Stock Market Live June 6: Jobs Picture Improves, S&P 500 (VOO) Rises

Key Points

US Department of Labor today contradicts a downbeat ADP report earlier in the week, and shows jobs employment grew in May.
Fashionista stock lululemnon beat earnings last night, but warned the rest of the year could be slower.
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Friday Wrap-up

Jun 6, 2025 at 4:02 PM EDT

The Vanguard S&P 500 ETF closed at 550.65 Friday, up 1% for the day.

Will Anduril Join the S&P 500 One Day?

Jun 6, 2025 at 1:17 PM EDT

Pre-IPO defense stock Anduril just closed a funding round in which it raised $2.5 billion in cash at a whole-company valuation of $30.5 billion. Banker William Blair says Ukraine’s recent drone attack on Russian airfields highlights the “transformational nature of drones on the battlefield,” and is attracting investors to Anduril.

While currently private, if Anduril maintains its value through IPO, it will be four-times larger than the current cut-off valuation for inclusion in the S&P 500.

Opening up the Rare Earth Floodgates

Jun 6, 2025 at 12:15 PM EDT

In a positive development, Reuters reports that China has granted temporary export licenses to rare-earth suppliers to the top three U.S. automakers — and at least some of the licenses are valid for six months. Exports of rare earths to each of Ford (NYSE: F), General Motors (NYSE: GM) , and Stellantis (NYSE: STLA) have been granted.

All three stocks are up on the news, and the Voo itself is still up 1%.

Blame Tariffs for Lulu's Tumble

Jun 6, 2025 at 11:05 AM EDT

Telsey Advisory cut its price target on Lululemon stock to $360 this morning. The clothing company “nicely topped” consensus estimates in Q1. However, tariffs worries caused the company to lower guidance, and Telsey blames this for the stock’s decline today.

This article will be updated throughout the day, so check back often for more daily updates.

Two days ago, Automatic Data Processing (Nasdaq: ADP) data showed a dramatic weakening in the U.S. employment market, with private payrolls growing only 37,000 in May, well short of the 110,000 jobs forecast and, indeed, the weakest such ADP jobs report since March 2023. But what if that data was wrong?

This morning, the U.S. Bureau of Labor Statistics reported that nonfarm jobs actually grew by 139,000 in May. Not only was that more than the 125,000 jobs forecast for this report. It was also a result directly opposite the one implied by the ADP data earlier in the week.

DOL data also show that the unemployment rate held steady at 4.2%.

The Vanguard S&P 500 ETF (NYSEMKT: VOO) is reacting positively to the news, rising 1% in the market’s opening minutes.

Earnings

S&P 500 component company lululemon athletica (Nasdaq: LULU) reported a modest earnings beat last night after close of trading. Earnings for lulu’s fiscal Q1 2026 came in at $2.60 per share, two cents better than expected. The bad news? Guidance for fiscal Q2 was very weak at no more than $2.90 per share, where Wall Street analysts forecast $3.32.

Full-year guidance is similarly weak at no more than $14.78 for fiscal 2026, although sales should be close to analyst predictions at $11.2 or $11.3 billion.

S&P 500 component company and semiconductors powerhouse Broadcom (Nasdaq: AVGO) beat by a penny last night, reporting $1.58 per share on $15 billion in Q2 revenue, also ahead of expectations — and Broadcom’s revenue guidance for fiscal Q3 is also ahead of expectations.

Analyst Calls

S&P 500 component company Deere & Company (NYSE: DE) received an upgrade to buy from Melius, with a $750 price target, this morning. “The timeline to cyclical recovery and to the market’s appreciation for Deere’s extraordinary position is still uncertain,” said the analyst. “It is increasingly clear, however, that Deere’s leading position in ag tech will deliver transformational value to farmers, and that the company will share in a meaningful part of that upside.”