S&P 500 Hits 6,000 Points for First Time Since February as Stocks Surge After Jobs Report; Tesla Rebounds From Sell-Off

Biggest S&P 500 Movers on Friday

2 hr 14 min ago

Advancers

Shares of big-data analytics software provider Palantir Technologies (PLTR) popped 6.5% higher, securing the top daily performance in the S&P 500. Positivity around its expanding government business helped lift Palantir to an all-time high on Tuesday, but before Friday’s gains, the stock had been pulling back for a couple of sessions. Palantir and other artificial intelligence companies benefited from upbeat sentiment after earnings results from chipmaker Broadcom (AVGO) revealed strong AI demand.
Moderna (MRNA) shares wrapped up a volatile week of trading with a gain of 5.1% on Friday. The biotech company announced at the end of last week that it had received Food and Drug Administration (FDA) approval for the use of its new COVID-19 vaccine by older and higher-risk patients. On Tuesday, Health and Human Services Secretary Robert F. Kennedy Jr. said Moderna had agreed to a placebo-controlled trial of the vaccine.
United Airlines (UAL) announced a partnership with Spotify Technology (SPOT) that will allow airborne passengers to access playlists, audiobooks, and video podcasts from the streaming service on their seatback screens. United shares increased 4.8% on Friday, while rival carrier Delta Air Lines (DAL) shares were up 4.3%.
Tesla (TSLA) shares advanced 3.7% on Friday as the feud between Tesla CEO Elon Musk and U.S. President Donald Trump showed signs of de-escalation heading into the weekend. The spat between the two contributed to a major drop in the electric vehicle (EV) maker’s stock in the prior session. Several analysts reaffirmed their bullishness on Tesla despite the high-profile conflict, but they noted that the tensions with Trump could complicate the regulatory path for the firm’s self-driving technology or risk alienating people with certain political perspectives.

Decliners

Lululemon Athletica (LULU) issued lower-than-expected sales and profit guidance for the current quarter and trimmed its full-year profit forecast. The maker of yoga attire and other athletic apparel noted that U.S. consumers are taking a cautious approach to spending and discussed plans to increase prices on some products as it aims to mitigate tariff impacts. Lululemon shares plunged 19.8% on Friday, dropping the most of any constituent in the S&P 500. JPMorgan and UBS analysts cut their price targets on Lululemon stock following the underwhelming outlook.
Broadcom posted fiscal second-quarter sales and adjusted profit results that were roughly in line with consensus forecasts. A major year-over-year uptick in artificial intelligence semiconductor revenue helped the chipmaker achieve record quarterly revenue of $15 billion. However, Broadcom shares slipped 5% on Friday, receding from a string of record highs notched before the earnings release.
Mosaic (MOS), a provider of fertilizers and other agricultural products, reduced its 2025 phosphate production guidance, citing operational issues at its U.S. facilities. Shares of Mosaic were down 4.4%.

-Michael Bromberg

Major Indexes All Back in Positive Territory for 2025

2 hr 54 min ago

The S&P 500 had been knocking on the door but hadn’t surpassed the 6,000-point mark since February, until today.

The benchmark index closed the week just 2.4% away from the record closing high it set on Feb. 19.

The S&P 500 is now up 2% since the start of 2025, making it the top performer among the three major indexes. The Nasdaq Composite has gained 1.1% so far this year, while the Dow Jones Industrial Average is up 0.5%.

For the week, the Dow rose 1.2%, while the S&P 500 and Nasdaq tacked on 1.5% and 2.2%, respectively. It was the second straight week of gains for the major indexes, and the fifth time in seven weeks that they’ve risen.

Broadcom Levels to Watch After Post-Earnings Slide

3 hr 48 min ago

Broadcom (AVGO) shares fell sharply Friday, one day after the chip giant delivered results and an outlook that were largely in line with Wall Street estimates.

The company’s shares hit a fresh record high this week ahead of its highly anticipated results, boosted by expectations of robust revenue growth driven by surging demand for chips that power generative AI technology.

CEO Hock Tan told analysts on the company’s earnings call that chip demand may accelerate during the second half of 2026 due to strong inference demand, referring to the process that uses a trained AI model to make predictions or decisions.

Still, Broadcom shares fell 5% to around $247 on Friday as the results and outlook may have missed the lofty expectations of investors, especially after the blockbuster results delivered by rival Nvidia last week. With today’s decline, Broadcom shares are up about 6% since the start of the year, slightly outpacing the performance of the S&P 500 index over that stretch.

After plumbing a seven-month low in early April, Broadcom shares have trended sharply higher within a rising wedge, with the price testing the pattern’s upper trendline in recent trading sessions. However, profit-taking crept into the stock Thursday on the highest volume in around two months, which set the stage for today’s selling.

