Stocks rally on surprisingly positive employment reportDow +829.16 at 27110.98, Nasdaq +198.27 at 9814.11, S&P +81.58 at 3193.80 [BRIEFING.COM] U.S. stocks rallied to end a strong week after the May employment report showcased an unexpected increase in payrolls. The S&P 500 rose 2.6%, and the Nasdaq Composite rose 2.1%, setting a new intraday high in the process. The Dow Jones Industrial Average (+3.2%) and Russell 2000 (+3.8%) outperformed again. Consensus estimates were projecting millions more in job losses in May. Instead, nonfarm payrolls increased by 2.509 million (Briefing.com consensus -8.50 million), and private sector payrolls increased by 3.094 million (Briefing.com consensus -8.8 million). The unemployment rate even ticked lower to 13.3% (Briefing.com consensus 19.9%) from 14.7% in April. The stock market was already on track for a higher start prior to the report's release, but equity index futures shot higher immediately after the release as the data suggested a recovery was occurring quicker than anticipated. After the open, it was a relatively smooth advance throughout the day. The S&P 500 energy (+7.5%), financials (+3.9%), and industrials (+3.7%) sectors posted solid gains that lifted each sector above 10% for the week. All sectors finished higher today, but the utilities (+1.4%) and consumer staples (+1.5%) sectors struggled to keep pace with the benchmark index. Investors continued to pile into value-oriented stocks like Boeing ($BA 205.43, +21.13, +11.5%), which rose 41% this week, but also bought heavyweight favorites like Apple ($AAPL 331.50, +9.18, +2.9%), which set a new all-time high today. The continued rise in oil prices ($39.50, +2.08, +5.6%) ahead of an OPEC+ meeting this weekend continued to attract buyers into the energy sector. In the semiconductor space, Broadcom ($AVGO 317.08, +8.19, +2.7%) satisfied investors with its earnings report and in-line guidance. The Philadelphia Semiconductor Index (+2.6%) closed at a record high. U.S. Treasuries ended the session with losses, especially on the longer-end of the curve. The 2-yr yield increased two basis points to 0.21%, while the 10-yr yield increased eight basis points to 0.90% -- its highest level since March 20. The U.S. Dollar Index increased 0.3% to 97.00. Reviewing Friday's economic data, which featured the Employment Situation Report for May: May nonfarm payrolls increased by 2.509 million (Briefing.com consensus -8.50 million). May private sector payrolls increased by 3.094 million (Briefing.com consensus -8.8 million). May unemployment rate was 13.3% (Briefing.com consensus 19.9%), versus 14.7% in April.The key takeaway from the report is that the surprising increase in nonfarm payrolls and nonfarm private payrolls reflects an economy getting back to work even sooner than the market itself was anticipating, which is why equity index futures shot higher and bond prices shot lower immediately following the release.Consumer credit contracted by $68.7 billion in April (Briefing.com consensus -$42.0 billion) after declining an upwardly revised $6.9 bln (from -$12.1 billion) in March.The key takeaway from the report is that it shows how banks and finance companies grew more restrictive in extending credit to individuals in April as job losses, and concerns about repayment capabilities, mounted. Investors will not receive any notable economic data on Monday. Nasdaq Composite +9.4% YTDS&P 500 -1.1% YTDDow Jones Industrial Average -5.0% YTDRussell 2000 -9.7% YTD Market Snapshot Dow27110.98+829.16(3.15%)Nasdaq9814.11+198.27(2.06%)SP 5003193.80+81.58(2.62%)10-yr Note -28/320.888NYSEAdv 2488 Dec 439 Vol 1.5 blnNasdaqAdv 2503 Dec 802 Vol 6.5 bln Industry Watch Strong: Energy, Financials, Industrials, Real EstateWeak: Consumer Staples, Utilities Moving the Market -- Stocks rally after surprisingly positive employment report for May, Nasdaq sets new intraday high -- May nonfarm payrolls increased by 2.509 million (Briefing.com consensus -8.50 million), unemployment rate ticks lower to 13.3% (Briefing.com consensus 19.9%) from 14.7% in April.-- Broad-based advance led by the cyclical sectors-- 10-yr yield (0.90%) rises to March levelsECONOMIC EVENTS: In U.S. data, nonfarm payrolls rose 2.5M in May, which was way better than Bloomberg's consensus forecast for a decline of 7.5M jobs. The reported unemployment rate of 13.3% in May was better then the consensus 19.0% forecast. In energy news, Baker Hughes reported that the U.S. rig count is down rigs from last week to 284 with oil rigs down 16 to 206. In other White House news, U.S. President Donald Trump said via Twitter that he has signed the Paycheck Protection Program Flexibility Act to "further improve" the program to help small businesses. Meanwhile, the latest data from the Johns Hopkins Whiting School of Engineering shows there are now 6.68M confirmed cases of COVID-19, including 1.88M in the U.S., and 392,321 deaths due to the disease. In New York, Governor Andrew Cuomo reported 42 virus deaths in the state yesterday versus 52 the previous day. Cuomo noted that the figure is "the lowest deaths since we started," adding New York also just saw the "lowest number of hospitalizations to date." TOP NEWS: Shares of Slack Technologies ($WORK) fell 14.2% after the company reported fiscal Q1 results last night. While "good," Mizuho analyst Gregg Moskowitz says they were "not nearly enough" given high expectations and the stock's valuation. The analyst, who maintains a Neutral rating on the shares, noted that net paid additions over the last month of the quarter slowed much more than was generally expected, and the company withdrew fiscal 2021 billings guidance due to COVID-19 uncertainty. Gap ($GPS) shares closed 1.4% higher after the retailer's report last night. Citi analyst Paul Lejuez noted Q1 was a weak quarter, as expected, with total sales down 43% due to store closings. Elsewhere in retail, shares of GameStop ($GME) fell 7.4% after the company said it projects Q1 revenue down 33%-35% from last year and that Daniel Kaufman resigned as Chief Transformation Officer, effective immediately. IPO markets have begun to open back up, with five companies coming public today - Shift4 Payments ($FOUR), Legend Biotech ($LEGN), Dada Nexus ($DADA), Applied Molecular Transport ($AMTI) and Calliditas Therapeutics ($CALT). Meanwhile, AstraZeneca ($AZN) said that results published in Science Immunology showed that its cancer drug Calquence reduced markers of inflammation and improved clinical outcomes of patients with severe COVID-19 disease. Additionally, shares of GrubHub ($GRUB) rose 5.2% after CNBC reported that Netherlands-based Just Eat Takeaway.com ($TKAYY) and Germany-based Delivero Hero ($DLVHF) have expressed interest in merging with GrubHub. The interest comes as antitrust concerns have clouded the chances of an Uber Technologies ($UBER) acquisition of Grubhub, according to CNBC. MAJOR MOVERS: Among the noteworthy gainers are a number of companies that have been hardest hit by the pandemic shutdowns and stand to benefit as the economy reopens, including airlines American ($AAL) and United ($UAL), cruise operators Carnival ($CCL), Norwegian ($NCLH) and Royal Caribbean ($RCL) and mall owner Simon Property ($SPG). Conversely, the notable losers list includes a number of names that have been viewed as beneficiaries of the lockdowns and stay-at-home environment, such as Clorox ($CLX), Campbell Soup ($CPB) and Domino's Pizza ($DPZ).Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. 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