Nvidia, Meta, Apple Lead Tech Rebound After Robust Jobs Data
June 6 - Stocks climbed after May's U.S. jobs data beat estimates, sending indexes higher.
The Dow Jones Industrial Average jumped about 510 points, or 1.2%. The S&P 500 also added roughly 1.2%, reaching the 6,000 mark for the first time since late February. The Nasdaq Composite rose 1.4%.
Tesla (NASDAQ:TSLA) led gains among major names, jumping more than 3% after tumbling the previous day amid a public spat involving Elon Musk. Nvidia (NASDAQ:NVDA), Meta Platforms (NASDAQ:META) and Apple (NASDAQ:AAPL) also traded higher.
Nonfarm payrolls rose by 139,000 in May, topping economists' projections of 125,000 but coming in slightly below April's revised 147,000 gain. The jobless rate remained at 4.2%.
Today's jobs report may not prompt the Fed to cut rates, said Eric Merlis, co-head of global markets at Citizens. He noted that while other indicators point to a softer labor market, demand for workers remains stable as firms adapt to policy shifts.
Earlier this week, weekly unemployment claims came in above forecasts, and ADP data showed private payrolls grew by just 37,000 in May, missing estimates.
For the week, the S&P 500 and Dow are up nearly 2% and 1.5%, respectively, while the Nasdaq is more than 2% higher.
This article first appeared on GuruFocus.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
33 minutes ago
- Yahoo
AI Can't Replace Education
Credit - Tingting Ji—Getty Images As commencement ceremonies celebrate the promise of a new generation of graduates, one question looms: will AI make their education pointless? Many CEOs think so. They describe a future where AI will replace engineers, doctors, and teachers. Meta CEO Mark Zuckerberg recently predicted AI will replace mid-level engineers who write the company's computer code. NVIDIA's Jensen Huang has even declared coding itself obsolete. While Bill Gates admits the breakneck pace of AI development is 'profound and even a little bit scary,' he celebrates how it could make elite knowledge universally accessible. He, too, foresees a world where AI replaces coders, doctors, and teachers, offering free high-quality medical advice and tutoring. Despite the hype, AI cannot 'think' for itself or act without humans—for now. Indeed, whether AI enhances learning or undermines understanding hinges on a crucial decision: Will we allow AI to just predict patterns? Or will we require it to explain, justify, and stay grounded in the laws of our world? AI needs human judgment, not just to supervise its output but also to embed scientific guardrails that give it direction, grounding, and interpretability. Physicist Alan Sokal recently compared AI chatbots to a moderately good student taking an oral exam. 'When they know the answer, they'll tell it to you, and when they don't know the answer they're really good at bullsh*tting,' he said at an event at the University of Pennsylvania. So, unless a user knows a lot about a given subject, according to Sokal, one might not catch a 'bullsh*tting' chatbot. That, to me, perfectly captures AI's so-called 'knowledge.' It mimics understanding by predicting word sequences but lacks the conceptual grounding. That's why 'creative' AI systems struggle to distinguish real from fake, and debates have emerged about whether large language models truly grasp cultural nuance. When teachers worry that AI tutors may hinder students' critical thinking, or doctors fear algorithmic misdiagnosis, they identify the same flaw: machine learning is brilliant at pattern recognition, but lacks the deep knowledge born of systematic, cumulative human experience and the scientific method. That is where a growing movement in AI offers a path forward. It focuses on embedding human knowledge directly into how machines learn. PINNs (Physics-Informed Neural Networks) and MINNs (Mechanistically Informed Neural Networks) are examples. The names might sound technical, but the idea is simple: AI gets better when it follows the rules, whether they are laws of physics, biological systems, or social dynamics. That means we still need humans not just to use knowledge, but to create it. AI works best when it learns from us. I see this in my own work with MINNs. Instead of letting an algorithm guess what works based on past data, we program it to follow established scientific principles. Take a local family lavender farm in Indiana. For this kind of business, blooming time is everything. Harvesting too early or late reduces essential oil potency, hurting quality and profits. An AI may waste time combing through irrelevant patterns. However, a MINN starts with plant biology. It uses equations linking heat, light, frost, and water to blooming to make timely and financially meaningful predictions. But it only works when it knows how the physical, chemical, and biological world works. That knowledge comes from science, which humans develop. Imagine applying this approach to cancer detection: breast tumors emit heat from increased blood flow and metabolism, and predictive AI could analyze thousands of thermal images to identify tumors based solely on data patterns. However, a MINN, like the one recently developed by researchers at the Rochester Institute of Technology, uses body-surface temperature data and embeds bioheat transfer laws directly into the model. That means, instead of guessing, it understands how heat moves through the body, allowing it to identify what's wrong, what's causing it, why, and precisely where it is by utilizing the physics of heat flow through tissue. In one case, a MINN predicted a