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A Weird Week Ends with SPX Climbing Back to 6000
RiskReversal Recap: June 6, 2025
RiskReversal Media
June 06, 2025
MARKET WRAP
Traders were relieved with this morning’s slightly better than expected Jobs Number, with an opening gap higher that held all day, and a little assistance by the options market to pin SPX exactly at 6000 to close the week. On the day, SPX +1%, QQQ +1%, and IWM +1.7%.
Elsewhere, it was also “risk on” with the US10YY jumping back above 4.50%, Oil higher by +2%, DXY back above $99 (now $99.20) and Gold lower. The VIX is now 16.80, its lowest level since February.
After hours: Both SPY and QQQ are trading up a tad after hours.
RiskReversal Pod: Guy and Dan talk Elon vs Donald and the Jobs Number. Plus Danny Moses joins to discuss this rally, the Fed, the latest economic indicators,, Jamie Dimon’s warnings, homebuilders, energy stocks, betting on the ponies and more!
MRKT MATRIX: TODAY’S TOP STORIES
Dow rallies 400 points on strong jobs report, S&P 500 touches 6,000 (CNBC)
U.S. payrolls increased 139,000 in May, more than expected; unemployment at 4.2% (CNBC)
Musk Blinks First in Bitter Trump Feud That Cost Him $34 Billion (Bloomberg)
Xi Bets Trump Detente Will Lead to Future Wins on Chips, Tariffs (Bloomberg)
Carmakers Use Stealth Price Hikes to Cope With Trump’s Tariffs (Bloomberg)
Goldman Sachs lowers price target on Tesla, cites global delivery weakness (CNBC)
JPMorgan raises its year-end S&P 500 price target, but sees little upside left (CNBC)
Apple’s Growing List of Problems Clouds AI Reboot (WSJ)
Lululemon Sinks 20% With Tariffs, Fashion Shift Hitting Results (Bloomberg)
WHAT’S NEXT?
The S&P 500 gained around +1.5% on the week, with most of those gains chalked by today’s rally, on the heels of the better than expected Jobs Number. This week saw a bit of everything, a swirl of conflicting trade war headlines, mixed economic data, and even a tweet war between the President and the richest person in the world. But today’s Jobs Number was enough to finish on a high note.
SPX clearly gravitated toward the 6,000 level to end the week, which may serve as some resistance if stocks begin next week lower. Still, it acted more like a magnet than a ceiling this week. A period of consolidation or even a modest pullback wouldn’t be surprising here, but the more the index settles above this level without a quick pullback, the greater the odds it retests the February highs.
In yesterday’s note previewing today’s Jobs Number, one question was how stocks react on a better than expected number, while treasury yields would likely spike on that news. We got the answer in that stocks were able to hold the gap higher despite a 10YY now back above 4.50%. We’ll see if that becomes a factor should yields continue higher with important inflation data upcoming.
We’ll be back this Sunday with of preview of next week’s catalysts. Check your inbox!
TODAY’S EPISODES
Watch RiskReversal Podcast’s newest episode: What The Trump-Musk Feud Means For Markets
Guy and Dan talk Elon vs Donald and the Jobs Number. Plus Danny Moses on the rally, the Fed, economic indicators,, Jamie Dimon’s warnings, homebuilders, energy stocks and more. |
Dan Nathan and Guy Adami deliver an update on the spat between Elon Musk and Donald Trump that has sent $TSLA tanking. They also dive into the "All-Important" May jobs report.
Guy Adami welcomes Danny Moses from the On The Tape podcast. They discuss recent trends in the S&P 500, reflecting on its significant rebound since early April, and examine the role of retail flows and earnings in this movement. They also talk about the impact of tariffs and the Federal Reserve's policies on market performance. They delve into the implications of higher bond market yields, with references to Jamie Dimon's recent warnings.
Additionally, they touch on economic indicators, market sentiment, and the behavior of big tech stocks. Danny emphasizes the importance of energy stocks in portfolios and talks about potential catalysts for this sector. They wrap up the episode with a look at home builder stocks, the rise in home remodeling bonds, and the broader implications of private credit in today's economy. The conversation is capped with bets and insights for the upcoming Belmont Stakes horse race.
Check out Danny's latest podcast with Peter Boockvar:
Apple: http://apple.co/459cLAG
Spotify: http://tinyurl.com/3bkj72tk
Timecodes 0:00 - Intro 2:15 - Jobs 8:30 - Trump-Musk Spat 16:15 - Sector Spotlight 24:00 - DMo on the Market 27:40 - Bond Market 32:50 - Gold & Japan 37:25 - Energy 40:45 - Housing 44:00 - Private Credit 46:40 - Retailers 47:50 - Betting & Belmont
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