Market Data
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
U.S. stock futures edged higher Friday as markets digested a heated dispute between President Donald Trump and billionaire Elon Musk, which caused Tesla (NASDAQ:TSLA) shares to tumble, erasing significant market value. Investors are also focusing on critical labor market data set for release, while Chinese stocks slipped following a discussion between Trump and Chinese President Xi Jinping over trade tensions.
U.S. stock futures pointed upward ahead of Friday’s trading session, as markets assessed the fallout from the Trump-Musk dispute and anticipated a pivotal labor report.
As of 03:37 ET (07:37 GMT), Dow futures climbed 188 points (0.4%), while S&P 500 and Nasdaq 100 futures rose by 25 and 79 points, respectively (0.4% each).
Thursday’s session ended with declines across the major indices, weighed down by Tesla’s significant losses amid the Trump-Musk spat. Hopes for progress in global trade talks, following a call between Trump and Xi Jinping, were also dampened.
Economic indicators further shaped sentiment, with initial jobless claims increasing for a second consecutive week. Kansas City Federal Reserve President Jeff Schmid expressed concerns over Trump’s tariffs exacerbating inflation, reinforcing expectations that the Fed may pause rate hikes at its upcoming meeting.
The public feud between Trump and Musk appeared to show signs of cooling, with Trump describing their relationship as “okay” and “going very well” in comments to Politico. White House aides reportedly planned a Friday call between the two to ease tensions.
The rift, which began over Trump’s substantial tax-and-spending proposal, escalated into a heated exchange, including public barbs about their respective roles in the 2016 election and threats of retaliatory actions.
Trump hinted at cutting federal subsidies to Musk’s businesses, leading Tesla’s stock to plunge over 14%, erasing $150 billion in market value. Musk’s personal net worth dropped by $27 billion, according to Forbes.
In response, Musk floated the idea of founding a new political party, criticized Trump’s spending policies, and insinuated connections between Trump and Jeffrey Epstein.
Attention now shifts to the Labor Department’s nonfarm payrolls report, which may shed light on the economic impact of Trump’s tariff policies.
Economists predict a slowdown in job growth, with 126,000 new jobs expected in May, compared to 177,000 in April. The unemployment rate is forecasted to remain steady at 4.2%.
ING analysts warned of a potential weak payroll figure, suggesting it could heighten concerns about recession risks. Earlier data indicated slower private sector job growth in May, although job openings rose in April despite an uptick in layoffs.
Chinese markets weakened Friday after a call between Trump and Xi provided limited clarity on trade tensions. The Shanghai Shenzhen CSI 300 and Hong Kong’s Hang Seng indices both edged lower.
Although the two leaders recently agreed to pause mutual tariff increases, disagreements over critical rare earth minerals threaten their fragile truce. Trump described the talks as having a “positive conclusion” but offered few specifics on resolving key issues.
Oil prices dipped on Friday amid concerns over global demand but remained on track for their first weekly gains in three weeks due to expectations of tighter supplies.
As of 03:37 ET, Brent crude futures dropped 0.8% to $64.85 a barrel, while West Texas Intermediate (WTI) fell 0.8% to $62.86. Despite the daily decline, Brent and WTI were up 2% and 4% for the week, respectively
Check Out The Pre Market Movers
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Some portions of this content may have been generated or assisted by artificial intelligence (AI) tools and been reviewed for accuracy and quality by our editorial team.
Alphabet (NASDAQ:GOOG) may be on the verge of unlocking a major new revenue engine as fresh supply chain checks point to a surge in production of its in-house Tensor Processing Units (TPUs), according to Morgan Stanley. Analyst Brian Nowak said the latest readouts from Asia indicate that “TPU supply uncertainty may be less of a […]
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
