June 2025 Update: S&P 500 Dips Amid Strong Jobs Report, Newmont Gold Shares Fall
On June 7, 2025, the S&P 500 edged down 0.1% following an unexpectedly robust U.S. jobs report that delayed expectations for Federal Reserve interest rate cuts, impacting gold prices and mining stocks like Newmont.
Michael Bromberg, a seasoned finance editor with over ten years of expertise, specializes in simplifying complex financial concepts. He holds a BA in Literature from the University of Wisconsin-Madison and a master's degree in Linguistics from Universidad de Antioquia, Colombia.
Highlights from June 7, 2024 Market Activity
- The S&P 500 declined slightly by 0.1% as stronger-than-anticipated employment data tempered hopes for upcoming Federal Reserve rate reductions.
- Gold prices dropped more than 3%, pressured by reduced expectations for rate cuts and a notable decrease in bullion purchases by China's central bank in May, which also weighed on Newmont and other mining companies.
- Shares of Air Products and Chemicals surged 3.7% after securing a 15-year green hydrogen supply deal with TotalEnergies, supporting carbon emission reduction efforts.
U.S. major stock indexes retreated on Friday after the Bureau of Labor Statistics reported stronger job growth than expected in May. This resilient labor data contradicted earlier signals of a slowing economy and raised uncertainty about the timing of Federal Reserve interest rate cuts.
The S&P 500 slipped by 0.1%, while the Dow Jones and Nasdaq Composite both fell 0.2%.
Solar technology company Enphase Energy experienced the steepest loss among S&P 500 stocks, dropping 7.2% following a class action lawsuit alleging misleading earnings and growth forecasts for Q1 2023.
Gold prices fell sharply, driven by diminished expectations for rate cuts and China's reduced bullion acquisitions, dragging Newmont shares down 5% and Freeport-McMoRan by 3.9%.
Agricultural chemical firm Corteva saw shares decline 3.7% despite launching a new herbicide, as its latest quarterly report revealed year-on-year decreases in sales and net income.
Air Products and Chemicals led S&P 500 gainers with a 3.7% rise after finalizing a long-term agreement to supply green hydrogen to TotalEnergies, targeting emission reductions at European refineries.
Abbott Laboratories advanced 3.2% following CE Mark approval for its dual-chamber leadless pacemaker, enabling commercial sales in Europe and boosting prospects in its cardiac rhythm management sector.
3M shares increased 2.7% after Bank of America upgraded the stock to "buy" and raised its price target to $120, expressing confidence in CEO Bill Brown’s growth and innovation strategy.
Capital One Financial rose 2.5% after announcing a fraud prevention partnership with Stripe and Adyen, launching an open-source Direct Data Share program to enhance real-time transaction authorization and reduce fraud losses.
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