What's moving markets today: June 7, 2019

2:19 p.m. ET, June 7, 2019

This IPO just popped 80% in its debut

Revolve (RVLV), a trendy online retailer, is looking good on its first trading day.

The stock jumped 80% in its New York Stock exchange debut, our Paul R. La Monica notes:

Revolve calls itself a "next-generation fashion retailer for millennial consumers" and attracts shoppers through social media and influencers.

1:45 p.m. ET, June 7, 2019

Stocks are on track for the best week of the year

US stocks are en route to record their best week of the year.

The Dow is looking at a 4.9% gain, and the S&P 500 and Nasdaq are up 4.6% and 4.1%, respectively, according to Refinitiv.

More than half of the trading day has passed and stocks are rallying into the weekend amid rising expectations that the Fed will cut interest rates soon.

12:39 p.m. ET, June 7, 2019

Microsoft is once again worth more than $1 trillion

Tech stocks surged along with the broader market Friday. Microsoft (MSFT) rose 3% to lead the Dow higher -- and vaulted back above a $1 trillion market valuation in the process.

Microsoft, which first topped $1 trillion in late April, now has a more than $100 billion market cap lead over Apple (AAPL) and Amazon (AMZN) -- the two other companies that briefly passed $1 trillion in the past year.

The Windows and Xbox maker is also worth about a quarter of a billion more than Google parent Alphabet (GOOGL). And it's more than double the market valuation of Facebook (FB).

It's a bit ironic that Microsoft, the oldest of the five largest tech firms, has vaulted ahead of its rivals at a time when investors are worried about a looming regulatory crackdown on Apple, Amazon, Facebook & Alphabet.

Microsoft, which went through its own antitrust nightmare in the 1990s and early 2000s, is seen as more immune to that threat -- despite its growing clout in cloud computing. It's a case of "been there, done that!" for Microsoft.

11:51 a.m. ET, June 7, 2019

Beyond Meat briefly hits an all time high

Beyond Meat (BYND) can't be stopped.

The stock briefly touched its all time high earlier today — $135.80 — before slightly fading.

Still, the stock is up 30% today after posting appetizing earnings.

Beyond Meat's shares are trading at nearly five times its IPO price of $25 per share.

11:43 a.m. ET, June 7, 2019

JPMorgan Chase and Goldman Sachs are the Dow's only losers today

The bad jobs news was good news for the stock market Friday because investors believe the disappointing numbers all but guarantee a rate cut by the Federal Reserve in the not-so-distant future. But financial stocks did not take part in the rally. JPMorgan Chase (JPM) and Goldman Sachs (GS) were the only Dow stocks in the red.

Rival banks Citigroup (C) and Bank of America (BAC) were lower too. Morgan Stanley (MS) and Wells Fargo (WFC) were flat. The reason? Check out this great story on the financial sector from CNN Business' Matt Egan. He explains why rate cuts would hurt bank profits because it's harder to make money off of lending when interest rates are low.

12:07 p.m. ET, June 7, 2019

Weakness of this jobs report 'shouldn't be overlooked,' analyst says

The disappointing May jobs report is just the latest sign that the US economy is running out of gas after a decade-long expansion.

Jim Baird, partner and chief investment officer with Plante Moran Financial Advisors, wrote this in a report Friday:

The softening in consumer spending and uncertainty related to trade policy have taken a toll in recent months, but the jobs market had remained a relative bright spot. The weakness of this report shouldn't be overlooked."

The jobs report, coupled with several other recent indicators of sluggishness, might even push the Federal Reserve to cut rates later this year to try to rejuvenate the economy.

Read more here.

10:33 a.m. ET, June 7, 2019

Thanks to weak jobs, now investors are really expecting a rate cut

Stocks are climbing this morning after a jobs report that disappointed.

Market expectations for a near-term interest rate cut by the Federal Reserve to boost the economy have been growing, and the jobs data make a cut even more likely.

"While we were expecting jobs growth to slow down this time, few could have predicted such weak payroll numbers. The poor reading only cements market expectations for Fed rate cuts ahead," wrote ING economists James Smith and Carlo Cocuzzo in a note.

11:49 a.m. ET, June 7, 2019

Barnes & Noble pops 11% after agreeing to be sold

Barnes & Noble (BKS) spiked 11% at the open after it confirmed it was being taken private.

The bookseller said Friday it is being bought by a fund run by private equity firm Elliott Management for $683 million. The same company recently bought UK book store chain Waterstones.

Our Paul R. La Monica writes about the trouble Barnes & Noble is having:

Barnes & Noble tried (but mostly failed) to keep pace with Amazon (AMZN). Pressure only intensified after Amazon started to open physical book stores of its own.
The company's Nook e-reader device was also a flop, never catching on in the way that Amazon's Kindle did. And a spin-off of the company's campus book stores into the separately traded Barnes & Noble Education (BNED) in 2015 failed to get the more focused and smaller Barnes & Noble back on track either.

Read more about Barnes & Noble's new owner here.

10:00 a.m. ET, June 7, 2019

Saudi Arabia signals OPEC support to boost oil prices

OPEC could be nearing a deal that could help support battered oil prices.

Khalid al-Falih, Saudi Arabia's energy minister, said on Friday that OPEC is close to agreeing to extend production cuts, Reuters reported. Those cuts, led by Saudi Arabia, are due to expire at the end of June.

However, the Saudi official cautioned that more time could be needed to convince non-OPEC allies such as Russia to extend the agreement.

That news initially lifted US oil prices, which surged as much as 2.4% to $53.83 a barrel early on Friday.

However, most of those gains vanished, with crude recently trading roughly flat on the day at $52.64 a barrel.

The oil market has been slammed in recent weeks by economic worries. Those concerns were not helped by Friday's jobs report, which showed that payroll growth slowed sharply to 75,000 in May.

US oil plunged back into a bear market -- its second in seven months -- on Wednesday following a report that revealed a spike in crude inventories.