CNBC Business News Update - Market Close: Stocks Higher, S&P 500 Index Closes At 6000 For The First Time In 3 Months, Stronger Than Expected Job Creation In May 6/6/25

Episode Date: June 6, 2025

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

I'm Jessica Edinger CNBC Wall Street opens Monday morning after a better than expected jobs report for May and winning Friday for stocks. US-China trade talks set for the coming week on Friday. The Dow popped 443 points, 1%. Salesforce shares let it higher, up almost 3%. The S&P 500 index up 61 points. That was 1% and the NASDAQ was up 231 points, 1.25%. Companies whose shares hit fresh all-time highs on Friday include IBM, Microsoft, MasterCard, and payroll companies Paychex and ADP. The major

averages are all now in the green for the year. The S&P 500 index closing at 6,000 Friday for the first time in three months. Investors focused this week on US-China trade talks in London. I expect a meeting will happen. They were unwilling to tell the Americans, uncle, we can't take this kind of pain. Trump was surprised by that. He had been told by his advisors that if you hit the Chinese they're gonna be begging you to get to a deal and that didn't happen. Eurasia Group President Ian Bremmer on CNBC.

Friday, President Trump pressured Fed Chair Jay Powell to cut interest rates a full percentage point even with a solid May jobs report. The unemployment rate held steady at 4.2 percent with slightly more jobs created than expected. Investors will be closely watching Apple's annual Worldwide Developers Conference this coming week in Cupertino. WWDC is Apple's chance to have a reset and show investors it has a path to get things back on course. Shares are down about 18.5 percent year to date.

President Trump's tariffs, of course, in the trade war. Most recently, Trump threatened new tariffs on Apple products at the end of this month if they're not made in the United States. Then the failure to execute on artificial intelligence. And in April, the court forced Apple to allow apps to accept payments from the web, skirting those app store fees.

Apple is appealing in this case, but major apps like Spotify and Amazon Kindle, they're already taking advantage. CNBC's Steve Kovach, United Airlines, adding Spotify streaming to the audio options on the screens and seat backs on some planes by next year, passengers should be able to use their personal devices to log into the Spotify app on the in-flight entertainment screen. As Broadway celebrates Sunday night's Tony Award winners, the industry is celebrating all the money people are paying to go to the theater in New York City.

The 2024-2025 season saw Broadway gross a record-breaking $1.89 billion. That surpasses its previous record set pre-COVID in the 2018-2019 season. The secret this year, one word, Hollywood. Broadway theatergoers shelling out big to be within arm's reach of some of Hollywood's biggest actors. George Clooney making his debut in Good Night and Good Luck.

Denzel Washington and Jake Gyllenhaal in Othello. Kieran Culkin, Bill Burr, and Bob Odenkirk in Glengarry Glen Ross. And those were the top three grossing shows for the season. The average ticket price for the season coming in around $129. That's CNBC's Brandon Gomez. On Monday's watch list, as we mentioned, Apple hosts its annual Worldwide Developers Conference, the Goldman Sachs Global Healthcare Conference starts in Miami,

and President Trump's new travel ban begins affecting foreigners from at least 19 countries. Jessica Erringer, CNBC.