Market Update | June 2nd - June 6th

Indexes, Commodities, and Crypto

The S&P 500 gained just over 1%, briefly touching $6,000 for the first time in months. The Nasdaq climbed over 2%, showing strong tech leadership in the market. The Dow Jones, similar to the S&P, rose just over 1%.

After a strong couple of weeks, gold finally pulled back, dropping around 2%. Similarly, oil closed the week down about 2.5%.

Bitcoin held steady, sitting at $105,000. Ethereum and Solana both saw declines of around 4%, while XRP moved in the opposite direction, gaining approximately 4%.

Major Events This Week

To start, we got fantastic economic news: 139,000 jobs were added recently, and unemployment has remained steady at around 4%. This gave investors some much-needed relief from recession fears.

Next, the wildest story of the week was the very public feud between Elon Musk and Donald Trump. After Trump’s “Big Beautiful Bill” passed—bringing significant government spending—Musk, a longtime critic of excessive spending, slammed the bill as a “disgusting abomination.” Things quickly escalated, with Musk accusing Trump of lying and even suggesting a connection to the Epstein files. As a result, markets saw minor declines—except for Tesla, which became a dumpster fire, losing over 14% in one day and shedding more than $150 billion in market cap.

Finally, GameStop made headlines by announcing it would invest $500 million into Bitcoin, signaling a bold pivot into the crypto space.

What to Look Forward to

Next week, all eyes will be on the Federal Reserve’s interest rate decision. Most economists expect no change, but any hints at future rate cuts could sway the market. Also on the calendar is the release of the CPI report, which will show whether inflation is rising or cooling off. And overseas, China will release key economic data that could indicate whether its economy is beginning to recover.