It’s also worth pointing out that the relative strength index recently climbed above 80, a reading that coincided with major tops in the stock in December and June last year.

Investors should watch key support levels on Broadcom’s chart around $235 and $200, while also monitoring an important overhead area near $265.

Read the full technical analysis piece here.

-Timothy Smith

Analysts Weigh in on Tesla Outlook After Trump-Musk Fracas

5 hr 1 min ago

The public feud between Tesla (TSLA) CEO Elon Musk and President Donald Trump may have rattled shareholders, but several Wall Street analysts said they’re still bullish on the stock.

Wedbush analysts led by Dan Ives, with a $500 price target leading Wall Street analysts tracked by Visible Alpha, called the back-and-forth “jaw dropping and a shock to the market,” but said the “feud does not change our bullish view of Tesla and the autonomous view.”

However, they said it could “put a fly in the ointment” regarding earlier expectations that Musk and Trump’s relationship could ease the regulatory path for Tesla to get approvals for its self-driving software and other products.

Tesla remains a stock that has divided analysts, with 10 of those tracked by Visible Alpha issuing “buy” ratings, while four have “hold,” and four have “sell” ratings. Their price targets range from as low as $120 to Wedbush’s $500 at the higher end. The stock was up 4% at around $297 in late trading, after tumbling 14% on Thursday.

Morgan Stanley analysts, with a $410 price target, said the deteriorating relationship between Musk and Trump could further dent Tesla’s sales as it “could potentially (temporarily) alienate multiple sides of the political spectrum.” Still, they added they’re “not convinced the longer-term vectors that drive the stock’s value have changed here,” pointing to Tesla’s leadership in robotics, autonomous driving, and artificial intelligence technology.

Oppenheimer analysts were more cautious, saying the “difficult work at TSLA is just beginning as the company starts to repair brand damage while executing on its Physical AI strategy.” Ahead of the EV maker’s expected launch of its robotaxi service next week, the analysts said they “continue to see challenges in TSLA’s autonomy platform,” as issues could arise with its cameras or software.

Tesla shares were among the biggest gainers on the S&P 500 on Friday, winning back some of Thursday’s losses. They’ve lost about one-quarter of their value since the start of the year, with Thursday’s drop knocking Tesla out of the $1 trillion market cap club.

-Aaron McDade

What to Know Ahead of Apple’s Big Developers Conference

5 hr 31 min ago

Apple’s (AAPL) annual Worldwide Developers Conference kicks off Monday, when CEO Tim Cook will get a chance to shift the narrative for the iPhone maker as worries about tariffs and AI feature delays have weighed on the company’s stock this year. 

Cook’s keynote is scheduled for 1 p.m. ET Monday and is expected to focus heavily on Apple Intelligence, the company’s hub of AI features. (You can watch the event here.)

Apple could announce new partnerships and apps—including a potential deal with Google that would integrate the Gemini large language model into Apple’s AI features, Goldman Sachs analysts said.

In April, Alphabet (GOOGL) CEO Sundar Pichai said he hoped Apple and Google could get a deal done by mid-2025, adding that he and Apple’s Cook had multiple discussions about a deal last year, according to reporting from Bloomberg. Apple has previously partnered with OpenAI to utilize ChatGPT for features such as Siri, Goldman noted.

Apple is also expected to introduce a new software development kit that would allow third-party developers to build AI apps using the LLMs that power Apple Intelligence, the bank said.

During last year’s developers conference, Cook had unveiled an AI-enhanced, more personalized Siri voice assistant, capable of performing multi-step tasks within other iPhone apps, but that feature has since been delayed until 2026. A more specific timeline could come next week, JPMorgan analysts said.

This year, Cook is also expected to unveil the latest iOS for iPhone, iPad, Mac, and other devices ahead of the anticipated iPhone 17 launch this fall. The update could introduce some design changes like rounded icons and translucent displays, and add features like AI-optimized battery usage, Goldman Sachs said. Numerically, it would be iOS 19, but Citi analysts said Apple could start numbering the updates by the upcoming calendar year, which would make the new version iOS 26.

-Andrew Kessel

Microsoft Hits Record High as Analysts See More Room to Rise

6 hr 30 min ago

Microsoft (MSFT) shares are on pace to close at a second record high in as many days Friday, but analysts say there’s still a lot of upside left on the table for the world’s most valuable company.

Bernstein this week raised its target to $540 from $520, arguing the company’s partnership with OpenAI “can generate huge potential revenue upside for Azure” by the end of the decade, according to CNBC. Wedbush meanwhile said Microsoft “is currently in the driver’s seat on the AI front,” in a note to clients.