tumor's location and size within a few millimeters, grounded entirely in how cancer disrupts the body's heat signature. The takeaway is simple: humans are still essential. As AI becomes sophisticated, our role is not disappearing. It is shifting. Humans need to 'call bullsh*t' when an algorithm produces something bizarre, biased, or wrong. That isn't just a weakness of AI. It is humans' greatest strength. It means our knowledge also needs to grow so we can steer the technology, keep it in check, ensure it does what we think it does, and help people in the process. The real threat isn't that AI is getting smarter. It is that we might stop using our intelligence. If we treat AI as an oracle, we risk forgetting how to question, reason, and recognize when something doesn't make sense. Fortunately, the future doesn't have to play out like this. We can build systems that are transparent, interpretable, and grounded in the accumulated human knowledge of science, ethics, and culture. Policymakers can fund research into interpretable AI. Universities can train students who blend domain knowledge with technical skills. Developers can adopt frameworks like MINNs and PINNs that require models to stay true to reality. And all of us—users, voters, citizens—can demand that AI serve science and objective truth, not just correlations. After more than a decade of teaching university-level statistics and scientific modeling, I now focus on helping students understand how algorithms work 'under the hood' by learning the systems themselves, rather than using them by rote. The goal is to raise literacy across the interconnected languages of math, science, and coding. This approach is necessary today. We don't need more users clicking 'generate' on black-box models. We need people who can understand the AI's logic, its code and math, and catch its 'bullsh*t.' AI will not make education irrelevant or replace humans. But we might replace ourselves if we forget how to think independently, and why science and deep understanding matter. The choice is not whether to reject or embrace AI. It's whether we'll stay educated and smart enough to guide it. Contact us at letters@
New York Post
35 minutes ago
- New York Post
Vance says Musk's public feud with Trump is a ‘huge mistake,' hopes billionaire ‘comes back into fold'
Vice President JD Vance said it was a huge mistake for Elon Musk to be at war with President Trump amid their escalating feud and is hopeful that the billionaire Tesla founder 'comes back into the fold.' 'Elon is entitled to his opinion,' Vance said during an interview with comedian Theo Von, which was released on Saturday. 'I'm not saying he has to agree with the bill or agree with everything that I'm saying. I just think it's a huge mistake for the world's wealthiest man — I think one of the most transformational entrepreneurs ever — to be at war with the world's most powerful man, who I think is doing more to save the country than anybody in my lifetime.' Advertisement Vance's appearance on Von's popular podcast, 'This Past Weekend w/ Theo Von,' was recorded as Trump and billionaire Musk traded barbs on social media over the latter's complaints about the Trump-backed One Big Beautiful Bill Act. 'I just think you've got to have some respect for him and say, 'yeah, we don't have to agree on every issue.' But is this war actually in the interest of the country? I don't think so,' Vance said. 'Hopefully, Elon figures it out, comes back into the fold. I know the president was getting a little frustrated, feeling like some of the criticisms were unfair coming from Elon. But I think it has been very restrained, because the president doesn't think that he needs to be in a blood feud with Elon Musk. And I actually think that if Elon chilled out a little bit everything would be fine.' Advertisement 3 Vice President JD Vance appeared on Theo Von's podcast. X/JDVance The SpaceX founder signaled support for impeaching Trump and replacing him with Vance in one of several jabs directed at the commander in chief. 'President vs Elon. Who wins? My money's on Elon. Trump should be impeached and JD Vance should replace him,' right-wing commentator Ian Miles Cheong wrote on X. To which Musk replied: 'Yes.' Advertisement Vance appears to be fully in Trump's corner amid the public spat between the two billionaires — and expressed his support of the president in an X post late Thursday night. 'President Trump has done more than any person in my lifetime to earn the trust of the movement he leads. I'm proud to stand beside him,' the veep wrote. In an earlier post, as the Trump-Musk drama was simmering down on social media, Vance had teased that he would be appearing on Von's show. 'Slow news day, what are we even going to talk about?' Vance wrote on X. Advertisement 3 President Donald Trump points at Elon Musk during a conversation inside the Oval Office of the White House on March 14, 2025. AFP via Getty Images 3 Republican Presidential candidate Donald Trump and vice presidential candidate Sen. JD Vance appear on the first day of the Republican National Convention in Milwaukee, Wisc. on July 15, 2024. Getty Images Musk shared the vice president's post and reacted with a laughing emoji. Von previously interviewed both Vance and Trump in the run-up to the 2024 presidential election. Trump's August 2024 appearance on Von's show racked up nearly 17 million views on YouTube. The podcaster later attended Trump's inauguration and made a surprise appearance at a US air base in Qatar, where the president spoke to service members and their families last month.
