Stocks pop after May jobs report tops expectations: Stock market news today

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Stocks were higher on Friday after a strong May jobs report and news late Thursday that the Senate passed the debt ceiling bill, clearing investor fears over both a US debt default and worries about a marked slowdown in the economy.

The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) rose about 0.8% on Friday while the Nasdaq Composite was (^IXIC) was higher around 1%.

The US economy added 339,000 nonfarm payroll jobs last month while the unemployment rate rose to 3.7%, data from the Bureau of Labor Statistics showed Friday. This marks the 14th-straight month that job creation came in above what Wall Street economists had expected.

Economists had expected the report to show payrolls rose by 195,000 while the unemployment rate was expected to tick up to 3.5%.

Meanwhile, debt ceiling fears are diminishing among investors as the Senate voted to approve a bill that will raise the U.S. debt ceiling for two more years. Easing debt ceiling worries propelled stocks higher on Thursday, with all three of the major averages closing the first day of June in the green.

President Joe Biden smiles as he walks from Marine One upon arrival on the South Lawn of the White House, Thursday, June 1, 2023, in Washington. Biden is returning from Colorado. (AP Photo/Alex Brandon)
President Joe Biden smiles as he walks from Marine One upon arrival on the South Lawn of the White House, Thursday, June 1, 2023, in Washington. Biden is returning from Colorado. (AP Photo/Alex Brandon)

On the earnings front, athletic apparel brand Lululemon (LULU) posted better-than-expected results and boosted its full-year revenue guidance. Lululemon now expects full-year revenue in a range of $9.44 billion to $9.51 billion. Previous guidance had been for a range of $9.3 billion to $9.41 billion.

Shares of Lululemon rose as much as 15% on the news.

"LULU continues to exhibit strong momentum, driven by product innovation, investments in growth/demand creation, and the benefit of not being exposed to the wholesale channel," Wedbush Securities analyst Tom Nikic wrote in a note to clients on Friday morning.

Elsewhere on the earnings side, shares of MongoDB (MDB) were up more than 30% early Friday after the company reported top- and bottom-line results on Thursday that beat expectations.

The database management company also became the latest name in the tech industry to benefit from a mere mention of AI, with CEO Dev Ittycheria saying in the company's earnings release: "We believe the recent breakthroughs in AI represent the next frontier of software development.

"The move to embed AI in applications requires a broad and sophisticated set of capabilities while enabling developers to move even faster to create a competitive advantage. We are confident MongoDB's developer data platform is well positioned to benefit from the next wave of AI applications in the years to come."

Josh is a reporter for Yahoo Finance.

Read the latest financial and business news from Yahoo Finance

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