Microsoft’s Intelligent Cloud segment, which includes the Azure cloud computing platform, delivered 21% revenue growth year-over-year last quarter, beating analysts expectations. Microsoft called for similar growth in the current quarter, which runs through June. Following the company’s Microsoft Build event last month, Goldman Sachs analysts said the company could reach $300 billion in cloud revenue by 2029, compared to $135 billion in fiscal 2024. The bank raised its price target to $550 from $480. 

The consensus price target for Microsoft shares among analysts tracked by Visible Alpha is near $525, with all 19 analysts issuing a buy or equivalent rating. Microsoft shares were up 0.8% at around $471 in recent trading.

Microsoft has jockeyed with Nvidia (NVDA) this week for the title of the most valuable company in the world by market capitalization. Each company currently has a market cap of around $3.5 trillion.

-Andrew Kessel

The Staggering Per-Employee Value of Nvidia

7 hr 52 min ago

What would you get in the—unlikely, to be sure—event that your employer was sold and every worker got an equal share of the take? For Nvidia employees, we’re talking millions and millions of dollars.

Nvidia (NVDA), the world’s most valuable company, is worth about $3.5 trillion. With just 36,000 employees, its market capitalization per employee stands at above $90 million. That’s nearly three times competitor Broadcom’s (AVGO) per-employee value, and it dwarfs Apple’s (AAPL) $18 million and Microsoft’s (MSFT) $15 million.

These figures were recently crunched by Deutsche Bank research strategist Jim Reid, who wondered: “Are today’s largest companies structurally employing fewer people than in the past?”

To answer that question, Reid looked back at some of America’s most valuable companies since 1950 and their respective headcounts when their value was at its peak. One might assume there’s been a structural shift toward smaller employee rolls as technological advancements improved efficiency, but history suggests “employment density” at America’s biggest companies goes through cycles.

General Motors (GM), America’s largest company in the 1950s, employed about 600,000 people at its peak. Just years later, in the late ’60s, Eastman Kodak surpassed GM in market value with just one-sixth of the workforce. In the ’70s, General Electric employed about 400,000 people. 

These are enormous workforces compared with Nvidia’s, which from a market cap per employee perspective is in a league of its own, Reid says. But a few companies with headcounts comparable with Nvidia’s have become the world’s most valuable. Oil company Amoco’s margins were padded by elevated oil prices in the late 1970s, helping its market cap surge with only about 50,000 workers. 

Cisco is the historical example that most resembles Nvidia. Like Cisco in the late ’90s, Nvidia is “operationally lean, highly reliant on intellectual property and engineering talent, and outsources the more labour-intensive aspects of production,” wrote Reid.

The analysis could offer some relief to those concerned that the proliferation of artificial intelligence will result in mass unemployment as AI agents and robots replace human workers.

“What’s clear through history is that while we’ve always found ways to employ people, how they’re distributed across firms and sectors is constantly evolving,” Reid wrote.

-Colin Laidley

Docusign Sinks as Firm Cuts Billing Outlook

8 hr 52 min ago

Docusign (DOCU) shares tumbled Friday, a day after the electronic signing software maker’s billings missed estimates and it slashed its full-year billing outlook as the company shifted to an AI model.

The company reported fiscal 2026 first-quarter billings of $739.6 million, while the average estimate by analysts surveyed by Visible Alpha was $747.8 million. For the full year, Docusign sees billings in the range of $3.285 billion to $3.339 billion, down from its previous outlook of $3.300 billion to $3.354 billion.

CEO Allan Thygesen explained on the earnings call that the company expected a decline in billings this year because of “foundational go-to-market changes” as it employed its AI-driven agreement platform, Intelligent Agreement Management (IAM), according to a transcript provided by AlphaSense. However, Thygesen said that “the impact happened sooner than anticipated,” which caused a drop in first-quarter early renewals, negatively impacting billings growth.

The news offset better-than-expected first-quarter results. Docusign reported adjusted earnings per share (EPS) of $0.90, with revenue rising 8% year-over-year to $763.7 million. Both exceeded Visible Alpha forecasts.

In addition, the company announced an increase in the current stock buyback  program by up to $1.0 billion. The plan’s current authorization is $1.4 billion. 

Docusign shares were down 19% in late-morning trading, pushing the stock into negative territory this year. 

-Bill McColl

Omada Health Set to Debut on Nasdaq Friday

9 hr 33 min ago

Shares of Omada Health are expected to begin trading on the Nasdaq on Friday after the virtual chronic care firm priced its initial public offering in the middle of its expected range.

