U.S. payrolls rise 139,000, Broadcom reports Q2 beat: Morning Buzz

The major averages were sharply higher following the latest U.S. jobs data, which was better than expected, easing worries about imminient economic turmoil. Meanwhile, following yesterday’s public social media spat, President Trump and White House aides are reportedly signaling a potential truce with Elon Musk, causing Tesla’s shares to recover somewhat from yesterday’s sharp losses. The Wall Street Journal later reported, however, that Trump has “no plans” to call Musk.

Looking to commodities, gold prices are fractionally lower near noon, while oil prices rose sharply, signaling an overall positive week for the commodity.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• U.S. nonfarm payrolls for the month of May rose 139,000, with the unemployment rate remaining at 4.2%
• President Trump and White House aides are signaling a possible truce with Tesla (TSLA) CEO Elon Musk, Politico reported, though WSJ later said that Trump has “no plans” to call Musk
• Broadcom (AVGO) reported upbeat Q2 results and provided guidance for Q3 and FY25
• Lululemon (LULU) reported mostly in-line Q1 earnings and revenue and cut its FY25 earnings outlook
• DocuSign (DOCU) provided a “beat and raise” report for Q1

2. WALL STREET CALLS:

• Loop Capital downgraded McDonald’s (MCD) on concerns over chicken strips
• Bernstein downgraded CrowdStrike (CRWD) to Market Perform
• Melius Research upgraded Deere (DE) to Buy
• Sarepta (SRPT) upgraded at Scotiabank with negative news seen reflected in share price
• KeyBanc initiated coverage of Zoom Communications (ZM) with an Underweight rating and $73 price target as part of a broader launch of coverage of select Enterprise Software names

3. AROUND THE WEB:

• 23andMe (ME) will hold a second auction for its cache of DNA data with an opening bid of $305M from a group led by the company’s former CEO, Bloomberg says
• DoorDash (DASH), Uber (UBER), and Just Eat Takeaway’s (JTKWY) Grubhub have agreed to settle a 2021 lawsuit against New York City over its pandemic-era 15% cap to commissions and fees charged to restaurants, Bloomberg reports
• Apple (AAPL) is expanding its partnership in India with Tata, giving Tata the iPhone and MacBook after-sales repair business from an Indian unit of Taiwan-based Wistron, Reuters says
• Peloton (PTON) CEO Peter Stern said the company is exploring ways to expand its customer base by making its products available for use in gyms and launching a peer-to-peer marketplace for equipment, TechCrunch reports
• Qilin, a Ransomware-as-a-Service group also known as Phantom Mantis, is now exploiting two Fortinet (FTNT) vulnerabilities to remotely execute code and bypass authentication, BleepingComputer reports

4. MOVERS:

• QXO (QXO) gains after Wolfe initiated coverage of the stock with Outperform
• Hut 8 (HUT) higher after Roth Capital initiated coverage of the stock with a Buy rating
• Hive Digital (HIVE) increases after announcing it produced 139 bitcoin in May
• Vera Therapeutics (VERA) lower after rival Otsuka (OTSKY) presented results from a pre-specified interim analysis of the Phase 3 VISIONARY study evaluating sibeprenlimab
• Petco (WOOF) falls after reporting quarterly results

5. EARNINGS/GUIDANCE:

• ABM (ABM) reported Q2 results and backed its guidance for FY25
• G-III Apparel (GIII) reported Q1 results, with CEO Morris Goldfarb commenting, “G-III delivered solid first quarter results”
• Manchester United (MANU) reported Q3 results and narrowed its guidance for FY25
• FuelCell (FCEL) reported Q2 results, with EPS missing consensus
• American Vanguard (AVD) cut its guidance for FY25

INDEXES:

Near midday, the Dow was up 0.92%, or 389.14, to 42,708.88, the Nasdaq was up 1.23%, or 238.07, to 19,536.52, and the S&P 500 was up 1.01%, or 59.71, to 5,999.01.