Major U.S. tech stocks showed broad strength, with the “Magnificent Seven” tech giants posting gains across the board. U.S. rare earth concept stocks generally declined, with NioCorp closing down 6.50%, while Canada-listed Ucore Rare Metals surged over 13%. The China-concept index edged down 0.06% on Friday but climbed over 3% for the week.
Expectations for Fed rate cuts this year diminished, driving U.S. Treasury yields significantly higher. The two-year yield broke through 4%, and the dollar strengthened. Spot gold fell over 1%, while silver extended its gains, rising over 1.4% before a slight pullback. Bullish sentiment lifted crude oil, with U.S. oil advancing nearly 2%. Stronger-than-expected non-farm payroll data partially alleviated recession concerns, coupled with positive trade news, boosting U.S. benchmark indices. The S&P 500 touched 6000 points. The dispute between Trump and Musk did not escalate further, aiding a rebound in Tesla. Rising Treasury yields and the dollar accompanied reduced Fed rate cut expectations. Oil prices hit a six-week high amid heightened bullish sentiment. Robust employment data reduced uncertainty, strengthening U.S. stocks and the dollar. Pre-market, Baidu reported that despite slowed non-farm payroll growth in May and downward revisions to prior months, Friday’s report slightly exceeded expectations, easing fears of an imminent economic slowdown. Subsequently, all three major U.S. indices opened higher. The positive jobs data dampened expectations for Fed rate cuts this year, causing Treasury yields to surge, with the interest-rate-sensitive two-year yield surpassing 4%. During early trading, U.S. rare earth concept stocks broadly fell, with NioCorp opening lower and closing down 6.50%, while Canada-listed Ucore Rare Metals jumped over 14%. Reports indicated tighter controls on rare earth exports. By midday, Baidu reported that U.S. President Trump mentioned an upcoming official meeting, widening stock market gains. The China-concept index narrowed most intraday losses and reached new daily highs. Apple, sensitive to trade policies, saw its gains expand, rising over 2.5% at its peak and closing up 1.64%. At Friday’s close, all three major U.S. indices rose, with the S&P 500 closing above 6000 for the first time since February. Economically sensitive sectors and small-cap stocks outperformed, gaining over 1.6%. The Trump-Musk feud did not intensify further, helping Tesla surge over 7% at one point, while the tech giants all advanced. The China-concept index briefly fell over 1% but pared losses after Trump’s meeting comments, closing nearly flat with a weekly gain exceeding 3%. The S&P 500 closed up 61 points.The S&P 500 rose 1.03% to 6,000.36 points at 06:00, accumulating a weekly gain of 1.50%. The Dow Jones Industrial Average closed up 443.13 points (1.05%) at 42,762.87 points, with a weekly increase of 1.17%. The Nasdaq Composite gained 231.50 points (1.20%) to 19,529.95 points, rising 2.18% for the week.
US stock sector ETFs rose across the board: regional banks increased 2.49%, oil and gas rose 2.46%, and banking ETFs advanced 2.14%. The ‘Magnificent 7’ US tech giant index climbed 1.76% to 164.88 points, with a weekly cumulative gain of 2.2%. Tesla rebounded 3.82%, Google Class A rose 3.25%, Amazon gained 2.72%, while Meta Platforms, Apple, and Nvidia increased between 1.91% and 1.21%. Microsoft advanced 0.58%, continuing to set new closing record highs. For the week, Meta accumulated a 7.76% gain, Nvidia rose 4.85%, Amazon increased 4.18%, Microsoft advanced 2.18%, Apple gained 1.53%, Google Class A rose 1.13%, while Tesla fell 14.69%, marking its worst weekly performance since 2023. Chip stocks: The Philadelphia Semiconductor Index rose 0.54% to 5,038.06 points, accumulating a weekly gain of 5.78%. TSMC ADR increased 0.90%, with a weekly cumulative rise of 6.13%. AI concept stocks: Tempus AI rose 5.81%, accumulating a weekly gain of 12.24%; Applovin closed up 0.91%, with a weekly increase of 6.52%. Chinese concept stocks: The Nasdaq Golden Dragon China Index fell 0.06% to 7,289.41 points, but accumulated a weekly gain of 3.65%. Popular Chinese stocks: Fangdd rose 6.9%, Pony.ai gained 3.6%, Bilibili and Pinduoduo increased over 1%, while NetEase and Xiaomi fell over 1%. Other individual stocks: Berkshire Hathaway Class B shares, under Warren Buffett, rose 1.13%. Stablecoin issuer Circle closed up over 24%, accumulating a 247% gain for the week (across two consecutive trading days since its US IPO). US rare earth concept stocks generally declined, with NioCorp falling 6.50%. Germany’s stock index accumulated a weekly gain of approximately 1.3%, Italy’s banking index rose over 2.3%, and Denmark’s stock index increased over 3.4%. Pan-European stocks: The STOXX Europe 600 Index rose 0.32% to 553.64 points, accumulating a weekly gain of 0.The Eurozone STOXX 50 index closed up 0.36% at 5,430.17 points, accumulating a weekly gain of 1.18%. National indices: Germany’s DAX 30 index fell 0.08% to 24,304.46 points, with a weekly increase of 1.28%. France’s CAC 40 index rose 0.19% to 7,804.87 points, up 0.68% for the week. The UK’s FTSE 100 index gained 0.30% to 8,837.91 points, rising 0.75% weekly.