San Francisco-based Omada Health on Thursday priced its offering of 7.9 million shares at $19 each. On May 29, the company said in a regulatory filing that it expected the IPO price would be between $18 and $20 each.

Omada Health, which calls itself “the virtual between-visit healthcare provider,” added that it had granted underwriters a 30-day option to buy up to an additional 1.185 million shares at the IPO price.

Shares are set to begin trading on the Nasdaq today under the ticker symbol “OMDA.”

On Thursday, shares of USDC stablecoin issuer Circle Internet Group (CRCL) soared 168% in their debut on the New York Stock Exchange (NYSE).

-Aaron Rennie

Circle Shares Continue Soaring After Big Debut

10 hr 18 min ago

The gains just keep on coming for Circle Internet Group (CRCL) after shares of the USDC stablecoin issuer soared on their first day of public trading yesterday.

The stock was up 18% at $98 in recent trading, after soaring 168% during their debut on the New York Stock Exchange Thursday. The stock opened  Thursday at $69, more than double its IPO  price of $31, which was already above the $27 to $28 price at which it had planned to sell shares.

Co-founder and CEO Jeremy Allaire told Bloomberg that “the world has already woken up to the fact that stablecoin money is here to stay.”

The company already has drawn interest from well-known tech investor Cathie Wood, whose ARK Investment Management has expressed interest in purchasing up to $150 million shares of the Class A stock. Bloomberg reported that investment firm BlackRock (BLK) planned to buy 10% of the IPO shares. 

-Bill McColl

Lululemon Stock Plunges on Disappointing Outlook

11 hr 8 min ago

Shares of Lululemon Athletica (LULU) sank after the apparel maker’s second-quarter outlook came in below estimates, and the company also cut its full-year profit forecast.

Lululemon projects second-quarter revenue of $2.54 billion to $2.56 billion and earnings per share from $2.85 to $2.90, each below the analyst consensus compiled by Visible Alpha of $2.57 billion and $3.28.

The company still expects $11.15 billion to $11.30 billion in full-year sales, but lowered its EPS forecast to a range of $14.58 to $14.78, down from $14.95 to $15.15 previously. Responding to the lowered profit expectation, analysts from JPMorgan and UBS each lowered their price targets for the stock to $303 and $290, respectively, from $389 and $330.

CEO Calvin McDonald said customers have “responded well to the product innovations” the company has introduced, as it looks to fix the “newness problem” it has described previously. However, McDonald said in Lululemon’s earnings call that U.S. consumers “remain cautious right now, and they are being very intentional about their buying decisions,” per an AlphaSense transcript.

“We are planning to take strategic price increases, looking item by item across our assortment as we typically do, and it will be price increases on a small portion of our assortment, and they will be modest in nature,” CFO Meghan Frank said regarding Lululemon’s plans for mitigating the impact of tariffs. She added that the company is also planning to make some changes to its supply chain that will have more of an impact on the second half of the year.

First-quarter top- and bottom-line results came in as analysts expected at $2.37 billion in sales and $2.60 EPS, but comparable sales growth of 1% fell well short of the 4.56% growth that analysts had expected.

Lululemon shares were down 18% in the opening minutes of Friday’s session. Entering the day, the stock had lost about 14% since the start of the year.

-Aaron McDade

Tesla Stock Price Levels to Watch After Thursday’s Plunge

12 hr 18 min ago

Tesla (TSLA) shares rebounded in premarket trading after plunging Thursday amid an intensifying spat between CEO Elon Musk and President Donald Trump.

The stock was up more than 4% at around $297 before the opening bell. Yesterday’s 14% decline wiped a sizable portion of the gains that Tesla shares had posted after Musk said in late April that he planned to step away from his role as head of the government’s Department of Government Efficiency to spend more time at the automaker.

Since bottoming out in early April, Tesla shares staged a countertrend rally within a rising wedge. However, the price broke down from the pattern this week, indicating a resumption of the stock’s longer-term downtrend that started in December.

In recent days, selling has accelerated, with the price closing below both the 50- and 200-day moving averages in Thursday’s trading session, a move that coincided with the relative strength index falling sharply below its neutral threshold toward oversold territory. Moreover, today’s drop occurred on heavy volume, signaling that larger market participants drove the selling.

Investors should watch major support levels on Tesla’s chart around $265, $215 and $170, while also monitoring a key overhead area near $365.

Read the full technical analysis piece here.

-Timothy Smith

Major Index Futures Slightly Higher Before Jobs Data

12 hr 36 min ago

Futures tied to the Dow Jones Industrial Average were up 0.3%.

S&P 500 futures rose 0.4%.

Nasdaq 100 futures also tacked on 0.4%.