As usual, the first Friday of the month brings forward the BLS with the monthly non-farm payroll data, the survey for May showing a steady, if not astoundingly-robust labor market:
Total nonfarm payroll employment increased by 172,000 in May, and the unemployment rate was unchanged at 4.3 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in leisure and hospitality, local government, and health care. Employment in financial activities declined.
Perhaps even more surprising were the revisions. March was revised up by 29,000, from +185,000 to +214,000, and the change for April was revised up by 64,000, from +115,000 to +179,000. Is the investing world to believe that employment has grown by 565,000 jobs in the last three months after losing 150,000 jobs in February? Well, OK, though the futures market was not impressed.
Dow futures dropped back to unchanged on the release, while the S&P slumped, down more than 50 points and the NASDAQ, which was already down sharply, down 450 heading for the open.
For the week, the Dow is up 529 points as of Thursday's close. The NASDAQ, in an up-and-down scenario, has dropped just 23 points, and the S&P is up 30.
NASDAQ looking pretty ugly after South Korea's KOSPI slid sharply overnight.
So far, June has not been a joy. Friday should be full of fireworks.
At the Close,Thirsday, June 4, 2026:
Dow: 51,561.93, +874.86 (+1.73%)
NASDAQ: 26,830.96, -23.02 (-0.09%)
S&P 500: 7,584.31, +30.63 (+0.41%)
NYSE Composite: 23,572.77, +296.28 (+1.27%)
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