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LivestreamMenuTraders work on the floor of the New York Stock Exchange.NYSE
S&P 500 futures ticked lower on Thursday night as traders looked ahead to the release of May’s jobs report.
Futures tied to the broad market index slipped 0.2%, while Nasdaq 100 futures dipped 0.4%. Futures tied to the Dow Jones Industrial Average were trading little changed.
In Thursday’s after-hours trading session, shares of Lululemon Athletica sank 10% after the athleisure company lowered its full-year earnings and revenue guidance, citing headwinds. The company’s outlook for its current quarter also came below what analysts were expecting.
During the day’s regular session, the blue-chip Dow Jones Industrial Average climbed 874.86 points, or 1.73% to a fresh record close. The S&P 500 added 0.41%, while the Nasdaq Composite slipped 0.09%, weighed down by a rotation out of the technology sector.
“A lot of us would prefer a broadening of the market, and when we say that I think it’s no longer broadening away from Mag Seven, it’s really a broadening away from semi-cap equipment and hardware,” said Charles Kantor, senior portfolio manager at Neuberger Wealth, on CNBC’s “Closing Bell: Overtime” on Thursday afternoon. “You had a little bit of that today, but the pipeline of demand for stuff related to building out compute and data centers from now even into 2030 is a powerful force.”
Investors are now looking ahead to the May nonfarm payrolls report, which will be released at 8:30 a.m. on Friday morning.
Economists surveyed by Dow Jones expect the latest data to show that just 80,000 jobs were added last month, which would be lower than the average of 150,000 jobs over the prior two months. The consensus also sees the unemployment rate holding steady from April at 4.3%.
On Thursday, President Donald Trump said that he would be “honored” to meet Ayatollah Mojtaba Khamenei, Iran’s Supreme Leader, “if it was to make a deal.” The U.S.-Iran war has dragged on into its fourth month, and the conflict between the two nations has been in a fragile ceasefire.
The S&P 500 is up less than 0.1% on the week. This slight gain puts it on track for its 10th straight positive week in a row, which would mark the longest positive streak for the index since 1985. The 30-stock Dow is poised to end the week up 1%, while the Nasdaq Composite is heading for a loss of 0.5%.
— CNBC’s Jeff Cox and Garrett Downs contributed to this report.
15 Min Ago
Trump said he would be ‘honored’ to meet Iran’s supreme leader ‘if it was to make a deal’
On Thursday, President Donald Trump said that he would be “honored” to meet Iranian Supreme Leader Ayatollah Mojtaba Khamenei “if it was to make a deal.”
“If we make a deal, it’s possible that I would meet,” he said. “I’d be okay with that.”
Trump added that he expects Khamenei to be a “professional.”
“In some circles, he has a very good reputation, actually,” the president said.
— Garrett Downs and Lisa Kailai Han
16 Min Ago
Stocks making the biggest moves after the bell: Lululemon Athletica, ServiceTitan and more
These are the stocks moving the most in extended-hours trading:
- Lululemon Athletica — Shares sank 11% after the athleisure company lowered its full-year earnings and revenue guidance, citing headwinds.
- ServiceTitan — The software platform provider with a focus on contractors saw shares pop 13%. ServiceTitan raised its guidance for the full year and now sees adjusted income from operations in a range of $142 million to $147 million.
- Argan — The construction engineering company gained 12%. First-quarter results surpassed expectations, with Argan earning $3.24 per share on revenue of $291 million.
Read the full list of stocks moving here.
— Lisa Kailai Han
18 Min Ago
S&P Dow Jones Indices stands pat on index eligibility rules
On Thursday, S&P Dow Jones Indices announced that it would make no changes to the eligibility criteria for adding stocks to the S&P 500, S&P MidCap 400 or S&P SmallCap 600.
As part of its decision, S&P Dow Jones Indices will continue to require initial public offerings to trade on an eligible exchange for at least 12 months before being considered or addition to an index. One of the proposed changes the firm was weighing included shortening this so-called IPO seasoning period to six months.
S&P Dow Jones Indices’ move followed a consultation with market participants on potential changes to the indexes’ methodologies.
Elon Musk’s SpaceX plans to go public at the Nasdaq next Friday, with a valuation of $1.77 trillion. With S&P Dow Jones Indices opting to keep its eligibility criteria the same, it could take SpaceX at least a year to join the S&P 500. In turn, this could result in dramatic variations between the broad market index’s returns versus those of other averages.
— Lisa Kailai Han
36 Min Ago
S&P 500 futures open slightly lower
On Thursday night, S&P 500 futures opened marginally lower, or down less than 0.2%.
Shortly after 6 p.m. ET, Nasdaq 100 futures shed 0.3%. On the other hand, Dow futures were trading around the flatline.
— Lisa Kailai Han
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