ADDX GO Market Morning Wrap - 7th June

Stock Market

On Friday, Eastern U.S. Time, the better-than-expected U.S. May nonfarm payroll data alleviated market concerns about an economic slowdown, triggering a sharp rally in U.S. stocks.

All three major indices rose by over 1%. The S&P 500 closed above 6,000 for the first time since February, still over 2% below its all-time high set in February.

At the close, the Dow Jones Industrial Average rose 1.05% to 42,762.87; The S&P 500 gained 1.03% to 6,000.36; The Nasdaq Composite advanced 1.20% to 19,529.95.

All three indices posted weekly gains: the S&P 500 rose 1.5% cumulatively, the Dow gained 1.2%, and the Nasdaq surged 2.2%. Thanks to the recent rebound, all three major indices turned positive for the year.

Data released by the U.S. Bureau of Labor Statistics on Friday showed nonfarm payrolls increased by 139,000 in May. While slower than the previous month’s figure, it exceeded market expectations. The unemployment rate remained steady at 4.2%.

Tesla’s share price jumped over 3%. Reportedly, after a public feud with Elon Musk, Donald Trump said he would not speak to Musk for the time being but wished him well.

Google rose over 3%, Amazon gained over 2%, Meta advanced nearly 2%, Apple rose over 1%, Microsoft edged up (hitting a new all-time high), and Netflix fell slightly.

Circle soared over 168% on its first day of listing, then surged nearly 30% the next day. Currently trading at $107.7, its market capitalization exceeds $20 billion.

Cryptocurrency, quantum computing, and nuclear power sectors were also active. Riot Platforms and Bit Digital rose over 9%; Arqit Quantum surged over 18%, Quantum Computing gained over 15%; NuScale rose over 10%, and Oklo advanced over 6%.

Global Hotspots

Trump: Not Interested in Talking to Musk, but Wishes Him Well. A day earlier, Trump and Musk’s relationship publicly broke down, with the two clashing on social media. During their intense exchanges, their mutual attacks escalated, even threatening to use their authority to suppress each other.On Friday, when asked in a brief interview if he had spoken to Musk, Trump replied, "No. I don’t think I’ll be speaking to him for a while, but I wish him all the best."
U.S. May Nonfarm Data Slightly Exceeds Expectations, Strengthening Fed’s 'Wait-and-See' Stance. Data released by the U.S. Bureau of Labor Statistics on Friday, Eastern U.S. Time, showed that while consumers and businesses are preparing for tariffs and a potential economic slowdown, the slowdown in nonfarm job growth was less than expected. This provides policy room for the Federal Reserve to delay rate cuts.
Improved Inflation Situation Leads to Surprise 100-Basis-Point Rate Cut by Russia’s Central Bank. On Friday local time, the Central Bank of Russia unexpectedly cut its key interest rate by 100 basis points to 20.00%, marking its first rate cut since September 2022. The move was primarily driven by a significant decline in inflation and signs of a slowing Russian economy.

Company News

Tesla’s 8 Millionth EV Rolls Off the Line at Berlin Gigafactory. On June 6, Tesla announced that its 8 millionth electric vehicle, a Model Y, rolled off the production line at its Berlin Gigafactory.
Lululemon Plunges 20%, Cuts Annual Profit Forecast. Athletic brand Lululemon closed down 19.80% on Friday, its worst single-day performance since March 2020. The company had previously lowered its full-year earnings guidance, projecting second-quarter net revenue of $2.54–$2.56 billion, below analysts’ consensus estimate of $2.57 billion.
Virgin Galactic Announces Potential Revival of Commercial Spaceflight Services. Virgin Galactic’s stock surged over 16% intraday but pared gains to close up 2.88%. The company announced that its commercial spaceflight services are expected to resume, marking a new phase in the restart of its space tourism business.

Forex & Commodities

WTI crude oil futures settled at $64.58 per barrel, up $1.21 (+1.91%). Brent crude oil futures closed at $66.47 per barrel, up $1.13 (+1.73%).

COMEX gold futures for the current month fell $28.50 (-0.84%) to $3,346.6/oz.

The U.S. Dollar Index rose 0.45% to close at 99.190 in late forex trading.

Key Events

Nomura Recommends Shorting USD/JPY, Forecasts Yen Rally in Coming Months: Nomura Holdings stated that rising Japanese bond yields, Japanese investors withdrawing from U.S. assets, and implicit exchange rate pressure from Washington in trade negotiations could drive the yen to appreciate about 6% against the dollar in the coming months. The firm now recommends shorting USD/JPY, targeting a decline from the current ~145 yen to 136 yen by the end of September.

Cryptocurrency

Bitcoin rose 2.1% to $104,203, with 24-hour trading volume surging 18% to $576.9 billion.

Ethereum (ETH-USD) fell 1.8% to $2,495.

XRP (XRP-USD) gained 1.7%, BNB (BNB-USD) rose 0.1%, and Solana (SOL-USD) climbed 1.9%.

Dogecoin (DOGE-USD) rose 2.5%, and Cardano (ADA-USD) advanced 2.8%.

The total market capitalization of the cryptocurrency industry rose 1.1% in the past 24 hours to $3.25 trillion, with trading volume up 17% to $135.2 billion.

Key Events

Another Major Bank Eyes Stablecoins: Deutsche Bank Researching Issuance or Tokenized Deposits: In a recent report on Friday, Sabih Behzad, Head of Digital Assets and Currency Transformation at Deutsche Bank, said the bank is researching stablecoins and various forms of tokenized deposits.
Strategy Plans to Raise ~$1 Billion via Preferred Stock Offering to Increase Bitcoin Holdings: Official sources stated that Strategy priced its initial public offering of 11,764,700 shares of 10.00% Series A Perpetual Stride Preferred Stock at $85.00 per share on June 5, 2025. Strategy plans to use the net proceeds for general corporate purposes, including acquiring Bitcoin and replenishing working capital.