US STOCKS PREMARKET : June 6, 2025

Futures Indices

Dow Futures: +0.6%
S&P 500 Futures: +0.8%
Nasdaq 100 Futures: +0.9%
US 10-year Yield: 4.44% (+4bps)

Job growth slows but remains strong: markets rebound this morning, boosted by a balanced NFP report and Trump/Musk de-escalation.

Market Environment

Markets are bouncing back this Friday after a volatile session marked by a war of words between Trump and Elon Musk that sent Tesla tumbling 14%, wiping out over $100 billion in market cap. However, signs of calm are emerging, as the two sides discuss possible reconciliation.

This morning’s US jobs report shows:

Nonfarm Payrolls (May): +139K vs. +126K consensus
Unemployment Rate: steady at 4.2%
April figure revised down: from +177K to +147K

Despite the slowdown, these figures remain positive, supporting the idea of a resilient economy.

Why is this important?
A job market that’s cooling but not collapsing reassures the Fed: it lessens rate pressure without sparking fears of a harsh recession. This fuels optimism for a clearer monetary pivot in coming months.

Stocks to Watch

VERO +66.95% → Venus Concept sells its "Venus Hair" division for $20M, fueling a speculative rally.
TSLA +4.68% → Up on news of an easing in Trump-Elon Musk tensions.
MANU +5.79% → Narrower quarterly loss, tighter guidance, better received than expected.

VERA -29.48% → Hit hard by the strong results of a rival Otsuka treatment.
DOCU -19.27% → Wall Street doubts long-term strategy; concerns over growth.
ARAY -23.03% → Debt restructuring and new $190M financing received poorly.
MOS -5.36% → Warning on Q2 phosphate sales volumes.

Rating Changes

Upgrades

Invitation Homes Inc. ($INVH) → Citi upgrades to Buy (from Neutral), target raised from $35 to $38.50.
Mastec, Inc. ($MTZ) → Goldman Sachs upgrades to Buy, target raised from $156 to $195.
Sarepta Therapeutics, Inc. ($SRPT) → Scotiabank upgrades to Outperform, target: $80.

Neutral

Broadcom Inc. ($AVGO) → Deutsche Bank maintains Buy, target raised from $205 to $270.
Ciena Corporation ($CIEN) → Rosenblatt maintains Neutral, target raised from $65 to $85.
Lululemon Athletica Inc. ($LULU) → Deutsche Bank maintains Hold, target lowered from $358 to $286.
PVH Corp. ($PVH) → Citigroup maintains Neutral, target lowered from $94 to $73.
Rubrik, Inc. ($RBRK) → BMO maintains Outperform, target raised from $77 to $110.
Zscaler, Inc. ($ZS) → CITIC maintains Buy, target raised from $255 to $317.

Downgrades

American Homes 4 Rent ($AMH) → Citi downgrades to Neutral (from Buy), target: $41.
Applied Materials, Inc. ($AMAT) → Morgan Stanley upgrades to Equal Weight (from Underweight), target lowered from $162 to $158.
Crowdstrike Holdings, Inc. ($CRWD) → Bernstein downgrades to Market Perform (from Outperform), target: $371.

Conclusion & Key Events

To watch today:

Market reaction after NFP
Developments in Trump-Musk tensions
Potential renewed focus on US-China trade talks

Expected volatility in:

Tech (Tesla, DocuSign)
Healthcare (Vera)
Basic materials (Mosaic)

Register here

Have a great session, everyone!
Sylvain Mouilhaud: Stock Coach