. New U.S. sanctions on Iran 8 and bipartisan demands for a tougher nuclear deal 9 could inject further volatility into energy markets if regional tensions rise.

Crypto and fintech saw strong flows, with Circle’s IPO rallying sharply and Ark Invest rotating into the name at the expense of Coinbase and other fintechs 1519. Gemini’s confidential IPO filing 11 and the UK’s proposed easing of crypto ETN restrictions signal sustained institutional and retail interest in digital assets 12.

Traders should monitor late-session moves in tech and industrials, as well as developments from Washington and Beijing. Sector rotation remains brisk, and headline risk—especially around U.S.–China relations and the Musk-Trump dispute—could drive volatility into the close.