Friday’s market setup is being shaped by three main catalysts: the May jobs report, fresh attention on the quantum-computing trade, and a wave of headlines tied to SpaceX’s expected IPO roadshow. After-hours earnings from Lululemon also added pressure to retail sentiment, with the company cutting its annual outlook and pointing to “negative” media commentary and disappointing product launches.
The jobs data is due live on “Squawk Box” at 8:30 a.m. ET with Becky Quick, Andrew Ross Sorkin and Joe Kernen. Economists polled by Dow Jones are looking for a net gain of 80,000 jobs, while Treasury yields remain a key backdrop for traders watching how the report may affect rate expectations.
Jobs report in focus as yields stay elevated
Bond market levels are already giving investors a read on the fixed-income backdrop heading into the release. The 10-year Treasury yield stands at 4.47%, while the 2-year yield is 4.04%.
Shorter-dated yields remain near 3.8% on the 1-year Treasury bill, 3.76% on the 6-month, 3.71% on the 3-month and 3.67% on the 1-month. High-yield bond ETFs are also offering notable income, with JNK at 6.61%, HYG at 5.91%, SHYG at 7.02% and FCOR at 4.53%.
Quantinuum’s debut puts the quantum trade back on watch
Investors were also tracking Quantinuum, the Honeywell spinout that debuted on Nasdaq under the ticker QNT. The shares priced at $60 and opened at $68 before briefly rising 13% to a high of $71.35, then fading to close flat at $60.38.
The stock’s quiet finish comes after a volatile stretch across the broader quantum space, where several names have posted sharp gains over the last three months. IonQ has advanced 76.8%, D-Wave Quantum has gained 46.2%, Quantum Computing has risen 37.3% and Rigetti Computing has added 36%, while the Defiance Quantum ETF (QTUM) is up 46.3%.
SpaceX roadshow adds fuel to space stocks
Another closely watched deal is also pulling market attention. SpaceX is on the road to build interest in its expected June 12 IPO, and JPMorgan Chase CEO Jamie Dimon discussed the offering at an event Thursday evening with high-net-worth clients.
The IPO has already helped lift several space-related names since the confidential filing on April 1. Redwire has climbed 152%, Voyager Technologies has jumped 103.93%, Rocket Lab has advanced 86.78%, Intuitive Machines has gained 81.20% and Firefly Aerospace has added 45.17%.
Lululemon’s weak guidance weighs on retail sentiment
Lululemon shares fell sharply after hours after the company cut its annual outlook in its earnings report. The athletic apparel maker cited “negative” media commentary and disappointing product launches, adding a new challenge to a stock already under pressure.
The shares have lost 28% over the last three months and about 63% over the last year. The company has been trying to stabilize the business, including naming longtime Nike veteran Heidi O’Neill as its next CEO, with her start set for September.
Nike remains part of that broader retail backdrop as well, with shares down 26% over the last three months and 30% over the last year. Friday’s trading tone is likely to reflect how investors balance the labor-market data, the yield picture, and fresh stock-specific moves in quantum, space and consumer names.
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