Traders work at the New York Stock Exchange on June 4, 2025.
NYSE
Stocks rose on Thursday after more reported developments between the U.S. and China.
On Thursday, Chinese media outlet Xinhua reported that President Donald Trump and China President Xi Jinping held a phone call. Beijing’s Ministry of Foreign Affairs also said in a statement that Trump initiated the call.
The report sent stock futures higher after they were little changed earlier in the day following new labor market data. Jobless claims last week came in at 247,000, an increase of 8,000 from the week before and more than the Dow Jones estimate of 236,000.
This comes one day after an estimate of private sector payrolls rose by just 37,000 in May, coming in sharply below the Dow Jones forecast for 110,000 and raising investors’ worries about a softening job market and the impact on the economy.
The string of labor market data this week raises the stakes for May’s nonfarm payrolls reading on Friday. Economists polled by Dow Jones are expecting the report to show a gain of 125,000 for the month, which would be 52,000 less than the previous month.
“We are approaching an inflection point, where the concerns of stagflation can seep into the greater market narrative,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management. “We are seeing dropping productivity and slower growth, while also seeing signs of higher (or sticky) inflation.”
The Dow slid 0.22% on Wednesday, posting its first loss in five sessions. The S&P 500 advanced 0.01%, and the Nasdaq Composite rose 0.32%. The three major U.S. indexes are tracking for gains so far this week. The S&P 500 is up 1%, while the Dow has added 0.4%. The tech-heavy Nasdaq has jumped 1.8% week to date.
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