U.S. stock markets pointed toward slight gains early Friday, with investors awaiting the release of the May jobs report—a development expected to temporarily shift attention away from the ongoing clash between former President Donald Trump and Tesla CEO Elon Musk.
Before the market opened, futures for the Dow Jones Industrial Average rose by 0.3%, while futures tied to the S&P 500 and Nasdaq both climbed 0.4%.
Tesla stock rebounded early Friday, rising 4.7%, after suffering a sharp 14.5% drop the previous day. The electric vehicle maker lost a staggering $150 billion in market value after a heated public exchange between Musk and Trump escalated on social media. The dispute began with disagreements over Trump’s proposed budget and quickly turned personal. Musk claimed Trump wouldn’t have been elected without his help, prompting Trump to suggest the government might scrutinize Musk’s businesses, including Tesla and SpaceX.
Elsewhere in the market, Lululemon shares plunged more than 20% after the athletic apparel company slashed its profit outlook. The company is grappling with increased competition from emerging brands and the impact of tariffs, which have disrupted consumer confidence and pressured margins. Lululemon is among several companies noting softer spending trends amid tariff-driven market volatility.
Investors are closely watching trade signals, as hopes have been pinned on Trump rolling back tariffs if progress is made in global trade deals. These expectations have contributed to the S&P 500’s sharp recovery, which has brought it within 3.3% of its all-time high after a major pullback two months ago.
On Thursday, Trump bolstered market optimism by describing a phone call with Chinese President Xi Jinping as “very good,” hinting that trade negotiations would resume soon. However, Chinese state media offered a more restrained view of the conversation.
The Labor Department’s May employment data, due later Friday, is expected to show a slowdown in hiring after a surprisingly strong April. A solid job market has been a key support for the broader economy, but uncertainty from fluctuating tariff policies is prompting some businesses to slow or freeze hiring plans.
Globally, markets were mixed. Germany’s DAX slipped 0.2%, France’s CAC 40 dropped 1.6%, and the UK’s FTSE 100 remained flat. In Asia, Japan’s Nikkei 225 rose 0.5%, South Korea’s Kospi gained 1.5%, and India’s Sensex climbed 0.8% after the central bank cut interest rates to stimulate growth. Meanwhile, Hong Kong’s Hang Seng lost 0.2%, China’s Shanghai Composite edged up slightly, and Australia’s ASX 200 dropped 0.3%.
The 10-year U.S. Treasury yield held steady at 4.39% after a sharp fall earlier in the week, reflecting market bets that the Federal Reserve may cut interest rates later this year to support the economy.
In commodities, U.S. crude edged down 7 cents to $63.30 per barrel, and Brent crude slipped 3 cents to $65.31. In currency trading, the U.S. dollar strengthened to 144.24 yen, while the euro declined to $1.1414.