Sectors and stocks: Among Europe’s “Eleven Giants,” Novo Nordisk closed up over 2.8%, surging approximately 5.5% this week, while Novartis accumulated gains exceeding 3.2%. ASML Holding’s Amsterdam stock (ASML.NA) rose 1.31% to €667.60, climbing 2.10% weekly amid overall volatile upward movement. US Treasury yields: The 2/10-year Treasury yields surged over 11 basis points on Nonfarm Payrolls day, with 3/5-year yields rising about 16 basis points weekly. Combined ECB rate cuts and US jobs data pushed two-year German bond yields up over 10 basis points this week. At the New York close, the 10-year Treasury yield increased 11.50 basis points to 4.5056%, up 10.52 basis points weekly, trading between 4.3101%-4.5116% with a U-shaped reversal from Wednesday to Friday. The two-year yield jumped 11.64 basis points to 4.0365%, rising sharply post-NFP and up 13.90 basis points weekly, fluctuating between 3.8252%-4.0407%. European bonds: At the European close, Germany’s 10-year bond yield fell 0.7 basis points to 2.576%, up 7.6 basis points weekly within a 2.476%-2.592% range. The two-year yield edged up 0.7 basis points to 1.880%, gaining 10.4 basis points weekly in a 1.764%-1.886% range. The UK 10-year yield rose 2.8 basis points to 4.644%, down 0.3 basis points weekly, trading between 4.702%-4.554% with overall volatile declines. France’s 10-year yield increased 8.4 basis points, Italy’s rose 2.2 basis points, and Spain’s climbed 6.1 basis points weekly. Stronger-than-expected NFP data significantly reduced Fed rate cut expectations, driving the US dollar index up over 0.4% and narrowing its weekly losses.The Japanese yen fell over 0.9%, briefly breaking through the 145 level.
USD: In late New York trading, the ICE US Dollar Index rose 0.46% to 99.196 points, marking a weekly decline of 0.13%. The overall trading range was 99.420-98.351 points, showing a W-shaped trend. The Bloomberg Dollar Index increased 0.27% to 1211.55 points, with a weekly drop of 0.37% and a trading range of 1216.65-1204.31 points. Non-US Currencies: In late New York trading, EUR/USD fell 0.45% to 1.1393, gaining 0.41% for the week and reaching 1.1495 on the ECB rate cut day (Thursday). GBP/USD declined 0.33% to 1.3526, rising 0.50% weekly and hitting 1.3616 post-ECB cut. USD/CHF increased 0.35% to 0.8224, remaining largely flat for the week with a W-shaped pattern. Among commodity currencies, AUD/USD gained 0.96%, NZD/USD rose 0.90%, and USD/CAD fell 0.29%. JPY: USD/JPY rose 0.94% to 144.88 yen in late New York trading, advancing 0.59% for the week with a W-shaped reversal and a trading range of 142.38-145.09 yen. EUR/JPY and GBP/JPY both increased 1.05%. Offshore CNY: USD/CNH was at 7.1886 in late New York trading, down 125 points from Thursday. For the week, it gained 169 points, trading between 7.2241-7.1645 yuan, with continuous rises from Monday to Thursday and a pullback on Friday. Cryptocurrencies: CME Bitcoin futures (BTC) were largely flat, quoted at $105,000 in late Friday New York trading, showing a V-shaped reversal on Thursday and Friday. CME Ethereum futures (DCR) fell 3.07% to $2,511, dropping on Thursday and recovering partially after hitting $2,395 early Friday. Brent crude bullish sentiment hit a two-month high. Speculators’ net long positions in ICE Brent crude increased by 8,813 contracts to 167,763 contracts for the week of June 3, the highest in over two months. Oil prices rose strongly, reaching a six-week high. Crude Oil: WTI July crude futures rose $1.21 (nearly 1.91%) to $64.58 per barrel, with a weekly gain exceeding 6%.Brent crude August futures rose by $1.13, approximately 1.73%, settling at $66.47 per barrel, with a weekly cumulative gain of about 5.88%.
Natural Gas: NYMEX July natural gas futures increased by around 2.91%, closing at $3.7840 per million British thermal units, accumulating a weekly gain of over 9.77%. Spot gold fell more than 1.2% on non-farm payroll day, while industrial metal silver surged over 9% for the week. LME tin accumulated a gain of about 6.4%, LME copper rose over 2%, and LME zinc increased more than 1.7%. Gold: At the New York close, spot gold declined 1.23% to $3,311.34 per ounce, continuing to drop after the U.S. non-farm payroll report. It posted a weekly gain of 0.67%, with a significant rise on Monday and high volatility from Tuesday to Friday before the data release—reaching $3,403.48 on Thursday. COMEX gold futures accumulated a 0.54% weekly increase, settling at $3,333.10 per ounce, after peaking at $3,427.70 on Thursday. Silver: At the New York close, spot silver accumulated a 9.04% gain, closing at $35.9648 per ounce. It rose sharply on Monday, maintained high volatility above $34 on Tuesday and Wednesday, climbed again on Thursday, and remained volatile on Friday. COMEX silver futures accumulated a 9.37% increase, settling at $36.125 per ounce. Other Metals: At the New York close, COMEX copper futures accumulated a 3.26% gain, settling at $4.83 per pound, after reaching $5.0615 on Thursday. LME copper futures fell by $46 to $9,693 per ton, with a weekly cumulative increase exceeding 2.05%. LME cobalt futures dropped by $365 to $33,335 per ton. LME tin futures decreased by $218 to $32,343 per ton, accumulating a weekly gain of 6.37%. LME zinc futures declined by $20 to $2,666 per ton, with a weekly cumulative rise of over 1.75%. Risk Warning and Disclaimer: Markets involve risks; investments should be made cautiously. This article does not constitute personal investment advice and does not consider individual users’ specific investment objectives, financial situations, or needs. Users should assess whether any opinions, views, or conclusions herein suit their particular circumstances. Investments based on this content are at the investor’s own responsibility.
