By DAMIAN J. TROISE, Associated Press Business Writer

NEW YORK (AP) — Stocks rose on Wall Street Friday following a better-than-expected report on the U.S. job market.

The S&P 500 index rose 1.2% in morning trading. The benchmark index remains on track to notch a second consecutive winning week.

The Dow Jones Industrial Average added 555 points, or 1.3% as of 10:02 a.m. Eastern. The Nasdaq composite rose 1.3%

The gains were broad, with every sector in the benchmark S&P 500 rising. Technology stocks, with their outsized values, gave the market its biggest boost. Chipmaker Nvidia jumped 1.6% and iPhone maker Apple rose 1.9%.

Tesla rose 3.6%, regaining some the big losses it suffered on Thursday when Trump and Musk sparred feverishly on social media.

U.S. employers slowed their hiring last month, but still added a solid 139,000 jobs amid uncertainty over President Donald Trump’s trade war. The closely-watched monthly update reaffirmed that the job market remains resilient, despite worries from businesses and consumers about the impact of tariffs on goods going to and coming from the U.S. and its most important trading partners.

President Donald Trump’s on-again-off-again tariffs continue to weigh on companies. Lululemon plunged 19.4% after the maker of yoga clothing cut its profit expectations late Thursday as it tries to offset the impact of tariffs while being buffeted by competition from start-up brands.

Lululemon joins a wide range of companies, from retailers to airlines, who have warned investors about the potential hit to their revenue and profits because of tariffs raising costs and consumers potentially tightening their spending.

Hopes that Trump will lower his tariffs after reaching trade deals with other countries have been among the main reasons the S&P 500 has rallied back so furiously since dropping roughly 20% from its record two months ago. It’s now back within 2.1% of its all-time high.

In the bond market, Treasury yields gained ground. The yield on the 10-year Treasury rose to 4.47% from 4.39% late Thursday. The two-year Treasury yield, which more closely tracks traders’ expectations for what the Federal Reserve will do with overnight interest rates, rose to 4.00% from 3.92% late Thursday.

Markets in Asia were mixed and markets in Europe were were mostly higher.

AP writers Elaine Kurtenbach and Matt Ott contributed to this report.

By TARA COPP, Associated Press

WASHINGTON (AP) — The Pentagon’s watchdog is looking into whether any of Defense Secretary Pete Hegseth’s aides were asked to delete Signal messages that may have shared sensitive military information with a reporter, according to two people familiar with the investigation and documents reviewed by The Associated Press.

The inspector general’s request focuses on how information about the March 15 airstrikes on Houthi targets in Yemen was shared on the messaging app.

U.S. Defense Secretary Pete Hegseth attends a ceremony at the US cemetery to commemorate the 81st anniversary of the D-Day landings, Friday, June 6, 2025 in Colleville-sur-Mer, Normandy. (AP Photo/Thomas Padilla)

This comes as Hegseth is scheduled to testify before Congress next week for the first time since his confirmation hearing. He is likely to face questions under oath not only about his handling of sensitive information but also the wider turmoil at the Pentagon following the departures of several senior aides and an internal investigation over information leaks.

Hegseth already has faced questions over the installation of an unsecured internet line in his office that bypassed the Pentagon’s security protocols and revelations that he shared details about the military strikes in multiple Signal chats.

One of the chats included his wife and brother, while the other included President Donald Trump’s top national security officials and inadvertently included The Atlantic’s editor-in-chief, Jeffrey Goldberg.

Neither the Pentagon nor the inspector general’s office immediately responded to Friday requests for comment on the investigation.

Besides finding out whether anyone was asked to delete Signal messages, the inspector general also is asking some past and current staffers who were with Hegseth on the day of the strikes who posted the information and who had access to his phone, according to the two people familiar with the investigation and the documents reviewed by the AP. The people were not authorized to discuss the investigation and spoke on the condition of anonymity.

Democratic lawmakers and a small number of Republicans have said that the information Hegseth posted to the Signal chats before the military jets had reached their targets could have put those pilots’ lives at risk and that for any lower-ranking members of the military it would have led to their firing.

