From Nasdaq: 2025-06-06 09:22:00

U.S. stocks plummeted on Thursday as a feud between Elon Musk and President Trump led to a sharp decline in Tesla shares. The Dow fell 0.3%, the S&P 500 dropped 0.5%, and the Nasdaq lost 0.8%. Consumer stocks were hit hard, with Tesla losing $150 billion in value and dropping out of the trillion-dollar club.

The dispute between Musk and Trump escalated, causing Tesla’s stock to plummet 14.3%. Trump criticized Musk, leading to a heated exchange. The market was further unsettled as Trump and Chinese President Xi Jinping discussed trade. The ongoing volatility, combined with a weak jobs report, added to investor concerns.

Economic data showed an increase in jobless claims and a narrowing trade deficit in April. The trade deficit shrank by 55.5% to $61.6 billion, the lowest level since September 2023. The market remains volatile as investors navigate geopolitical tensions and economic uncertainties. The ongoing feud between Musk and Trump adds to the market’s unpredictability.



Read more at Nasdaq: Stock Market News for Jun 6, 2025