WEEKLY MARKET RECAP – JUNE 6, 2025
U.S. stocks notched a second consecutive week of gains, with the major indexes rising between 1% and 2%. The rally pushed markets to their highest levels in over three months, though the S&P 500 still remained more than 2% below its all-time high from nearly four months ago.
Friday delivered the strongest daily gains of the week, fueled by a jobs report that came in slightly better than expected. The U.S. economy added 139,000 jobs in May, topping forecasts of about 130,000. However, job growth figures for the previous two months were revised down by a combined 95,000. The unemployment rate held steady at 4.2%.
Following the jobs data, bond markets continued to reflect the belief that the Federal Reserve is unlikely to cut interest rates at its June 18 meeting or at the next one in late July. According to the CME Group’s FedWatch tool, futures pricing suggests most investors anticipate two quarter-point cuts before year-end, with the first not expected until September.
U.S. crude oil prices jumped more than 6% during the week, reaching their highest level in six weeks and recovering losses from the prior two weeks.
Despite the overall market strength, two traditionally defensive sectors—consumer staples and utilities—ended the week in negative territory. Consumer staples declined 1.5%, while utilities were down 1.0%, making them the weakest performers among the S&P 500’s 11 sectors.
Market volatility expectations continued to ease. The Cboe Volatility Index (VIX) fell for the eighth time in nine weeks, ending Friday at 16.8—down from 18.6 the week before and well below its recent April 8 peak of 52.3.
Small-cap stocks significantly outperformed large-caps during the week. The small-cap index rose 3.2%, compared to a 1.6% gain for large-cap stocks, although small caps still trailed on a year-to-date basis.
All eyes now turn to a Consumer Price Index (CPI) report scheduled for Wednesday, which will offer insight into whether the recent trend of slowing inflation continued into May. April’s CPI report showed a 2.3% annual inflation rate, down slightly from 2.4% in March. Core inflation, which excludes food and energy, remained steady at 2.8%.
Major U.S. Economic Reports
| Report | Period | Actual | Previous |
| S&P final U.S. manufacturing PMI | May | 52.0 | 52.3 |
| ISM manufacturing | May | 48.5% | 48.7% |
| Construction spending | April | -0.4% | -0.8% |
| Factory orders | April | -3.7% | 3.4% |
| Job openings | April | 7.4 million | 7.2 million |
| Auto sales | 15.65 million | 17.3 million | |
| ADP employment | May | 37,000 | 60,000 |
| S&P final U.S. services PMI | May | 53.7 | 52.3 |
| ISM services | May | 49.9% | 51.6% |
| Initial jobless claims | May 31 | 247,000 | 239,000 |
| U.S. trade deficit | April | $61.6B | -$140.5B |
| U.S. productivity, revised | Q1 | -1.5% | -0.8% |
| U.S. employment report | May | 139,000 | 147,000 |
| U.S. unemployment rate | May | 4.2% | 4.2% |
| U.S. hourly wages | May | 0.4% | 0.2% |
| Hourly wages year over year | 3.9% | 3.8% | |
| Consumer credit | April | -$3.4B |
Closing Prices for the Week
| Contract | Close |
|---|---|
| Dow Jones Industrials Average | 42,762.87 |
| Nasdaq Composite | 19,529.95 |
| S&P 500 Index | 6,000.36 |
| CBOE Volatility Index | 16.77 |
| S&P GSCI | 545.00 |
| U.S. Dollar Index | 99.190 |
| 10-Year T-Note (Sep ’25) | 109-290 |
| Crude Oil WTI (Jul ’25) | 64.58 |
| Natural Gas (Jul ’25) | 3.784 |
| Gold (Aug ’25) | 3,346.6 |
| Silver (Jul ’25) | 36.139 |
| Corn (Jul ’25) | 442-4 |
| Wheat (Jul ’25) | 554-6 |
| Soybean (Jul ’25) | 1057-2 |
| Coffee (Jul ’25) | 358.05 |
| Sugar #11 (Jul ’25) | 16.49 |
| Cocoa (Sep ’25) | 9,442 |
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