Hegseth has said none of the information was classified. Multiple current and former military officials have said there is no way details with that specificity, especially before a strike took place, would have been OK to share on an unsecured device.

“I said repeatedly, nobody is texting war plans,” Hegseth told Fox News Channel in April after reporting emerged about the chat that included his family members. “I look at war plans every day. What was shared over Signal then and now, however you characterize it, was informal, unclassified coordinations, for media coordinations and other things. That’s what I’ve said from the beginning.”

Trump has made clear that Hegseth continues to have his support, saying during a Memorial Day speech at Arlington National Cemetery in Virginia that the defense secretary “went through a lot” but “he’s doing really well.”

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Hegseth has limited his public engagements with the press since the Signal controversy. He has yet to hold a Pentagon press briefing, and his spokesman has briefed reporters there only once.

The inspector general is investigating Hegseth at the request of the Republican chairman of the Senate Armed Services Committee, Sen. Roger Wicker of Mississippi, and the committee’s top Democrat, Sen. Jack Reed of Rhode Island.

Signal is a publicly available app that provides encrypted communications, but it can be hacked and is not approved for carrying classified information. On March 14, one day before the strikes against the Houthis, the Defense Department cautioned personnel about the vulnerability of the app.

Trump has said his administration targeted the Houthis over their “unrelenting campaign of piracy, violence and terrorism.” He has noted the disruption Houthi attacks caused through the Red Sea and the Gulf of Aden, key waterways for energy and cargo shipments between Asia and Europe through Egypt’s Suez Canal.

The Houthi rebels attacked more than 100 merchant vessels with missiles and drones, sinking two vessels and killing four sailors, between November 2023 until January this year. Their leadership described the attacks as aimed at ending the Israeli war against Hamas in the Gaza Strip.

By MICHELLE CHAPMAN, Associated Press Business Writer

Midea is voluntarily recalling about 1.7 million of its popular U and U+ Smart air conditioners because pooled water in the units may not drain fast enough, leading to mold growth.

The news comes as temperatures are rising across the U.S. and the official start of summer rapidly approaches.

The Midea air conditioners fit in windows and resonated with consumers because of their unique design, which allows consumers to close their window ‘through’ the unit.

The U.S. Consumer Product Safety Commission said that the recall also includes approximately 45,900 units sold in Canada.

There’s been at least 152 reports of mold in the air conditioners. This includes 17 reports of consumers experiencing symptoms such as respiratory infections, allergic reactions, coughing, sneezing and sore throats from mold exposure.

The white air conditioners have brand names including Midea, Comfort Aire, Danby, Frigidaire, Insignia, Keystone, LBG Products, Mr. Cool, Perfect Aire and Sea Breeze. They were sold in three sizes of cooling power: 8,000, 10,000 and 12,000 BTU.

The air conditioners were sold from March 2020 through May 2025 for between $280 and $500 at Costco, Menards, Home Depot, Best Buy and other stores across the country. They were also sold online through various websites including those of Midea, Amazon, Costco and Home Depot.

Consumers can contact Midea for a repair or a refund that will be based on the purchase date or manufacture date. Individuals who want a refund will need to send the unit back to Midea with a free shipping label or submit a photograph showing that they cut the unit’s unplugged power cord.

Those who want a repair should contact Midea to have a technician install a new drain plug or be sent a repair kit that includes a new drain plug and bubble level, depending on the model.

Consumers who want to continue using their air conditioners while waiting for a repair should visit www.MideaUrecall.expertinquiry.com to find out how to inspect their unit before continuing to use it.

Individuals can visit www.midea.com/us and click on “Recall Information” for more information or call 888-345-0256 from 8 a.m. to 5 p.m. ET Monday through Friday.

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By PAUL WISEMAN, Associated Press Economics Writer

WASHINGTON (AP) — U.S. employers slowed hiring last month, but still added a solid 139,000 jobs amid uncertainty over President Donald Trump’s trade wars.

Hiring fell from a revised 147,000 in April, the Department of Labor said Friday. The job gains last month were slightly higher than the 130,000 economists had forecast. But revisions shaved 95,000 jobs from March and April payrolls.

The unemployment rate stayed at a low 4.2%.

