On June 4, 2025, key U.S. stock indices are experiencing gains: the S&P 500 is up 0.31%, the Dow Jones is up 0.17%, and the Nasdaq 100 is up 0.39%. The S&P 500 reached a 3.25-month high, while the Dow and Nasdaq also posted recent highs. Lower bond yields, with the 10-year Treasury note yield falling to 4.41%, are contributing to the market’s positive movement.
However, stock gains are limited by signs of weakness in the U.S. labor market, as the May ADP employment change rose by only 37,000—significantly below expectations of 114,000. Additionally, comments from President Trump regarding U.S.-China trade tensions dampen investor sentiment.
In economic data, U.S. MBA mortgage applications fell by 3.9% in the week ending May 30, while the average 30-year fixed mortgage rate decreased to 6.92%. The market currently anticipates a 1% chance of a 25 basis point rate cut at the upcoming Federal Open Market Committee meeting on June 17-18.
