Charter Communications earnings missed by $0.40, revenue was in line with estimates
Investing.com-- The S&P 500 closed sharply higher Friday as a stronger-than-expected jobs report for May cooled jitters about the economy just as President Donald Trump announced that top U.S-China official are set to meet on Monday, stoking optimism about a potential trade deal.
At 4:00 p.m. ET (19:01 GMT), the Dow Jones Industrial Average rose 442 points, or 1.1%, the S&P 500 index climbed 1%, and the NASDAQ Composite gained 1.2%.
US-China officials to meet Monday
President Donald Trump said Friday that Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative, Ambassador Jamieson Greer, would be meeting in London on Monday with representatives of China to discuss a trade deal.
The President added that the meting "should go very well," stoking risk sentiment and optimism that progress could be made toward a trade deal between the U.S. and China.
Nonfarm payrolls top forecasts
Nonfarm payrolls last month came in at 139,000, falling from 147,000 in April but above economists’ estimates of 126,000, Labor Department data showed on Friday. April’s figure originally stood at 177,000, while March’s total was also brought down by 65,000 to 120,000.
Average hourly earnings ticked up by 0.1% to a 0.4% pace last month, signaling ongoing wage pressures that could extend the Federal Reserve’s pause on further rate cuts.
"Wage pressure is likely to continue to put a floor under service sector inflation, and will limit the capacity for Fed rate cuts," Jefferies said in a note.
Tesla rebounds as Musk appears to back down
Tesla Inc (NASDAQ:TSLA) stock rose Friday, rebounding from a ugly selloff yesterday as CEO Elon Musk signaled he is open to deescalate the feud with President Donald Trump.
The public feud between Musk and Trump wiped out some $150 billion from Tesla’s market capital within hours on Thursday.
The White House said on Friday that Trump wasn’t interested in call with Musk. But in sign that Musk was the first to blink, the Tesla CEO backed away from his threat to terminate the use of SpaceX’s Dragon spacecraft.
Trump and Musk lambasted each other on social media, with Trump threatening to axe government contracts held by Musk’s companies, specifically SpaceX. Musk on the other hand kept up his criticism of Trump’s “big beautiful” tax bill, which appeared to have initially sparked hostilities between the two.
Tesla’s Thursday losses wiped out most of the stock’s recovery seen over the past month, with the stock now trading down nearly 25% so far in 2025. The feud with Trump adds to Tesla’s woes, especially as the EV maker grapples with tumbling sales.
Broadcom slips on growth disappointment
In the corporate sector, Broadcom (NASDAQ:AVGO) stock fell as a higher-than-anticipated third-quarter revenue outlook failed to impress investors hoping for significant growth driven by booming enthusiasm around artificial intelligence.
Lululemon Athletica (NASDAQ:LULU) stock slumped after the athletic apparel company trimmed its fiscal 2025 earnings guidance, driven largely by tariff-related pressures.
DocuSign (NASDAQ:DOC) stock fell sharply after billings growth at the software company was slower than expected in the first quarter.
Stablecoin giant Circle Internet Group Inc (NYSE:CRCL) jumped 29%, adding to gains from a day earlier, when its shares more than doubled on its stock market debut.
Peter Nurse, Ambar Warrick contributed to this article