Yahoo
40 minutes ago
- Yahoo
The Weekend: Tesla's problems mount as Trump-Musk 'bromance' hits the rocks
It was a moment many had predicted from the outset, a question of when rather than if. The wheel finally came off the Trump-Musk "bromance" in spectacular fashion on Thursday, wiping more than $150 billion off the value of Tesla and dragging down the broader market. The world's richest man kicked things off by describing Trump's signature "big, beautiful bill" aimed at extending tax cuts a "disgusting abomination." Trump responded by calling his electoral backer "CRAZY!", threatening to slash government contracts and subsidies key to Musk's business interests and telling reporters he was "disappointed" in him. Things only got more heated from there. The very public spat only adds to Tesla's woes. The electric vehicle maker's market capitalisation has fallen almost 30%, or $380 billion so far this year, the biggest drop of any large company globally. Elon Musk is at war with whole swaths of Trump's agenda Elon Musk cemented his break-up with Donald Trump this week with a move against the president's signature legislative priority: the One Big Beautiful Bill Act. But the scope of his attack broadened on Thursday with Musk making a case not just against that bill but with ever-widening critiques that now span significant chunks of Trump's political agenda. Musk's posts have seen him floating everything from the concept of impeachment to calling the president a liar to the false accusation that Trump 'is in the Epstein files' and covering it up. Trump, unsurprisingly, was quick to retaliate, calling his former friend "CRAZY!" and threatened to terminate Musk's governmental subsidies and contracts. ECB cuts interest rates for eighth time in a year In what ECB president Christine Lagarde described as an "almost unanimous decision" the central bank chopped rates by a quarter of a percentage point for the eighth time in a year. The move, which was widely expected, follows a drop in eurozone inflation to 1.9% last month, just below the 2% target for the first time since last September. Investors are now pricing in a pause in rate cuts in July, and some conservative policymakers have also advocated for a break to give the bank a chance to reassess uncertainty and the future outlook. UK house prices rise as higher wages, low unemployment boost market Property prices gained some momentum in May, with annual growth increasing to 3.5%, according to figures from Nationwide. The uptick comes amid signs that activity in the housing market is holding up well, despite the end of a stamp duty break. Low unemployment, rising real wages, strong household balance sheets, and the potential for lower borrowing costs were among the factors buoying the market. BoE governor expects interest rates and pay to decrease this year When quizzed along with other members of the Monetary Policy Committee in a Treasury Committee meeting, Andrew Bailey said his main consideration for the most recent rate cut was the question of domestic inflation. He also cited the loosening of the UK's labour market as a key indicator in the decision to cut rates by 25 basis points. On the question of future cuts, external MPC member Catherine Mann said the bank could not yet say how fast or how far it would look to cut. Another member, Swati Dhingra, said there was a "general view that we don't need to weigh down on living standards as much as we have been." To personal finance now. As the government's spending review looms large, speculation about what will change is ramping up. Heavily debated taxes, such as rules around gifting and inheritance tax, could be in the crosshairs. Yahoo Finance's Lucy Harley-McKeown examined the possibilities: How next week's spending review could impact your finances There was bad news for home-seekers this week. No major lender cut its rates, with the majority hiking mortgages for first-time buyers as the market moves away from a mini price war that had pushed deals deep into sub-4% territory. Vicky McKeever brought us the best mortgage deals on the market right now: Mortgage lenders raise rates amid uncertainty over BoE interest rate cuts Find more personal finance gems here: Money Matters On the company results calendar, TSMC ( TSM) will release its latest sales figures after the CEO saying that demand remained strong for artificial intelligence chips. Tesco (TSCO.L) is set to provide a bellwether update for the UK grocery market. Its first-quarter report comes with supermarket price wars on the horizon, as shops fight to retain customers. In the housebuilding sector, investors will want to see how Bellway (BWY.L) is performing against key targets set out by the company's CEO earlier this year. Zara owner Inditex ( reports results on Wednesday, with investors' eyes on its margins following a disappointing report in in to access your portfolio
