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This is CNBC’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.
Happy Friday. It looks like a now-settled proxy war wasn’t Lululemon’s only problem. Shares of the retailer are down 10% before the bell after lackluster product launches and negative media attention led the company to lower its full-year outlook.
S&P 500 futures are lower this morning after a mixed session on Wall Street.
Here are five key things investors need to know to start the trading day:
1. Turning up the heat
Kendia Barrett (R) speaks with Broward Health recruiter, Nelia Zh, during the Mega JobNewsUSA South Florida Job Fair held in the Amerant Bank Arena on April 30, 2026 in Sunrise, Florida. Joe Raedle | Getty Images
May’s jobs report, set to be released at 8:30 a.m. ET, will offer the latest look into the health of the job market after a stronger-than-expected start to the year. Economists and investors will particularly have their eye out for signs of whether the “low-hire, low-fire” backdrop is improving.
Here’s what to know:
- Economists anticipate the report to show nonfarm payrolls grew by 80,000 jobs last month. That would mark a slowdown from the average of 150,000 seen over the prior two months.
- But data released earlier this week offered reason for optimism: Private payrolls and job openings both came in hotter than expected.
- JPMorgan’s trading desk said the S&P 500 could swing by more than 1% depending on this morning’s headline number.
- Prediction market traders, meanwhile, expect the report to beat Wall Street forecasts.
- We’re also keeping an eye on long-term unemployment: The number of Americans who have been jobless for at least 27 weeks has ballooned 55% in a given month this year compared with 2023.
2. The edge of glory
Traders work on the floor of the New York Stock Exchange during morning trading on June 04, 2026 in New York City. Michael M. Santiago | Getty Images
The blue-chip Dow Jones Industrial Average climbed more than 800 points to a new all-time high yesterday. But the Nasdaq Composite pulled back as traders shifted away from tech, instead turning their attention to old-economy industries such as insurance and retail.
Chip stocks followed Broadcom into the red, as the semiconductor company recorded its worst day since early 2025 following a disappointing earnings report. Meanwhile, Bitcoin — another risk-on trade — is on track for its worst week since February.
Friday’s action will determine whether the S&P 500 can notch its 10th straight winning week, what would be a first going back to 1985. Follow live market updates here.
3. Not-so-quantum leap
Dr. Rajeeb Hazraat, president and CEO of Quantinuum Inc., rings the closing bell to celebrate his company’s IPO at the Nasdaq Market site in New York City, U.S., June 4, 2026. Brendan McDermid | Reuters
Shares of Quantinuum ended their debut on the Nasdaq little changed yesterday, putting the quantum computing company’s market value at $15.7 billion.
Quantinuum CEO Rajeeb Hazra told CNBC yesterday that while quantum adoption is in early stages, the “need for these kinds of computing resources is absolutely a given.” The Colorado-based firm’s customers include pharmaceutical, finance and government entities.
As CNBC’s Annie Palmer and Samantha Subin note, Quantinuum’s debut comes at a busy time for the IPO calendar. SpaceX is expected to begin trading on the Nasdaq next week, while OpenAI is readying to file its confidential prospectus sometime in the coming weeks.
4. Can of worms
A herd of cattle roam a pasture, a day after the U.S. Department of Agriculture confirmed that New World screwworm was detected in a Texas calf, in La Pryor, Texas, U.S. June 4, 2026. Kaylee Greenlee | Reuters
A flesh-eating screwworm was detected this week in a calf in Texas, the first known case of the fly in the U.S. since 2017.
The New World screwworm’s larvae can damage livestock by burrowing into the flesh of living animals, according to the Agriculture Department. Officials at the federal and state level are working to contain and eradicate the fly.
Biotech stocks Zoetis and Elanco Animal Health both rose in yesterday’s session following confirmation of the Texas case. Options markets for the names also heated up.
5. Award-worthy season
People walk past a Broadway theater in Times Square on Oct. 21, 2025 in New York City. Zamek | View Press | Corbis News | Getty Images
The 2025-2026 Broadway season saw a record $1.9 billion in ticket sales, a sign consumers are still willing to shell out for experiences despite inflationary pressures.
There’s another trend at play, too: The average ticket price increased 1.7% from the prior year. As CNBC’s Brandon Gomez reports, the jump underscores the shift from traditional musicals to celebrity-led plays.
This Sunday’s Tony Awards could also lead to a boost in ticket sales for the winning shows.
The Daily Dividend
Here are some stories you might have missed this week:
- Trump says he could meet Iran’s supreme leader ‘if it was to make a deal’
- Morgan Stanley will soon open its trillion-dollar wealth management funnel to AI agents
- Why Trump reversed course to fast-track psychedelic drugs for mental healthcare
- Will Gen Z be the generation to revive moviegoing?
- Investors and labels are buying into the growing South Asian music business
- Minimum wage is on the ballot this month in deeply red Oklahoma
- Honeywell Aerospace expects big growth as it readies for stand-alone debut
— CNBC’s Jeff Cox, Fred Imbert, Ananya Chetia, Hugh Leask, Tobias Burns, Tanaya Macheel, Annie Palmer, Samantha Subin, Oliver Renick, Justina Lee and Brandon Gomez contributed to this report.
CJ Haddad assisted in the production of this newsletter. Josephine Rozzelle edited this edition.
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