Unemployment Holds Steady; S&P 500 Closing In On 6000

Market Overview - Major indices experienced a quiet trading day, with the S&P 500 declining by 0.5% and the Nasdaq Composite dropping by 0.8%. The Dow Jones Industrial Average fell by 0.25%, while small-cap stocks remained unchanged. Following the jobs report, equities are positioned to approach 6,000 [2]. Employment Data - The latest employment report indicated a gain of 139 thousand jobs, surpassing forecasts of 130 thousand, while the unemployment rate remained steady at 4.2%. Revisions for March and April showed a downward adjustment of 95 thousand jobs [3]. Earnings Reports - Lululemon reported earnings and warned of tariff-related challenges, leading to a premarket decline of over 20% in its shares. Broadcom's shares fell nearly 3% in premarket trading despite beating estimates, as its forecast met expectations rather than exceeding them. DocuSign's shares also dropped by 20% after reporting slower-than-expected billings growth [4][8]. Tesla's Stock Movement - The ongoing feud between President Trump and Elon Musk has led to a significant impact on Tesla's stock, which fell by 14% on Thursday. However, a scheduled call between Trump and Musk has resulted in a 4% increase in Tesla's shares during premarket trading [5][8]. Bond Market Insights - Following the employment numbers, the VIX index is below 17.5, approaching its historical mean of 16. Bond yields are rising, with the benchmark 10-year note at 4.44% and 30-year rates at 4.93%, which may affect expectations for the Federal Reserve's interest rate cuts [6].