S&P 500 (NYSEARCA: SPY) Live: Markets Recapture Momentum on Strong Jobs Data
Key Points
- Today’s stronger than expected jobs report has sent the broader stock market back above the psychologically important 6,000 level.
- Tech stocks are out front in today’s market rally.
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Stock Market 'Rocket Fuel'
Today’s stronger-than-expected May jobs report has pushed interest rates into the spotlight, given the labor market’s influence on the FOMC’s policy decisions. With the Fed’s mid-June meeting days away, President Trump today urged policymakers to implement a full-point interest rate cut, suggesting it would serve as ‘rocket fuel’ for the stock market. The SPY ETF has widened its gains to 1.1% on the day.
Health Tech IPO Well Received
A new player in the health technology space has arrived. Omada Health (NYSE: OMDA) made its highly anticipated debut on the Big Board today, and investors rolled out the welcome mat. OMDA shares are currently soaring by nearly 40%, trading at over $26 per share and valuing this digital health innovator at more than $1 billion.
While Omada initially priced its stock at $19 per share, it opened strong at $23 and has continued to climb steadily since. Omada Health is a leading digital health platform, providing patients with virtual care solutions for chronic conditions such as diabetes and hypertension.
The broader markets are holding onto gains, including a 0.83% jump in the SPY ETF. The S&P 500 is on pace for a 1.2% increase for the week.
Undercover AI Stock
Wells Fargo is showing strong conviction in Shopify (NYSE: SHOP). The Wall Street analyst firm touted Shopify’s tech innovations within an e-commerce playing field that is increasingly embracing AI capabilities. Wells Fargo raised its price target on SHOP stock by 16.8% to $125 per share, signaling significant upside potential for the e-commerce giant. Currently, Shopify stock is soaring 5.4% today.
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The broader market is also seeing gains, with the SPY ETF up 0.91%.
Market Winners
The following stocks are in the winner column today:
Palantir Technologies (Nasdaq: PLTR) is gaining 1.4%.
Coinbase (Nasdaq: COIN) is up 3.5%.
Airbnb (Nasdaq: ABNB) is adding 4.2% in today’s session.
Super Micro Computer (Nasdaq: SMCI) is up a solid 3.2%.
This article will be updated throughout the day, so check back often for more daily updates.
The S&P 500 index is trading back above the psychologically 6,000 level, buoyed by a better-than-expected jobs report. The U.S. economy added a robust 139,000 payrolls last month, surpassing economist forecasts of 125,000. The unemployment rate held steady at 4.2%, precisely as anticipated. Wall Street enthusiastically embraced the May jobs report, providing a welcome distraction from ongoing trade uncertainties and igniting a market rally. All sectors of the economy are seeing green, sending the SPDR S&P 500 ETF (SPY) up by 1.1%.
While Tesla (Nasdaq: TSLA) is enjoying today’s rally with a 4.8% gain, the stock has shed 20% of its value over the past five trading sessions, largely due to Elon Musk’s continued political commentary. Meanwhile, Apple (Nasdaq: AAPL) WWDC 2025 is right around the corner, with all eyes on AI-related announcements.
Here’s a look at the performance as of mid-morning trading:
Dow Jones Industrial Average: Up 511.31 (+1.2%)
Nasdaq Composite: Up 241.17 (+1.2%)
S&P 500: Up 64.67 (+1.1%)
Market Movers
Not all tech stocks are participating in today’s climb. Broadcom (Nasdaq: AVGO) is down 2.5% following its recent quarterly earnings report. Despite the dip, analyst firm Erste Group remains bullish, upgrading AVGO shares to “buy” from “hold.”
JPMorgan has upgraded discount retailer Dollar Tree (NYSE: DLTR) to an “overweight” rating from “neutral,” while simultaneously boosting its price target by a remarkable 44% to $111 per share.
Monness Crespi analysts are turning more bullish on MongoDB (Nasdaq: MDB), raising their rating to “buy” from “neutral” with a $295 price target after the company reported stronger-than-anticipated earnings.
Walmart (NYSE: WMT) announced it is expanding its drone delivery service to a trio of more states.
Lululemon (NYSE: LULU) is plummeting by 19% today on the heels of its earnings report.
Docusign (Nasdaq: DOCU) is falling 18.9% after reporting its quarterly results.
Circle Internet (NYSE: CRCL) is gaining 23.1% on its stock market debut.
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