Healthcare companies added 62,000 jobs, bars and restaurants 30,000. But the federal government shed 22,000 jobs, the most since November 2020, as Trump’s job cuts and hiring freeze had an impact. And factories lost 8,000 jobs last month, a sign, said Glassdoor economist Daniel Zhao, that manufacturers might be cutting back in the face of higher costs arising from Trump’s tariffs.

Average hourly wages rose 0.4% from April and 3.9% from a year earlier – a bit higher than forecast.

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Trump’s aggressive and unpredictable policies – especially his sweeping taxes on imports – have muddied the outlook for the economy and the job market and raised fears that the American economy could be headed toward recession. But so far the damage hasn’t shown up clearly in government economic data.

“Even during peak trade uncertainty, the labor market remained fairly solid,” Seema Shah, chief global strategist at Principal Asset Management, wrote in a commentary. “Payrolls are still robust territory and, although there are clearly cracks forming and employment data is likely to show clearer signs of softening towards the end of summer, this is not a labor market which is starting to fall apart at the seams.

Economists expect Trump’s policies to take a toll on America’s economy, the world’s largest. His massive taxes on imports — tariffs — are expected to raise costs for U.S. companies that buy raw materials, equipment and components from overseas and force them to cut back hiring or even lay off workers. Billionaire Elon Musk’s Department of Government Efficiency (DOGE) has slashed federal workers and cancelled government contracts. Trump’s crackdown on illegal immigration is expected to make it harder for businesses to find enough workers.

For the most part, though, any damage has yet to show up in the government’s economic data.

The U.S. economy and job market have proven surprisingly resilient in recent years. When the inflation fighters at the Federal Reserve raised their benchmark interest rate 11 times in 2022 and 2023, the higher borrowing costs were widely expected to tip the United States into a recession.

Still, the job market has clearly decelerated. So far this year, American employers have added an average of less than 124,000 jobs a month. That is down from 168,000 last year, 216,000 in 2023, 380,000 in 2022.

And former Fed economist Claudia Sahm warns that the job market of 2025 isn’t nearly as durable as the two or three years ago when immigrants were pouring into the U.S. job market and employers were posting record job openings.

“Any signs of weakness in the data this week would stoke fears of a recession again,” Sahm, now chief economist at New Century Advisors, wrote in a Substack post this week. “It’s too soon to see the full effects of tariffs, DOGE, or other policies on the labor market; softening now would suggest less resilience to those later effects, raising the odds of a recession.’’

Recent economic reports have sent mixed signals.

The Labor Department reported Tuesday that U.S. job openings rose unexpectedly to 7.4 million in April — seemingly a good sign. But the same report showed that layoffs ticked up and the number of Americans quitting their jobs fell, a sign they were less confident they could find something better elsewhere.

Surveys by the Institute for Supply Management, a trade group of purchasing managers, found that both American manufacturing and services businesses were contracting last month.

And the number of Americans applying for unemployment benefits rose last week to the highest level in eight months.

Jobless claims — a proxy for layoffs — still remain low by historical standards, suggesting that employers are reluctant to cut staff despite uncertainty over Trump’s policies. They likely remember how hard it was to bring people back from the massive but short-lived layoffs of the 2020 COVID-19 recession as the U.S. economy bounced back with unexpected strength.

Still, the job market has clearly decelerated. So far this year, American employers have added an average 144,000 jobs a month. That is down from 168,000 last year, 216,000 in 2023, 380,000 in 2022 and a record 603,000 in 2021 in the rebound from COVID-19 layoffs.

Trump’s tariffs — and the erratic way he rolls them out, suspends them and conjures up new ones — have already buffeted the economy. America’s gross domestic product — the nation’s output of goods and services — fell at a 0.2% annual pace from January through March this year.

A surge of imports shaved 5 percentage points off growth during the first quarter as companies rushed to bring in foreign products ahead of Trump’s tariffs. Imports plunged by a record 16% in April as Trump’s levies took effect. The drop in foreign goods could mean fewer jobs at the warehouses that store them and the trucking companies that haul them around, wrote Michael Madowitz, an economist at the left-leaning Roosevelt Institute.