From Nasdaq: 2025-06-05 16:25:00

Despite a positive phone call between President Trump and Chinese President Xi Jinping, major indexes closed in the red. The Nasdaq dropped 162 points, the S&P 500 ended lower, and the Dow saw a triple-digit loss. The Cboe Volatility Index (VIX) rose for the first time in six sessions.

A public feud between Trump and Tesla CEO Elon Musk caused Tesla (TSLA) stock to drop 14.3%. Investors are awaiting tomorrow’s nonfarm payrolls report after this week’s softer labor market data.

Procter & Gamble (PG) plans to cut 7,000 jobs over two years in a restructuring plan. U.S. mortgage rates fell for the first time since early May. Chewy stock is considered overvalued, while Calvin Klein’s parent company saw a stock plunge on a disappointing outlook.

Oil prices rose after Trump’s call with Xi, pushing July-dated WTI crude to $63.37 per barrel. Gold prices fell as U.S.-China tensions eased, with August-dated gold futures closing at $1,371.60 an ounce.



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