June 5, 2025

Markets:

U.S. stock futures held steady Thursday morning after the Dow Jones Industrial Average ended a four-day winning streak.

Wednesday’s release of private payroll data showed just 37,000 jobs added in May, well below the Dow Jones estimate of 110,000. The sharp miss raised fresh concerns about labor market softness and broader economic momentum, weighing on equities during the session.

Despite those concerns, sentiment on Wall Street remains buoyed by a strong first-quarter earnings season and continued strength in technology stocks, which have been the main driver of recent gains. Still, caution lingers amid uncertainty surrounding the Trump administration’s tariff policies.

Investors will be watching for weekly jobless claims today, while Friday’s official nonfarm payrolls report is expected to be the key economic catalyst of the week.

As of Thursday morning, all three major U.S. indexes are tracking weekly gains. The S&P 500 is up 1%, the Dow has risen 0.4%, and the Nasdaq leads with a 1.8% advance.

Portfolio:

Solid session yesterday as we continue to find opportunity while navigating through the ongoing tariff headlines.  Beneath the surface, the market appears to be setting up for a significant move across multiple sectors.

Technically, we're in a strong position heading into the final sessions of the week. The key variable remains any developments from the anticipated Trump–Xi call, which could set the tone heading into Friday. For now, SPY looks well-supported above 590 — a potential retest zone of the recent breakout. On the upside, we're targeting 600 → 602.5 → 610.

We enter today’s session holding positions in PCT & OSCR and may look to add as momentum continues to build. Yesterday brought heavy options flow in AAPL, MU, AVGO, NVDA, and even TSLA.  Be ready today.