Trump vs. Elon Dispute Impacts Equities

U.S. stock futures are rebounding ahead of the release of US jobs data, on signs that the extraordinary spat between President Donald Trump and Elon Musk may cool. Tesla (TSLA) shares dumped 14% yesterday as the turmoil and barbs increased yesterday between the White House and CEO Elon Musk. The May non-farm payrolls report is expected to show gains of 125,000 jobs added with the unemployment unchanged at 4.2%. On the earning front, Broadcom (AVGO) shares are modestly lower despite a beat on results while Lululemon (LULU) stock is dumping on lowered guidance.

Snapshot (as of 7 AM ET)

• Oil (/CL) – – Oil prices are relatively flat near $63.30 a barrel and are on track for their first weekly gain in three weeks after U.S. President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world’s two largest economies.
• Gold (/GC) – Gold is up 0.2% near $3385, and is poised for a weekly rise after U.S. data this week boosted interest rate cut hopes by the Federal Reserve, while silver hit a more than 13-year high.
• Bitcoin (/BTC) – The Crypto Future is up about 2% near 104K in the premarket.
• VIX – The CBOE Volatility Index was up nearly 5% on Thursday and settled at 18.48 as stocks fell.
• U.S. Dollar (/DX) – The Dollar Index is slightly higher at 98.92.

Biggest Premarket Movers (Mark % Change as of 7 AM ET)

1. Tesla (TSLA): +4.40%
2. Palantir (PLTR): +2.68%
3. Amazon (AMZN): +1.1%

1. Broadcom (AVGO): -2.94%
2. Nike (NKE): -1.07%
3. PepsiCo (PEP): -0.74%

Economic Data

• 8:30 AM ET: May Jobs Report
• 3:00 PM ET: Consumer Credit

Notable Earnings

• Premarket: ABM, GIII, MANU
• Postmarket: None
• Premarket Monday: None
• Postmarket Monday: CASY, SKIL

Upgrades/Downgrades

• Morgan Stanley upgrades Applied Materials (AMAT) Equal Weight from Underweight
• Melius Research upgrades Deere (DE) to Buy from Hold
• Jefferies upgrades Urban Outfitters (URBN) to Hold from Underperform
• Bernstein downgrades CrowdStrike (CRWD) to Market Perform from Outperform
• Loop Capital downgrades McDonald’s (MCD) to Hold from Buy