1. US Adds 139,000 Non-Farm Payrolls in May, Exceeding Estimates
2. Tesla Loses $380 Billion in Value, Biggest Decline for Top Companies in 2025
3. Circle IPO Soars 168.5% First Day

I. Market Report

Stock futures rose on Friday after the latest nonfarm payrolls data came in more than expected, alleviating some concerns of a downturn in the U.S. economy.

As of 03:32 PM Riyadh Time, S&P 500 futures added 0.67%. Futures linked to the Dow Jones Industrial Average climbed 241 points, or 0.57%. Nasdaq-100 futures advanced 0.72%.

As of 03:20 PM Riyadh Time, top pre-market movements are as follows:

II. Flash Headlines

US Adds 139,000 Non-Farm Payrolls in May, Exceeding Estimates

The US economy added 139,000 non-farm payroll jobs in May, which was higher than the expected 126,000 and down from the previous month's gain of 177,000.

May Jobs Report Expected to Show Slowing Recruitment, Stable Unemployment Rate

The May employment report is anticipated to indicate a slowdown in hiring, with the unemployment rate remaining steady. Investors are closely monitoring the US labor market for further signs of deceleration. The market consensus expectation is that economists forecast an increase of 125,000 non-farm payroll jobs in May, with the unemployment rate holding steady at 4.2%

Trump, Musk Feud Could Be Mended

President Trump hints at reconciliation with Elon Musk after a public spat, stating "It's going very well, never done better." Aides have scheduled a call to resolve the conflict which caused Tesla shares to plummet by 14.26%.

Fed's Kugler Prioritizes Inflation Over Slowdown

Federal Reserve Governor Adriana Kugler focuses on inflation over potential economic slowdown due to Trump tariffs' impact on prices, sees greater upside risks to inflation with potential downside to employment and growth. 

BofA Strategist Warns Global Markets Near a Sell Signal

Michael Hartnett, a strategist at Bank of America (BofA), has stated that global stock markets are nearing a sell signal due to overheated capital inflows and market exuberance. He cites data indicating that inflows into stocks and high-yield bonds over the past four weeks have reached 0.9% of fund managers' total assets. Hartnett believes that if this ratio rises above 1%, investors should consider selling.

Carmignac's Chief Economist Says US No Longer a Safe Investment Haven Due to Trump's Policies

Raphael Gallardo, Chief Economist at French asset management firm Carmignac, has stated that due to the risks posed by President Trump's tax and spending bill, the United States is no longer considered a safe investment destination.
Gallardo is another market commentator expressing serious concerns about Section 899 of the bill, which will increase tax rates on individuals and businesses from countries deemed by the US to have "discriminatory tax policies.". Some refer to this measure as "retaliatory tax."

III. Stocks To Watch

Tesla Loses $380 Billion in Value, Biggest Decline for Top Companies in 2025

Affected by the decline in demand for electric vehicles, political controversies stemming from CEO Elon Musk's association with far-right groups, and public disputes with President Donald Trump, Tesla Motors, Inc.(TSLA.US)  has become the worst-performing large-cap stock of the year. Since the beginning of the year, Tesla's market value has plummeted by 29.3%, to $91.7 billion, marking the largest decline in value among major global corporations.

Circle IPO Soars 168.5%

Circle(CRCL.US)'s IPO closes up 168.5% to US$83.23 with a market value of over US$18 billion, raising nearly US$1.1 billion. 

Ark Buys Nearly 4.5 Million Circle Shares, Adjusts Crypto Portfolio

Cathie Wood's Ark Investment Management made a substantial purchase of shares in Circle(CRCL.US)  Internet Group, the so-called "first stock of stablecoins," on Thursday. The firm also adjusted its cryptocurrency stock portfolio, reducing exposure to other industry stocks. On that day, three of Wood's funds (ARK Innovation ETF(ARKK.US) , ARK Web x.0 ETF(ARKW.US) , and ARKF) bought a total of 44.86 million shares of Circle, valued at approximately $734.2 million based on the closing price.

Nvidia Denies Re-Entering China With AI Chip

NVIDIA Corporation(NVDA.US)  denies reports of re-entering the Chinese market with a custom AI chip, stating they are still evaluating options and are foreclosed from China's US$50 billion data center market due to US restrictions. 

Broadcom's Q2 Beats But Q3 Guidance Disappoints

Broadcom Limited(AVGO.US)  Q2 revenue hits record high at US$15B, AI-related biz up 46% YoY but slower than Q1's 77%; Q3 guidance of US$15.8B falls short of some optimistic expectations, stock falls over 4% post-market. 

Lululemon Stock Crashes Nearly 20% After Earnings

Lululemon Athletica Inc(LULU.US)  plunged 20.79% during the pre-market trading session on Friday, as it cut its full-year earnings forecast amid an unpredictable macroeconomic environment. The athletic apparel company’s Q1 earnings, released on Thursday, exceeded analysts’ expectations. However, the company has adjusted its full-year earnings forecast due to a “dynamic macroenvironment.” 

IV. Calendar

Day's Notable Event(s):