Stock Market News Review: SPY, QQQ Rise on U.S.-China Meeting, Nonfarm Payrolls Report

Both the S&P 500 (SPX) and Nasdaq 100 (NDX) closed the day with solid gains following a planned U.S.-China meeting to discuss trade and a better-than-expected jobs report.

The SPX and NDX opened Friday in the green after the U.S. nonfarm payroll report showed an increase of 139,000 jobs in May, higher than the 126,000 jobs expected by economists. At the same time, May’s figure is still below the monthly average over the past year of 149,000 jobs. It also fell from April’s reading of 147,000 jobs, which was revised lower from 177,000 jobs.

“GREAT JOB NUMBERS, STOCK MARKET UP BIG! AT THE SAME TIME, BILLIONS POURING IN FROM TARIFFS!!!,” said Trump in response to the report on Truth Social. Trump also pressured Fed Chair Jerome Powell to cut the federal funds rate in a separate post, citing that there is “virtually no inflation (anymore)” and that lower rates would result in lower payments that the U.S. owes on its debt that will soon mature.

Following a call with Chinese President Xi yesterday, President Trump announced that Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and U.S. Trade Representative Jamieson Greer will meet with Chinese trade representatives on Monday, June 9 in London. That follows a Reuters report that China has granted rare earth suppliers of Ford (F), General Motors (GM), and Stellantis (STLA) with temporary export licenses, marking a sign of easing tensions. Rare earth elements are critical in the production of semiconductors, cars, and planes, with China holding a near-monopoly on them.

Meanwhile, Trump is considering yet another extension of the TikTok ban, per the Wall Street Journal. He’s already provided the short video app with two 75-day extensions after its Chinese parent company, ByteDance, failed to find a U.S.-approved buyer. China had previously said that the sale would hinge on the U.S. and China negotiating a trade deal.

The S&P 500 finished with a 1.03% gain, closing above $6,000 for the first time since February, while the Nasdaq 100 jumped higher by 0.99%.