SVET Markets Weekly Update (June 2–7, 2025)
On Week 23, all three major indexes gained — the S&P 500 and Dow rose more than 1%, while the Nasdaq climbed 2%. Meanwhile, the crypto market showed little movement.
On Monday, equities began June higher, with the S&P and Nasdaq gaining, despite rising global trade tensions. China trade friction reignited as Beijing blamed Washington for tariff truce violations. Markets await a potential Trump-Xi call for clarity. Separately, Trump’s plan to double steel and aluminum tariffs to 50% unsettled the EU. US steel stocks surged, while automakers Ford and GM slid. Tesla shares fell on weaker May European sales. Manufacturing contracted as investors anticipate May. Crypto remained flat.
On Tuesday, markets rallied on strong tech performance, upbeat labor data, and optimism around trade talks. The S&P, Dow, and Nasdaq all climbed, with Nvidia surging to briefly become the world’s most valuable company. Chip stocks like Broadcom and Micron also jumped. A robust JOLTS report showed 7.39M job openings in April, underscoring labor market strength. However, the OECD lowered its 2025 America’s growth forecast to 1.6%, citing policy risks. Trade tensions simmered as the America and China accused each other of breaching agreements, and Trump’s proposed tariff hikes drew EU backlash. Investors await a potential Trump-Xi call for trade cues. Cocoa rose 3.01%, while crypto markets gained.
On Wednesday, equities rose, despite weak labor data and a contracting services sector. Nvidia surged, briefly topping Microsoft in value. Trade tensions escalated as Trump doubled steel/aluminum tariffs and urged Fed rate cuts. Investors await a Trump-Xi call amid intensifying China trade disputes. The ISM Services PMI fell to 49.9 in May 2025, below forecasts and signaling the first contraction since June 2024. New orders and inventories dropped, while price pressures hit a November 2022 high. Tariff uncertainty caused planning challenges, delaying orders. Employment slightly rebounded. Private businesses added just 37K jobs — the lowest since March 2023 — falling short of forecasts. Services gained 36K jobs, while goods-producing sectors lost 2K. Wage growth held steady at 4.5% for job-stayers and 7% for job-changers. ADP noted slowing hiring but strong pay growth. Crypto markets remained stagnant.
On Thursday, Wall Street fell, weighed by a public feud between Trump and Musk, renewed China trade uncertainty, and signs of a weakening labor market. Tesla shares plunged 14.3% after Trump criticized Musk and hinted at revoking government contracts. Earlier optimism from a Trump-Xi phone call faded with no concrete trade progress reported. Meanwhile, unemployment claims rose to an eight-month high of 247K, fueling labor market slowdown concerns ahead of May’s jobs report. The crypto market was also in the red.
On Friday, equities surged Friday as the S&P surpassed 6000 — its highest since February — fueled by a robust jobs report and optimism over China trade talks. The Dow rose 442 points, and the Nasdaq gained 1.2%, boosted by Tesla’s 3.7% jump after tensions between Musk and Trump eased. May’s jobs report showed 139K new hires, easing slowdown fears. Trump hinted at progress in trade talks, set to resume in London. He also urged the Fed to slash rates by 1%, calling it “rocket fuel” for growth. Tech stocks like Nvidia, Meta, and Apple rose. All three indexes posted weekly gains, with crypto markets moving sideways.
On Week 24, investors will watch Trump-Musk tensions and China tariff talks. Key economic data includes CPI/PPI and consumer sentiment, China’s inflation and trade figures, and reports from Europe and Asia. Germany, the UK, and Australia will also release key indicators.